New UN Global Compact Strategy for Corporate Sustainability

1. March 3rd , 2021
New UN Global Compact Strategy for Corporate
Sustainability

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5. New UN Global Compact Strategy for Corporate
Sustainability
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The UN Global Compact Council adopted a new three-year strategy (UN Global
Compact Strategy 2021-2023) to broaden business ambition. The plan calls for
companies to increase their contributions and work towards achieving the
Sustainable Development Goals (SDGs), the Paris Agreement on Climate Change and
the Ten Principles of the UN Global Compact.
The UN Global Compact Initiative is the world’s largest corporate sustainability
initiative. Participants in the UN Global Compact include more than 12,000
businesses and 3,000 non-business stakeholders across 160 countries. The Global
Compact uses specific measurable goals to mobilise participating companies fast. It
will prioritize action and measurable impact on five of the SDGs:
•SDG 5 (Gender Equality)
•SDG 8 (Decent Work and Economic Growth)
•SDG 13 (Climate Action)
•SDG 16 (Peace, Justice and Strong Institutions)
•SDG 17 (Partnership for the Goals)
The new strategy
“Our goal is to raise expectations of how businesses will embed all Ten Principles. These
are intrinsic to a company and serve as the enabler for contributions towards achieving
the 2030 Agenda for Sustainable Development and the Paris Agreement. The five key
shifts articulated in this strategy reflect our ambitions for global growth, prioritization and
impact at scale” Sanda Ojiambo said.
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New UN Global Compact Strategy for Corporate Sustainability

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The new strategy aims to achieve five key shifts to enable meaningful new strides in the
current global, environmental, and social context:
1.Accountable companies: The UN Global Compact will strive to move companies
participating in it faster and farther than other companies (which are not part of the UN
Global Compact) in demonstrating progress in corporate sustainability and responsible
business practices.
2.Balanced growth of local and regional networks for global coverage: The UN Global
Compact Local Networks will be expanded to bring about change and build more
dynamic national ecosystems for business sustainability. In addition to the existing 69
local networks, new national and regional networks for the Global Compact will be
launched, focusing on the Global South, China and the United States.
3.Measurable impact in priority areas: The UN Global Compact programmes focus on the
Ten Principles of leadership and prioritize the five issue areas that the Global Compact
seeks to lead and shape: Gender Equality (SDG 5), Decent Work and Economic Growth
(SDG 8), Climate Action (SDG 13), Peace Justice and Strong Institutions (SDG 16) and
Partnerships (SDG 17) while adapting to each country’s unique context.
4.Harnessing the collective action of SMEs: SMEs play an important role in promoting
corporate sustainability and responsible business practices individually and in the value
chains in which they participate. Since more than half of the Global Compact participants
come from this segment, the UN Global Compact will establish targeted and cross-
cutting SMEs programmes that leverage digital tools and value chains to reach scale.
© 2021 Sustainability Knowledge Group
New UN Global Compact Strategy for Corporate Sustainability

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5. Strong and active engagement with the UN and its partners: The strategy calls for
deeper cooperation at the global and national levels with UN agencies and UN
country teams to promote corporate sustainability and responsible business practices
globally.
As part of following up on these five strategic shifts, the UN Global Compact will
measure global collective impact of business in five critical areas:
1. The number of Global Compact participants committed to the goals of the Paris
Agreement
2. Making public commitments to human rights and labour, demonstrating broad-
based gender parity in operations
3. Enforcing compliance on anti-corruption and bribery
4. Taking actions to advance the SDGs
CoP as A Learning Tool
The Global Compact is also revising its reporting framework to help companies better
align sustainability reporting with the global sustainable development agenda
through the Communication on Progress (CoP) Framework. The value of CoP will be
enhanced by reorienting it as an educational tool and making data searchable by
sector and geography, as participants are required to submit an annual report using
(CoP).
© 2021 Sustainability Knowledge Group
New UN Global Compact Strategy for Corporate Sustainability

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As a result, the revised framework will:
• Provide governments with concrete and reliable data on the private sector’s
contribution to the SDGs, to be reflected in their Voluntary National Reviews
(VNRs)
• Help UN organizations identify partners in the business community
• Coordinate comparable data to enable businesses to track their progress over
time, compare their performance with their peers, and demonstrate progress
towards the Ten Principles and the SDGs
“Together, we will be One Global Compact uniting business for a better world”
So far, the world is still not on the right track to achieve the 2030 Agenda and the
SDGs. There is an urgent need for the business community to raise its ambition and
advance responsible business practices. The UN Global Compact seeks through the
new strategy to motivate companies to change the way they operate and how they
affect the environment to contribute to achieving SDGs and the Paris Agreement’s
goals.
© 2021 Sustainability Knowledge Group
New UN Global Compact Strategy for Corporate Sustainability

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