The United Nations Global Compact
Description
The United Nations Global Compact is a voluntary initiative that encourages businesses and organizations worldwide to adopt sustainable and socially responsible policies, as well as to report on their implementation. Launched in 2000, it is the world’s largest corporate sustainability initiative, with thousands of participating companies from over 160 countries. 1
The United Nations Global Compact plays an important role in promoting corporate engagement in biodiversity management and conservation. Principles 7, 8 and 9 emphasize the need for precautionary approaches to environmental challenges, adoption of sustainable practices and promoting greater environmental sustainability, and the development of environmentally friendly technologies. 1
UN Global Compact 1
Business Relevance
The Global Compact is based on ten principles in four main areas—human rights, labour, environment, and anti-corruption. These principles align with globally accepted frameworks, including the Universal Declaration of Human Rights 2 and United Nations Convention Against Corruption. 3
The Global Compact encourages businesses to contribute towards the UN's Sustainable Development Goals (SDGs), a set of 17 goals designed to address global challenges like poverty, inequality, environmental degradation, and climate change by 2030.
Participating companies are expected to submit an annual Communication on Progress report, detailing their efforts to implement the ten principles and align with the SDGs. This accountability mechanism supports transparency and reveals the company's commitment to responsible business practices to stakeholders.
Universal Declaration of Human Rights 2
UN (2023) 3