We must applaud Colorado’s abolition of the death penalty. We must also recognize the economic drivers for following them.

Yesterday, Governor Jared Polis signature made Colorado the 22nd state to abolish the death penalty. Many will have missed it. Attention in the U.S. and beyond remain understandably fixed on the global pandemic, and the 15,000 lives it has already taken across 163 countries. However, during a period when death and disruption dominate headlines, it is more important than ever that we recognize efforts to save lives everywhere. 

Over the last two months we have heard impassioned, gut wrenching debates, with views across the political spectrum from those supporting and opposing abolition. However, the perspective I’m sharing is one many don’t typically consider — the role of businesses in abolition, and why they should get involved. 

In the mid 1900s, a British businesswoman and entrepreneur, Violet Van Der Elst, chose to use her voice to advance the abolition of the death penalty. She hired planes to trail banners on execution days, was regularly seen protesting outside courtrooms and prisons, and hired men wearing advertising boards as part of her vigorous efforts to end capital punishment. 

Ms. Der Elst knew something then that has become abundantly clear today — business leaders occupy places of privilege in society, and there is an understanding that with that privilege comes a responsibility to use their voices as a force for good.

Many businesses have embraced this position of responsibility, and in the past decade there has been something of a moral revolution in capitalism. There are a growing number of businesses that don’t believe stating their values is “brave”, but simply the right thing to do. 

This responsibility extends to the death penalty, and some of our most prominent business leaders have taken up this issue. Starbucks CEO Howard Schultz has publicly decried the number of innocents convicted, and travelled to Alabama to meet capital defense attorneys and exonerated death row inmates. Merck CEO Ken Frazier describes his legal representation of a death row prisoner as the most important work of his career. Virgin founder Richard Branson has spoken out repeatedly and passionately in support of abolition.

As Americans, we often forget that the death penalty is widely condemned around the world as a human rights violation and is considered a cruel and medieval form of punishment. As society moves towards more sophisticated and restorative criminal justice systems, it is increasingly seen as a barbaric relic of the past.

Even if you don’t look at the death penalty through a human rights lens, its practical implementation is fraught with problems. In the United States, we have executed innocent people. We have executed developmentally disabled people. We have executed children. There is no question that our system of capital punishment is discriminatory, and death rows are disproportionately populated by the poor and the marginalized. Nationally, the Black death row population is nearly three times the general death row population. While I have heard some argue that race is not a factor in Colorado, it can’t be ignored thatall three men sitting on death row are Black, while White men who have committed some of Colorado’s most heinous crimes are not. The death penalty was enacted to ensure the “worst of the worst” are held accountable. When our justice system fails to do so without prejudice, it’s obvious our system is broken. 

Responsible businesses wanting to adopt comprehensive social policies that demonstrate a nuanced response to issues of proven concern to shareholders and customers, such as racism, poverty and mental health, are taking notice of the death penalty and there is a growing movement of businesses and trade leaders discussing abolition of the death penalty in the context of investment.

Last year, the EU Trade Commissioner joined various businesses to speak about trade and private sector engagement on abolition at an event in Brussels attended by around 1,500 delegates from governments, the private sector and non-profits. Later in the year, the $36 billion French state pension plan blacklisted the US treasuries market because the death penalty is allowed in some states. And, legislation is burgeoning across Europe requiring multinational companies to address human rights violations (of which the death penalty is considered one) in the jurisdictions — local and foreign — where they operate. 

So what does this mean for Colorado? I’ve spent my career at the confluence of international trade and diplomacy and know the fierce competition between states to attract foreign direct investment. As Colorado looks to attract investment from Europe and beyond, repealing the death penalty will significantly boost our state’s reputation and and vie us an advantage over our Rocky Mountain neighbors.

While an issue of life and death should never be trivialized to simple economics, it is now more important than ever that we not only champion abolition of the death penalty, but also understand the business drivers for delivering it.