Jennifer Shulman

The economics of equity in ESG decision-making
Jennifer Shulman
With a focus on the human component of climate change, Jennifer helps organizations address inequities as they transition to net-zero. Using a multidisciplinary approach to highlight the linkages between the environmental, social, and governance aspects of ESG considerations, including climate and sustainability challenges, her team creates solutions that will not cause or exacerbate inequity. Her role includes mapping and quantifying the social impacts of an organization’s climate change strategies to better inform its decision-making process. By considering these often-overlooked effects and making more mindful, inclusive decisions, Jennifer believes that governments, corporations, and individuals can work toward a more equitable transition.
Meet Jennifer

Jennifer’s focus on the social element of climate change began at an early age.

“Growing up in Toronto, I wondered what life was like for people in different countries. People who didn’t have, for example, national healthcare. I later experienced this by living in different countries, but I was lucky and had private insurance through my company. The fact people could go bankrupt for having a heart attack was shocking to me.”

“Closer to home, these kinds of inequities still affect many people in Canada, in particular First Nations, Inuit, and Metís peoples. Much work remains to be done with respect to Truth and Reconciliation.”

An equity-focused view in economics

Jennifer completed a masters and a PhD in international political economy, with a focus on quantitative methods. She chose a consulting career as the best way to help solve social challenges.

“Economies change gradually. By trying to solve things incrementally, you’re more likely to have a meaningful impact that sticks. Trying to swing the pendulum can be less effective because the pendulum swings back.”

Jennifer’s career in economic consulting spans over 20 years and she worked in several high-profile firms before joining Deloitte.

“My work has always concerned the economics of equity. This might mean helping organizations understand fair access to health care or helping to increase vaccine development and distribution in a more equitable way globally.”

Reaching the summit on an amazing day hike in Acadia National Park (Maine, United States)

Reaching the summit on an amazing day hike in Acadia National Park (Maine, United States)

Three waves of change underpinned by equity

“I see three waves. We’re in the middle of the first wave, climate change, with its intense focus on decarbonization. The next wave is biodiversity—learning to protect flora and fauna and avert extinction-level events.”

“Both of these waves have a component of equity underlying them. You don’t want to solve one problem but make something else worse in the process. The third wave will be social. Social inequity is not new, but it is becoming more pressing as we work to solve other problems.”

The social element of climate action

Jennifer operates in the social side of ESG and its interplay with the economic and environmental/climate sides.

“Climate change can exacerbate existing inequities. And the solutions to climate change can cause new inequities or exacerbate the existing ones.”

“My work has always concerned the economics of equity. This might mean helping organizations understand fair access to health care or helping to increase vaccine development and distribution in a more equitable way globally.”

— Jennifer Shulman

Incorporating the human component into the net-zero transition

“Most companies recognize the need to decarbonize. Far fewer consider the human component when developing climate solutions or the opportunities to support an equitable transition. When the social side is not front of mind, unintended consequences that cause inequity can arise.”

“Solving our ESG and climate and sustainability challenges while not harming people requires a multidisciplinary approach that understands the interdependencies.”

“Our multidisciplinary approach helps organizations see the linkages and adopt solutions that avoid causing inequity. A strategic approach begins with mapping and quantifying an organization’s social impacts so it can make informed decisions.”

“You can’t have a healthy, productive, thriving economy without healthy, productive, thriving people. To me, this calls for resolving inequities in an inclusive manner.”

Ensuring tackling climate change is an inclusive process

“The world has a history of making decisions without consulting the communities affected by them. Inclusive decision-making is a small extra step to deliver a more equitable transition to a net-zero world.”

Jennifer enjoying a day of skiing in the Coast Mountains, British Columbia

"Jennifer enjoying a day of skiing in the Coast Mountains, British Columbia"

Sources of inspiration

Jennifer finds inspiration from a range of climate influencers.

“Rachel Carson’s book, Silent Spring, and its message that nature is vulnerable to human intervention. Carson is an inspirational figure and withstood fierce criticism for trying to educate the public on the hazards of the pesticide DDT.”

“The economics emerging around climate change inspire me, such as in Kate Raworth’s Doughnut Economics and the books by Mariana Mazzucato exploring the economic roles of governments and corporations.”

“Another inspiration is Johan Rockström and his planetary boundaries work on the Earth’s interdependencies that must be in balance for humans to survive.”

Solving inequities is everyone’s responsibility

“I’m proud to be Canadian, but we must recognize our flaws. Though Canada’s a wealthy country, people suffer from many different insecurities, from income to housing to food to education, preventing them from reaching their potential.”

“There’s no quick fix to solve these inequities. It requires government action and corporate and personal effort.”

“Once you’re mindful that climate change should be equitable and inclusive—and that our solutions may have unintended consequences—you can change your decisions to mitigate inequities.”

Connect with Jennifer

Meet the others
We hope you enjoyed finding out a bit more about Jennifer. Our sustainability team is always here to help, so please get in touch if you’d like to learn more. To meet other members of the team, continue reading below. We’ll introduce you to someone new every month.
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