John W. Rogers
Jr., Chairman and co-CEO of Ariel Investments, LLC, to join
the EOC Management Committee as Chair, plus Edison International,
Exelon Corporation, and Southern Company join Xcel Energy, Micron,
and Air Products to help expand U.S. procurement and supply chain
opportunities for small and historically underutilized
businesses
NEW
YORK, July 18, 2024 /PRNewswire/ -- The
Rockefeller Foundation announced today that John W. Rogers Jr., Chairman and co-CEO of Ariel
Investments, LLC, has joined the Economic Opportunity Coalition's
(EOC) Management Committee as Chair. In addition, the EOC is an
innovative initiative that has received new procurement commitments
from Edison International, Exelon Corporation, and Southern
Company. The three companies join Xcel Energy, Micron, and Air
Product in advancing the EOC's goal of partnering with the private
sector to strengthen domestic supply chains and build wealth in
underserved communities through targeted procurement practices. The
new developments come ahead of the two-year anniversary event for
the EOC next week.
In July 2023, The Rockefeller
Foundation announced it would incubate the Coalition, which
was initially unveiled by Vice President Kamala Harris a year earlier, so that it could
eventually spin out as an independent entity through the
Foundation's public charity, RF Catalytic Capital Inc. (RFCC).
"Two years ago I announced the formation of the Economic
Opportunity Coalition to bring together the strength of the public
and private sectors to accelerate economic opportunity in
communities of color and in all underserved communities," said
Vice President Kamala Harris.
"Last year, we called on the private sector to increase their
commitments to use diverse suppliers. Today three additional
companies have answered that call. There is more work to be
done—and we will continue to work together to unlock the economic
potential of all Americans."
As a longtime champion of business diversity and economic
justice, Mr. Rogers brings extensive experience and leadership to
guide the EOC's efforts to partner with the private sector to
strengthen domestic supply chains and build wealth in underserved
communities by encouraging EOC members to do business with
diverse-owned businesses in high-margin sectors of the
economy.
"The racial and gender wealth gap is a perpetual issue that must
be addressed by thoughtful public-private partnerships. This
historic initiative recognizes that government alone cannot
substantially increase the capital available to minority- and
women-owned businesses. By investing in organizations across
the spectrum – especially those in high-growth sectors where the
most jobs and wealth are created – we will get closer to economic
equality. I couldn't be more honored to help lead such an important
organization aiming to solve this problem for our society," said
Mr. Rogers, whose distinguished career includes founding Ariel
Investments in 1983 and serving on corporate and nonprofit boards
including NIKE, Inc., The New York Times Company, Ryan Specialty
Holdings, Inc., the University of
Chicago, and the Obama Foundation.
Last fall, the EOC issued a call to action for companies in
emerging domestic sectors (semiconductors, clean energy, batteries,
electric vehicles (EVs), heavy industry, and biomanufacturing), as
well as the financial and professional services industry, to expand
procurement and supply chain opportunities for small and
historically underutilized businesses. Edison International, Exelon
Corporation, and Southern Company join as signatories, alongside
Xcel Energy, Micron, and Air Products, which signed on to this
commitment as first movers last year.
"Edison International recognizes how critical diverse suppliers
are to the clean energy transition. It's vital that we work with
business partners who represent the communities we serve. Over the
past six years, Southern California Edison, our electric utility,
has spent more than $2 billion
annually with diverse suppliers," said Pedro J. Pizarro, president and CEO of Edison
International. "By joining the Economic Opportunity Coalition,
we look forward to building and expanding these
partnerships."
"Exelon believes that reflecting the customers and communities
we serve in all aspects of our business is the only way we can be
successful. We spend approximately 40 percent of our procurement
dollars with diverse-certified businesses each year, and
we're excited to join this collaborative effort of like-minded
organizations to continue providing opportunities to these small
businesses that are the economic engines of our communities,"
said Calvin Butler, President and
CEO of Exelon Corporation.
"At Southern Company, intentional inclusion is one of our core
values. We are proud to join the Economic Opportunity Coalition to
deliver on our shared mission of enabling economic inclusion in the
communities we are privileged to serve through our business
procurement," said Christopher C.
Womack, Chairman, President, and CEO of Southern
Company.
Companies that have partnered with the EOC to make this pledge
have collectively purchased more than $10
billion in products and services from small and
historically underutilized businesses. The EOC Business Procurement
pledge commitment includes:
- Sponsor technical assistance programs for small and/or
historically underutilized businesses to help them access
high-margin contracts.
- Pledge to allocate at least 15% of U.S.-based contracting
spending on external goods and services from small and/or
underutilized businesses by 2026, with energy and utilities
companies committing to higher targets.
