Panama: Ban urges business leaders to support new development agenda

“The new global development agenda and the battle against climate change will need resources, technology and capacity,” he told business leaders who gathered in Panama City.

He added, “Private sources and partnerships will be crucial.”

He spoke of the UN Global Compact set up following the Millennium Declaration between business and society, saying that results from the Compact’s first 15 years showed that engagement of all key stakeholders in issues of common importance resulted in progress.

Partnerships between the UN and businesses were on the rise and included the Global Compact’s ‘CEO Water Mandate’ and the ‘Caring for Climate’ initiatives, while the UN Global Pulse initiative had already partnered with mobile network operators and social media companies to leverage ‘Big Data’ to improve humanitarian responses and gain insights on public concerns about policy changes.

There is growing realization of the link between business health and the health of societies, the Secretary-General said, pointing to corporate social responsibility initiatives, investors’ moves away from fossil fuels, and increasing minimum wages around the world.

“Social and environmental responsibility is becoming mainstream, and is increasingly a standard part of strategic corporate practice,” he said.

He added, “This is changing markets from within – and for the better. We have to build on this momentum, and bring on board those companies still doing business that puts profit before progress.”

In what he flagged as a year of global action, he stressed the need in 2015 to reduce inequality, to promote prosperity and equity and to protect the environment.

“With business support for implementing the sustainable development goals, we can transform our world,” he said.

He added, “Our Global Compact now has over 8,000 companies and 4,000 non-business organizations participating, with Local Networks in 86 countries – including many in Latin America.”

Business was part of the solution to several major global challenges and he thanked the assembled leaders for their part in trying to make 2015 a historic year. To achieve that, four steps would be essential.

Companies should communicate and support the sustainable development goals, help with implementation of the post-2015 development agenda, mobilize financing for development and help the international community to reach a meaningful universal agreement on climate action in Paris.

“Private sector advocacy can make a real difference in advancing well-functioning carbon markets,” he said.

He added, “Business can steer governments to support smart regulatory policies and emissions reduction targets that are in line with science. The world needs companies and investors everywhere to do their part in meeting the needs of people today while transforming our prospects for tomorrow.”

Photo: UN Photo/Eskinder Debebe