Published: 09/07/2024
I recently participated in the UN Global Compact (UNGC) Sustainable Development Forum titled “Forward Faster” held in Melbourne, Australia. As a registered member of the UNGC Australia network, I regularly receive updates, and I am now sharing a brief summary of this important event. Watch a short video about the forum here: https://www.youtube.com/watch?v=F_4x5_5QC0s&t=14s
The UN Global Compact encourages businesses and major corporations worldwide to integrate human rights, social welfare, environmental protection, climate action, governance, and management systems into their sustainability strategies and operations. While governments develop sustainable development strategies, active leadership and collaboration from the business sector and investors are essential to fully embed environmental, social, and governance (ESG) issues into the economy.
This initiative is driven by CEOs of major corporations, who also participated in the forum with keynote speeches.
Here are some key highlights from the forum:
- Kate Dundas, CEO of UNGC Australia Network:
- Governments alone cannot achieve sustainable development outcomes.
- Businesses must collaborate through socially responsible investments to deliver faster and more effective results.
- Fiona Reynolds, Chair of UNGC Australia Board:
- It’s easy to talk about Sustainable Development Goals (SDGs) but making them a reality requires realism and systemic, comprehensive efforts.
- Time is limited, and climate change demands urgent action.
- Dr. Ariana Dibley, Director of Melbourne University’s Sustainable Finance Hub:
- Academia plays a vital role by providing theory-based knowledge and practical research to support sustainability initiatives.
- Collaborative pilot projects and research involving businesses are crucial for driving change.
- Jacqueline Fox, Senior Climate Specialist at National Australia Bank:
- Corporations need to align their goals with government programs and incorporate legal compliance into their business strategies.
- Financial objectives should not neglect environmental and social responsibilities.
- Alison Chan, Investment Director, Sustainable Finance at Matrix Credit Partners:
- Success depends on a strong, unified team understanding and aligning with the organization’s mission and goals.
- Sara King, General Manager at Intrepid Travel:
- “Fair and decent work” is becoming a corporate social responsibility standard, extending beyond traditional labor issues to ensure safe, fair, and satisfying working conditions.
- Living wages mean sufficient income to cover housing, clothing, health care, education, nutrition, and a decent quality of life.
- Governments should support businesses with tax policies promoting living wages.
- Jim Giannapolis and Anne-Marie Kirkman, Executives at GHD:
- Water security is critical in climate discussions, encompassing all water sources.
- Australia has implemented advanced water management systems to sustainably supply urban and rural areas, protecting groundwater and preventing desertification.
- Alex Davison, CEO of L’Oréal Group:
- Gender equality is vital for social balance in sustainability efforts.
- Equal representation and opportunities for women and men across sectors should be promoted, avoiding gender stereotypes and discrimination.
- Madeline Waters, Social Responsibility Manager at Princess Polly:
- Climate initiatives require multi-stakeholder collaboration, demonstrating civil society’s vital role.
- Marcus Daw, CEO of MCI Carbon:
- Continuing outdated business practices delays climate action and undermines progress.
- Immediate and positive change is essential.
- Kate Harris, Head of Sustainability at Landlease Fund:
- Ongoing training and shared knowledge among leadership and employees foster commitment to sustainability.
- Starting action is more important than perfection, and continuous effort leads to results.
The forum concluded with gratitude to all organizations committed to sustainability and a call for other business leaders to join the movement now.
