Five Global Compact Reports to Know During UNGA79

Five Global Compact Reports to Know during UNGA79

On the sidelines of the High-Level Week of the 79th Session of the UN General Assembly (UNGA), the UN Global Compact is launching five new groundbreaking reports underscoring the importance of businesses advancing the Sustainable Development Goals (SDGs). 

From the transformative potential of AI to innovations in sustainable finance, these reports are crucial for understanding current trends and future directions. 

Here’s what you need to know:

The "Generative AI for the Global Goals" report examines the transformative potential of generative AI advancing the Sustainable Development Goals. Developed with Accenture, this report delves into how Gen AI can unlock new business models, drive innovation, and help achieve the SDGs. 

The report explores how AI can enhance progress in areas like poverty reduction, healthcare, and climate action, while emphasizing ethical use and governance. The report advocates for responsible AI development, balancing innovation with inclusivity, sustainability, and fairness. 

Together, through multi-sector collaboration, we can harness AI for global good. 

Download the report to discover actionable strategies for responsible Gen AI implementation.

One year after the Global Compact introduced Forward Faster—a global initiative designed to guide companies in making significant and rapid impacts toward 2030—the 2024 Forward Faster Progress Report showcases the impressive commitments of over 1,700 companies. These businesses have collectively set more than 4,360 targets across crucial areas such as Gender Equality, Climate Action and SDG Finance. 

With only 17% of the SDGs currently on track, the urgency for effective action has never been clearer. The private sector must rise to the occasion. Despite facing obstacles, such as geopolitical tensions and economic uncertainties, the initiative has made notable progress, particularly in Climate Action and Gender Equality. Over 60% of participating Forward Faster companies have integrated their sustainability targets into their core business strategies, marking a significant shift towards responsible corporate leadership. 

In an era where transparency is critical, these businesses are setting a high standard by openly communicating their progress, thus fostering trust and demonstrating accountability. For an in-depth look at how these companies are advancing sustainability and driving positive change, read the full Forward Faster Progress Report.

The Policy Enablers for Private-Sector SDG Acceleration report highlights how essential public policy is for advancing private sector contributions to the SDGs. It underscores the need for cross-sector collaboration, public-private partnerships and tailored policies to drive progress in digital access, clean energy, and fair working conditions. 

The report includes recommendations such as: 

• Improving financing mechanisms
• De-risking investments
• Ensuring regulatory coherence
• Strengthening governance

By drawing on case studies from Angola, Brazil, Egypt, India and South Africa, the report offers actionable insights on fostering sustainable business practices and emphasizes the UN's role in bridging dialogue between policymakers and the private sector.

Read on: Policy Enablers for Private-Sector SDG Acceleration

The Accelerating Innovation in Sustainable Finance: Removing Roadblocks and Unlocking Valueexplores innovative mechanisms to channel capital into sustainable development initiatives. 

• Increased Private Investment is Essential: The report highlights the urgent need for increased private investment, particularly in emerging markets where the financing gap is most pronounced. With global private financial assets totaling $200 trillion, the report calls for innovative mechanisms to unlock this capital and direct it towards sustainable development.
   
• Overcoming Structural Barriers: The report identifies key challenges such as the lack of transparency, the mismatch between risk and returns, and the need for better integration of sustainability into financial markets. It advocates for the establishment of global sustainability reporting standards and the use of innovative blended finance tools, new outcomes-based financing mechanisms, and technologies like AI to bridge data gaps, especially in emerging markets.
   
• The UN’s Leadership Role: The report emphasizes the UN’s unique position to convene global stakeholders, standardize sustainability practices, and promote transparency in financial markets. It calls for the UN to lead efforts in creating de-risking mechanisms and fostering partnerships that can drive the integration of sustainability into corporate and financial decision-making.

Advancing sustainable finance requires bold innovation, increased private investment, and strong leadership to overcome barriers and drive global progress towards sustainable development.

The "Plankton Manifesto," is a transformative document created in collaboration with the Ocean Stewardship Coalition highlights the crucial yet often overlooked role of plankton in addressing the interconnected global crises of climate change, pollution, and biodiversity loss. Despite their vital contributions, plankton have been largely absent from discussions on the blue economy, blue food, and blue carbon, with aquatic sciences traditionally focusing on more visible organisms like mammals, fish, and corals. This neglect stems from significant knowledge gaps, limited market applications, and the complexity of planktonic ecosystems.

The manifesto calls for urgent action from both public and private sectors to protect these vital, though invisible, organisms and emphasizes the need for increased research and awareness to safeguard their crucial roles.

Learn more about plankton and the role they play in healthy oceans by checking out the new Plankton Manifesto.

The launch of these five pivotal reports at the UN General Assembly underscores a critical moment for advancing global sustainability with valuable insights and actionable strategies. By understanding and leveraging these findings, businesses, policymakers and stakeholders can drive significant progress toward achieving the SDGs.

As we navigate these complex challenges, business engagement and credible, accountable actions are more important than ever. Together, we can advance the global agenda for a more sustainable, equitable world.