UN Global Compact Drives Sustainable Business Forward at Asia & Oceania Event

Kuala Lumpur, Malaysia, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The UN Global Compact successfully concluded its regional flagship event, "Forward Faster Now | Asia & Oceania," held at the Asia School of Business on 5-6 August. The event convened leaders from various sectors to accelerate sustainable business practices and advance the Sustainable Development Goals (SDGs) attracting nearly 500 participants.

According to the Sustainable Development Goals Report 2024 with just six years remaining, current progress falls far short of what is required to meet the SDGs. Without massive investment and scaled up action, the achievement of the SDGs — the blueprint for a more resilient and prosperous world and the roadmap out of current global crises — will remain elusive. The report reveals that only 17 per cent of the SDG targets are currently on track, with nearly half showing minimal or moderate progress, and over one-third stalled or regressing.

With over 60 per cent of the world’s population, the Asia and Oceania region represents more than two-thirds of projected global growth. Its vast networks of supply chains, made up mostly of small and medium sized enterprises (SMEs), are integral to international production, trade and investment. 

And with its diversity of cultures, advances in digitization and history of business innovation, Asia and Oceania is uniquely placed to advance corporate sustainability on the global stage.

"The commitment and innovative spirit of businesses in Asia and Oceania are vital to achieving the Sustainable Development Goals. By leveraging their resources and expertise, the private sector can lead the way in creating a more sustainable and equitable future for all," said Sanda Ojiambo, CEO and Executive Director of the UN Global Compact.

Businesses in the Asia and Oceania region possess the capacity to innovate, invest and implement scalable solutions that address environmental and social challenges. By integrating sustainable practices into their operations, companies significantly contribute to achieving the SDGs, fostering economic growth, and promoting inclusive prosperity.

During the event, leaders emphasized the importance of private sector engagement in sustainable development. Companies showcased initiatives ranging from renewable energy projects to sustainable supply chain practices, highlighting the transformative impact of corporate responsibility.

Thus far, more than 270 participating companies of the UN Global Compact from the Asia and Oceania region have joined the Forward Faster initiative, which calls on business leaders everywhere to take measurable, credible, and ambitious action in five action areas —gender equality, climate action, living wage, finance & investment, and water resilience— where the private sector can collectively make the biggest, fastest impact to accelerate progress across all 17 SDGs by 2030.

“By committing to measurable targets and reporting on their progress, companies can gain credibility with stakeholders and position themselves on the cutting edge of global markets,” Ojiambo said. “We know that the leaders who succeed are those who identify and meet the needs of the future.”

Driving impact

The UN Global Compact unveiled a new report showcasing impact stories from the Asia and Oceania region to vividly communicate the tangible results of participating companies’ work within the framework of the UN Global Compact. Each story gathered from companies from China, Japan, Nepal, Philippines, Sri Lanka and Thailand to highlight the unique ways companies from the region engaging with UN Global Compact are working to find solutions to sustainability challenges. The purpose of the stories is to serve as examples for other businesses looking to integrate sustainability into their core operations.

The Forward Faster Now Asia event is the first of a series of regional Forward Faster Now events planned to showcase the actions being taken by the private sector locally and regionally and highlight the many opportunities and challenges in a particular region. 

Discussions from Forward Faster Now Asia will also feed into events organized by the UN Global Compact during the High-Level week of the UN General Assembly in September, including its flagship event, the Leaders Summit 2024. 

Notes to Editors

About the United Nations Global Compact

The ambition of the UN Global Compact is to accelerate and scale the global collective impact of business by upholding the Ten Principles and delivering the SDGs through accountable companies and ecosystems that enable change. With more than 20,000 participating companies, 5 Regional Hubs, 62 Country Networks covering 78 countries and 14 Country Managers establishing Networks in 20 other countries, the UN Global Compact is the world’s largest corporate sustainability initiative — one Global Compact uniting business for a better world.