Between 2021 and 2024, the number of Kiwi B Corps has tripled from 52 to 165 and contributed over $5 billion to the New Zealand economy.

B Lab Australia and Aotearoa New Zealand’s inaugural annual report has found that the rise of B Corps in Aotearoa in recent years is proof that profit and purpose can co-exist.

The annual report, which was released earlier this week says that the number of Kiwi B Corps has tripled, from 52 to 165, contributing $5 billion to the New Zealand economy. And, rather than waiting for government directives, these B Corps are proactively reducing carbon emissions, minimising waste, and ensuring fair labour practices, challenging the recent government statements that say the country isn’t on track to meet its future climate targets.

Andrew Davies, who is CEO of B Lab Australia and Aotearoa New Zealand, says this shows profit and purpose can co-exist.

“The rise of B Corps in Aotearoa New Zealand reflects increasing demand across the country for strong sustainability credentials and transparency.”

Headed by B Lab, the B Corp certification is a movement that encourages the business world to transform the global economy to benefit people, communities, and the planet.

The B Corp certification looks at five areas of the business to understand how the company is contributing to transforming the industry: environment, workers, customers, community and governance.

“B Corps lead the way in sustainability, adopting business models that are more regenerative than extractive, prioritising long-term sustainability over short-term profits.  This commitment not only benefits people and the environment but also makes good business sense,” says Davies.

Read more: The growing world of B Corps

In B Lab’s annual report for 2023 to 2024, there is a high awareness for the B Corp Certification, meaning the demand is rising for sustainable practices across the board.

Fifteen percent awareness in Aotearoa New Zealand, and 7% awareness of B Lab.

The report also revealed comparisons between ordinary businesses and B Corps.

B Corps in New Zealand are at least two times more likely to assess the environmental impact of their business activities, be carbon neutral, have programs to reduce end-of-life waste of products and use low carbon transportation.

“Since B Lab’s founding in 2006, sustainable business leadership has shifted significantly. As global crises intensify, B Corps are leading the way, adopting high standards, and driving important change. They are showing what’s possible and we hope more businesses follow their lead,” Davies adds.