We live within a broken system that is inexplicably tied with unethical practices. Third: that this is amounting towards systemic action on the climate crisis. Defending the controversial decision to partner with Blackstone, he adds: “It is my belief that capital has to turn green and do so for the right reasons. Vegan 'milk' maker Oatly files to go public as the company backed by Oprah and Jay-Z looks seeks a valuation around $10 billion. It’s in the business of extraction. White vegan capitalism is based on exploitation; the boycott stands against all of that! I, for one, want to see the conversation on social media acknowledge the fact that we’re in a broken system. Razzouk, on one hand, is of the opinion that Blackstone isn’t necessarily acquiring any rights over the direction of the company. Yes, we should hold brands accountable and expect better but if we demand unattainably perfect standards, it may deter people and businesses from even trying. Farha explains: “the risk isn’t their own, the risk is other people’s money, and they don’t create that much value, they extract value.” And that, according to Farha, is exactly what Blackstone is trying to do by investing in Oatly: it’s “trying to extract profits from the company that will [eventually] benefit Blackstone’s investors.” Ultimately, “Blackstone is a profit-driven company. This isn’t to say that boycotting doesn’t have its strengths. Oatly, the $2bn Swedish oat drink company, felt the sharp tongue of the internet this week. may make less sustainable choices, we won’t give them the chance to improve and make more sustainable choices, so global capital will keep being steered in a less sustainable direction.”, That’s how they got their start in the real estate business: it was after the Global Financial Crisis. For this, we need to get talking about business, power, greed, and growth. What “devastating work” exactly? And maybe Oatly needs to grow exponentially to put up a good fight. We realize only getting our CEO's autograph may be a downer but we hope you still enjoyed the ice cream! In any case: who are the group of high-profile investors who now own shares in Oatly? The success of this electric transport distribution might be a small step when pitted against the devastation caused to the Amazon, but this could be the first steps towards positive change. 2. Second: their financial repercussions (if big enough, corporations don’t have to worry about this. Renting homes back to former homeowners. We’ll delve deeper into this later on, but before that, we have to backtrack. (And if we want Oatly to scale—more on this later—and do more good, then wouldn’t it need money? And on top of that, boycotting Oatly is not as straightforward as boycotting a fast fashion company. Oatly, the Swedish oat milk ... $200 million stake to an investment group led by controversial private-equity firm Blackstone Group in July. Our options are limited: make your own oat milk, shop alternatives to Oatly, call Oatly out on social media, etc. The Wedge, © 2020 Green Is The New Black | All Rights Reserved. ⁣It’s really important to diferenitiate cancel culture and call out culture here, we are calling @oatly out in order to gain more transparency and accountability from the company moving forward. Not to mention, it restricts our field of action to consumer action. Toni focused on the minimalistic typeset for the product. Blackstone swooped, purchased the cheap debt of all those foreclosed homes, and turned those homes into rental accommodation and started charging exorbitant rent. ... whose chairman and CEO is … Oatly believes that yes, it could have gone for green funds, but now it’s taking money that could have gone elsewhere. Toni Petersson, CEO, Oatly. On a four-point axis – labelled ‘scared sh*tless’, ‘good’, ‘f**king fearless’, and ‘evil’ – Petersson believes 90% of all businesses are ‘scared sh*tless’. To be clear: we’re not trying to play devil’s advocate—yikes—and defend corporations like Blackstone and Oatly (yes, Oatly is a corporation too)—double yikes. Oatly’s CEO, Toni Petersson ... from the public w as due to Blackstone investing in Oatly. The 30-second commercial — which was Oatly's first Super Bowl ad, according to a report from Adweek — featured Toni Petersson, Oatly's CEO, playing a keyboard while singing a jingle. Money’s just money, right? We know this because at the time Oatly’s chief executive Toni Petersson said this about getting Blackstone on board: that it was a clear indication that the world is heading in a “new, more sustainable direction.” Petersson added: “Investment from firms like Blackstone in companies like Oatly are a critical step in securing a future of focused green investment… and focuses on urgent, systemic efforts to address the climate crisis.”, Still with us? . The folks who want to, or are cancelling Oatly are saying any number, or all, of these things: Oatly needs to be held accountable. I would say no. While this space is unmonetized with the exception of one soon to be two sponsors, occasionally I’ll share an item I’ve been gifted (I only take gifted items with no obligation). Our Story https://t.co/zEe6M6g9WB, — Molly Zakra (@MollyZakra) September 2, 2020. Remember how we had to clean up the mess then? And Blackstone could invest that 10% in ethical projects. A reminder to shop small and #supportlocal ! In July, Oatly sold a minority $200m stake to a group of high-profile investors. Oatly’s statement comes just days after fans pledged to boycott the brand over its contentious shareholder. Oatly’s replies on its Twitter accounts are particularly revealing. The commercial opens with a close-up of the company’s CEO, Toni Petersson. The Oatly story is not new. (Kind of like when, him and his company into some positions of power that they wouldn’t otherwise have access to […] does he get closer to that goal [of furthering