United NAtions global compact
What is the Global Compact?
The Global Compact is a voluntary initiative promoted by the United Nations in which companies and organizations commit to align their strategies and operations with ten universally accepted Principles in four thematic areas: human rights, labor rights, environment, and anti-corruption. Furthermore, the Global Compact aims to fulfill the 2030 Agenda, based on the 17 Sustainable Development Goals (SDGs), which were adopted in the United Nations General Assembly in 2015 with the participation of more than 200 authorities from different countries. This Agenda sets the path for the next 15 years, and its success will depend to a great extent on the collective efforts of all sectors of society.
Mission
The United Nations Global Compact aims to create a sustainable global economy. To achieve this, the initiative encourages companies to: Conduct business responsibly by aligning their strategies and operations with ten principles related to human rights, labor, the environment, and anti-corruption; and Take strategic actions to advance the broader goals of society, such as the United Nations Sustainable Development Goals, with an emphasis on collaboration and innovation.
Strategy
By encouraging businesses to operate responsibly and take strategic actions that contribute to society, the Global Compact works to ensure that business activity adds value not only to the bottom line but also to people, communities, and the planet. Considering the above, businesses are urged to adopt a comprehensive approach to sustainability, and design five essential elements: First and foremost, companies should (1) operate responsibly in alignment with universal principles and (2) take strategic actions that support the society around them. To drive sustainability into corporate identity, companies should (3) commit at the highest level, (4) report annually on their activities, and (5) engage locally in the Global Compact Networks. It's important to note that the Global Compact also closely involves civil society and other critical actors, including investors, academia, consumers, and policymakers, to help create an enabling environment for responsible business. And as part of the United Nations, it brings the voice of business to the key UN summits and negotiations.
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