The UN Global Compact has launched a global platform for credible and ambitious corporate action to guide companies on “where they can make the biggest, fastest impact for 2030.” The Forward Faster initiative challenges companies to publicly commit to transparency and accountability across one or more critical areas that can accelerate progress across all 17 SDGs – gender equality, climate action, living wage, water resilience, and SDG-aligned finance and investment.
The UN Global Compact highlights that according to the latest data, only around 15% of the SDG targets are on track, while some 37% have seen no movement or even regressed below the 2015 baseline. Even though many companies have embraced sustainability commitments, it urges the private sector to “go beyond words and take action.”
According to the Global Compact, there is “a demonstrated correlation between bold action on sustainability and positive corporate returns.” The Forward Faster initiative outlines “a principles-based, holistic approach that drives impact and advocates for policies that unlock new opportunities, build resilience, and secure long-term prosperity for business, people and planet.”
The Global Compact offers action guides for each of the critical areas that “provide companies that have committed or are considering committing to the Forward Faster initiative, with additional, target-specific details on key definitions, examples of actions and key performance indicators (KPIs), including interim targets, resources and policy advocacy that companies can utilize as they define a strategy to meet the target(s) by 2030.”
The initiative, which is supported by the International Chamber of Commerce (ICC), the International Trade Centre (ITC), and the United Nations Foundation, among other partners, was launched on 18 September 2023.
The UN seeks to increase corporate accountability and transparency around environmental claims. Efforts include the 2022 ‘Integrity Matters’ report by the UN High-Level Expert Group on the Net Zero Emissions Commitments of Non-State Entities and the UN Secretary-General’s Our Common Agenda (OCA) policy brief on reforming the international financial and tax architecture. [Forward Faster Initiative] [Publication: Moving Gender Equality Forward Faster Action Guide] [Publication: Moving Climate Action Forward Faster Action Guide] [Publication: Moving Living Wage Forward Faster Action Guide] [Publication: Moving Water Resilience Forward Faster Action Guide] [Publication: Moving SDG and Finance Investment Forward Faster Action Guide] [Action Guides Landing Page]