the plant-based revolution and saving the planet, and also paving the way for more sustainable and ethical investment and moving the money] by taking this money from this big political power, Blackstone? I encourage ‘call-in’ culture which actually seeks to make change, rather than the often accusatory and gleeful admonishment that call-out culture thrives upon.” (PS: check out her. Toni Petersson CEO of Oatly We’re unconventional: Toni Petersson Looking at Toni Petersson’s resume – an eclectic mix of liquor, lifestyle and realty roles, spanning Sweden to Costa Rica – it’s difficult to understand just why he decided to accept the position of CEO at Oatly. Second: that this move is good; it’s going to help Oatly do more good, and in the process give Blackstone an opportunity to do better too. Oatly knew this was a controversial decision. The Swedish oat milk giant told Plant Based News it knew the investment would generate controversy, but while the choice to work with the consortium ‘may seem like an unexpected one’, Oatly believes it was ‘required for the advancement of the plant-based movement’. Home » Conscious Guides » Conscious Scoop » Oatly sold a $200 million stake to Blackstone. Knock it off with that ish. Not many of us can say that their mobile phone, food produce and household goods all come from perfectly ethical sources. First: their “reputations” (corporations are not people). Blackstone). We’ll leave it to you to decide which seems more probable. On the other hand, you have activists like Young, who in her follow-up Instagram post highlights that “enormous profit earned back from this investment will fuel earth-shattering projects; aka Amazon deforestation and Trump! Love, Oatly — Oatly (@oatly) December 9, 2019 Exhibit B: That one time CEO … To make sure we don’t get lost in the weeds, let’s recap what Oatly was and is saying before moving on. Then he starts singing. I focus on becoming a ‘better’ consumer and within that, there’s an acknowledgement that neither I [n]or brands can be perfect. Like we said: we have no answers for you—only food for thought. So here we have it: 10% may not be enough for Oatly to have a say in changing Blackstone from inside out. I think the concept of an entirely ‘good’ or ‘ethical’ consumer is flawed and the ‘all or nothing’ approach can do more harm than good. though Blackstone seems to have “led” the investment. By taking Blackstone’s money, is Toni right? And if you don’t either, what follows is food for thought. Farha, in response to Gertten mentioning that Oatly called this a difficult decision, says that “it seems a bit conventional to go off to the big money. We live within a broken system that is inexplicably tied with unethical practices. Capitalism, which Blackstone and Oatly, you and I, are equally a part of, forces us into a sticky situation. (We’re not sure who to believe, but we’re inclined to not give mammoth corporations—more on this later—like Blackstone the benefit of the doubt. Let’s talk about Oatly. He believes that Oatly and Blackstone’s decision to work together is “a huge win-win for sustainability.” Blackstone, he highlights, is as “an industry leader in private equity, an industry that historically hasn’t been aligned with what’s good for the planet. “If we can bring about a change in this process as a driving force in the financial world to channel more capital flows into sustainability, then this is a first step in the right direction,” the company wrote in another tweet. And like Barber points out in her IGTV: corporations have power. why are big investors in sustainable business such bad news? (2/3) and that everybody has a role to play in making changes for a more sustainable future – which involves private equity. The investment from Blackstone, it says, though an “unexpected choice”, “will help [it] expand [its] sustainable mission and create more plant-based products”. Yes, we’re going there: we need to talk about our discomfort with labelling Oatly a corporation, like Blackstone. What is Blackstone? FASHION “It’s … And, (b) this is Oatly taking money from Blackstone. As long as the money goes to sustainable companies, isn’t it still better than Blackstone’s money going to unsustainable ventures? From various sources, we’re hearing that Oatly actively courted Blackstone for this money. The group now owns around 10% of the business, which itself is worth an estimated £2bn. 4) Increase in Power and Greed are not sustainable. […] You don’t get a seat at the President’s table unless you’re a big player.” Farha emphasises that it’s all connected: that by taking money from a company like Blackstone, Oatly is knowingly—whether it courted Blackstone or not—playing right into Blackstone’s hands. The post below from climate activist Josephine Becker (specifically, point 4) is a good place to start. Maggie Zhou, sustainable fashion influencer, elaborated to Green Is The New Black: “I think the concept of an entirely ‘good’ or ‘ethical’ consumer is flawed and the ‘all or nothing’ approach can do more harm than good. There are PLENTY of other sustainable brands to support with your money! The @oatly issue just goes to show how broken our system is. After all, as we already mentioned, all brands are implicated in some way. This means that they are part owned by a global investment group who have some pretty devastating work across the world.”. … and why I’ll be a lot more discerning (than I am already) about #gifted items. It is my belief that capital has to turn green and do so for the right reasons. 302 2nd St We’re talking big names in entertainment, consumer business and yes, international finance (i.e. In this specific case Oatly approached Blackstone for the money…even knowing everything they do about their money! The more important question is: where do we go from here? 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