The Hong Kong Polytechnic University (PolyU) was honoured to have invited Prof. Muhammad Yunus, 2006 Nobel Peace Prize Laureate, to speak for PolyU's Global Leader Lecture Series on the topic entitled "A World of Three Zeroes: Zero Poverty, Zero Unemployment, and Zero Net carbon Emission" on 29 March 2018.
Prof. Yunus is commended as the father of social business and microcredit. He is the founder of the Grameen Bank, as well as more than 50 social enterprises in Bangladesh. He was awarded Nobel Peace Prize in 2006 for his efforts to enhance economic and social development.
In the opening remarks, Prof. Angelina Yuen, Vice President (Student and Global Affairs) of PolyU, commended Prof. Yunus as a change-maker for the world. She said, "Prof. Yunus' idea of microcredit has been implemented in numerous countries. The offer of microcredit has empowered many poor people to make living on their own and thus pulled them out of poverty."
Prof. Yunus has been advocating for a world with zero poverty and zero unemployment. He believes that all human beings are independent individuals, and everyone should be regarded as an entrepreneur instead of job-seeker. The concept of employment creates the problem of unemployment. To help the poor get rid of poverty, he pioneered in launching microcredit services in which small loans are given to the poor who lack collateral.
Prof. Yunus believes that running a business should not be just about money-making, but also solving social problems. He thinks that capitalism is based on a wrong interpretation of human beings, which assumes everyone is driven by self-interest. Prof. Yunus believes that human beings are capable of selflessness, and businesses can operate with kindness.
Prof Yunus realised his ideas by lending money to the poor out of his own pocket at the beginning, and later on, he set up a bank for microcredit – the Grameen Bank. By borrowing money from the bank, the borrowers, mostly underprivileged women, become stakeholders of the bank and eventually are able to get control of their lives. He shared with the audience two inspiring examples, namely introducing the "toilet loan" which has significantly improved the sanitary condition in rural villages, and converting household energy consumption to renewable energy by using kerosene spending to set up solar energy system for over two million households in Bangladesh.
Prof. Yunus considers poverty originated from the social system. While the society has not given the poor sufficient opportunities and resources, Prof. Yunus' work supports and empowers the poor by offeringthem non-collateral loans.
Another key part of Prof. Yunus' work is to ensure children from underprivileged families do not go down the miserable path of their parents. He provides educational fund to children, and encourages young people to set up their own businesses instead of focusing on job seeking only. When young people come up with business ideas, the Grameen Bank offers them loans and becomes their business partner.
Prof. Yunus closed his speech commenting while technology is developing exponentially, we should bear in mind that technology should not harm human beings and the planet.
Prof Yunus' lecture was followed by a panel discussion. Panellists included Dr Law Chi-kwong, Secretary for Labour and Welfare of the HKSAR Government; Prof. Stephen Cheung Yan-leung, President and Chair Professor of Public Policy, The Education University of Hong Kong, and Chairperson of the Task Force of The Social Innovation and Entrepreneurship Development Fund; and Mr Cheung Leong, Executive Director of Charities and Community of The Hong Kong Jockey Club. The lecture was moderated by Dr Alwin Wong, Director of Institute of Entrepreneurship of PolyU, and attracted over 450 participants from the academic and professional field, as well as the community. Current poverty alleviation policies and social projects in Hong Kong were discussed. On economic inequality in Hong Kong, Prof. Yunus encouraged local entrepreneurs to incorporate humanity and social responsibility into their businesses. He also stressed that young people should be given options to decide their own fate.
