The Global Compact advocates to 10 Principles into corporate values, strategies, policies and procedures. The goal is to establish a culture of integrity that supports the three tenants of sustainability (people, planet and profit). The Compact also supports companies that take strategic actions to advance broader societal goals, such as the forthcoming UN Sustainable Development Goals, with an emphasis on collaboration and innovation. The Compact also offers support in the form of frameworks, best practices, resources and networking events.
These initiatives are applicable to organizations large and small, anywhere around the globe.
In this report the UN Global Compact, which has had a major impact on world business, lists a large number of positive developments in the last 15 years. This includes the fact that one quarter of the world's largest businesses in 156 countries have signed on to the global compact. The report indicates that sustainability is making its way on to more and more corporate agendas because it positively impacts performance. The report says that leading companies are now looking for ways to turn sustainability risks into new business opportunities.
The report calls on businesses to engage sustainability and explores the role of the Global Compact in driving change. It also discusses future progress and ways of speeding up, scaling up and strengthening sustainability initiatives.
The report provides pathways for the future which are recommendations for how we can work together to achieve the vision of a sustainable and inclusive global economy, and what the Global Compact can do to scale its impact.
Here are some recommendations from the report:
- Sustainability must be embedded into business models
- We need better and smarter governance and regulations
- We need directional support and shifting investor practices
- We need to showcase new business opportunities and sustainable solutions
- Constant major innovation is the new business as usual