Global Sustainability Panel Calls for Transformation of Global Economy, Makes Push for Corporate Sustainability on Broad Scale

Jan 30, 2012 4:30 PM ET

(3BL Media / theCSRfeed) January 30, 2012 - Highlighting the role of the UN Global Compact in advancing a more sustainable global economy and calling for wider adoption of corporate sustainability principles, the UN Secretary-General’s High-level Panel on Global Sustainability today released its final report, titled Resilient People, Resilient Planet: A Future Worth Choosing. In the report, the 22-member panel, established in August 2010 to formulate a new blueprint for sustainable development and low-carbon prosperity, sets forth 56 recommendations to put sustainable development into practice and to mainstream it into economic policy as quickly as possible.

Identifying a broad range of areas for policy action, from economic empowerment to institutional governance, the report issues a strong call for a transformation of the global economy, describing the global economic crisis as “an opportunity for significant reforms”. As an affirmation of the Global Compact’s positions, the panel recommends the incorporation of “social and environmental costs in regulating and pricing of goods and services” and proposes an “incentive road map that increasingly values long-term sustainable development in investment and financial transactions”.

While the report recognizes progress made by business in adopting responsible practices (as evidenced by the nearly 7,000 businesses worldwide that have joined the Global Compact), it also points to “serious implementation gaps” and calls on businesses worldwide to “align their business practices with universally accepted principles concerning human rights, labour, environmental sustainability and the fight against corruption, such as those set forth in the Global Compact.”

“We congratulate the Secretary-General on this highly relevant and timely report,” said Georg Kell, Executive Director of the UN Global Compact. “The Panel’s work confirms our long-held belief that a lasting transformation of the global market requires a seismic shift in the way we look at the cost of externalities and the integration of long-term thinking into strategic planning. The report also acknowledges that we are far from reaching a tipping point in corporate sustainability. It’s time to take business to task in order to reach greater scale.”

About the United Nations Global Compact Launched in 2000, the United Nations Global Compact is a both a policy platform and a practical framework for companies that are committed to sustainability and responsible business practices. As a multi-stakeholder leadership initiative, it seeks to align business operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption, and to catalyze actions in support of broader UN goals. With more than 6,800 corporate signatories in more than 135 countries, it is the world’s largest voluntary corporate responsibility initiative.   UNGC20643