What are socio-economic impacts?
By creating jobs, training workers, building physical infrastructure, procuring goods and services, transferring technology, paying taxes, and expanding access to products and services through global trade, our businesses affect the assets, capabilities, opportunities, and standards of living of people and societies.
In addition to impacts through our own operations, we also have impacts indirectly through our value chain, as well as in the wider economic sphere, sometimes called induced effects or spillover effects. A socio-economic impact assessment is a structured means for us to measure these effects in the societies in which we operate. The impacts matter to our bottom line. The nature and scale of our impacts influence to what extent we have sound value chains, positive local communities, and supportive governments, now and in the future.