- Expand the number of private companies committed to the
collaborative effort to enhance access to high-margin contracts and
foster supply chain resilience.
"The EOC envisions a competitive and inclusive U.S. economy
that provides wealth creation opportunities for underserved
individuals, businesses, and communities. With the leadership
of John Rogers, and his years of
experience advocating for economic opportunity, the EOC is well
positioned to advances its vision. In addition,
commitments made by EOC partners like Edison International, Exelon,
and Southern Company are involving underserved businesses and
communities in the industries that will drive our future economy,"
said Christopher Weaver,
Executive Director of the Economic Opportunity
Coalition.
In addition to its procurement commitments, EOC members
collectively committed more than $1
billion in deposits in 2023 to Community Development
Financial Institutions (CDFIs) and Minority Depository Institutions
(MDIs), as part of an effort to leverage the more than $8.5 billion dollars of equity investments made
by the U.S. Department of Treasury's Emergency Capital Investment
Program. With its success bolstering access to capital and
procurement opportunities for small businesses, the EOC is creating
opportunities in underserved communities.
The EOC, with support from Next Street, organizes a working
group comprised of companies making the Business Procurement pledge
to share best practices, align investments and strategies, and
track progress toward meeting procurement commitments. The newly
committed companies join the more than two dozen founding
corporations and foundations advancing the EOC's initiatives: Ariel
Investments, Bank of America, BNY Mellon, Capital One, Citi,
Discover, Ford Foundation, Goldman Sachs, Google, Key Bank, Kresge
Foundation, Mastercard, McDonald's, McKinsey & Company, Micron,
Momentus Capital, Moody's, Next Street, PayPal, PNC, TIAA, The
Rockefeller Foundation, and Upstart.
"In our role facilitating the EOC's Business Procurement working
group, we commend Edison International, Exelon Corporation, and
Southern Company for their commitment to supply chain inclusion
within the country's clean energy future," said
Michael Roth, Co-CEO of Next
Street.
For more information about the Economic Opportunity Coalition, a
fiscally sponsored project of RF Catalytic Capital, Inc., visit:
https://www.rockefellerfoundation.org/initiative/economic-opportunity-coalition.
About Edison International
Edison International (NYSE: EIX) is one of the nation's largest
electric utility holding companies, focused on providing clean and
reliable energy and energy services through its independent
companies. Headquartered in Rosemead,
California, Edison International is the parent company of
Southern California Edison Company, a utility delivering
electricity to 15 million people across Southern, Central and
Coastal California. Edison International is also the parent company
of Trio (formerly Edison Energy), a portfolio of nonregulated
competitive businesses providing integrated sustainability and
energy advisory services to large commercial, industrial and
institutional organizations in North
America and Europe.
About Exelon Corporation
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation's
largest utility company, serving more than 10.5 million customers
through six fully regulated transmission and distribution utilities
— Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and
Pepco. Nearly 20,000 Exelon employees dedicate their time and
expertise to supporting our communities through reliable,
affordable and efficient energy delivery, workforce development,
equity, economic development and volunteerism.
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving
9 million customers across the Southeast and beyond through its
family of companies. Providing clean, safe, reliable and affordable
energy with excellent service is our mission. The company has
electric operating companies in three states, natural gas
distribution companies in four states, a competitive generation
company, a leading distributed energy distribution company with
national capabilities, a fiber optics network and
telecommunications services. Through an industry-leading commitment
to innovation, resilience and sustainability, we are taking action
to meet customers' and communities' needs while advancing our goal
of net zero greenhouse gas emissions by 2050. Our uncompromising
values ensure we put the needs of those we serve at the center of
everything we do and are the key to our sustained success. We are
transforming energy into economic, environmental and social
progress for tomorrow. Our corporate culture and hiring practices
have earned the company national awards and recognition from
numerous organizations, including Forbes, The Military Times,
DiversityInc, Black Enterprise, J.D. Power, Fortune, Human Rights
Campaign and more. To learn more,
visit www.southerncompany.com.
About The Rockefeller Foundation
The Rockefeller Foundation is a pioneering philanthropy built on
collaborative partnerships at the frontiers of science, technology,
and innovation that enable individuals, families, and communities
to flourish. We make big bets to promote the well-being of
humanity. Today, we are focused on advancing human opportunity and
reversing the climate crisis by transforming systems in food,
health, energy, and finance. For more information, sign up for our
newsletter at www.rockefellerfoundation.org/subscribe and
follow us on X @RockefellerFdn and LI
@the-rockefeller-foundation.
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SOURCE The Rockefeller Foundation