Tuesday, August 6, 2024
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The UN Global Compact successfully held its regional flagship event, “Forward Faster Now | Asia & Oceania,” held on August 5-6 at the Asia School of Business. This landmark event brought together leaders from travel, tourism and various other sectors to promote sustainable business practices and advance the Sustainable Development Goals (SDGs), with around 500 participants.
According to the Sustainable Development Goals Report 2024, with only six years to go, current progress is significantly behind what is needed to achieve the SDGs. Without massive investment and scale-up action, achievement of the SDGs – the blueprint for a more resilient and prosperous world and the roadmap out of the current global crisis – will remain elusive. The report states that only 17 percent of the SDG targets are currently on track, with nearly half showing minimal or moderate progress and more than one-third stalling or regressing.
With more than 60 percent of the world’s population, the Asia and Oceania region represents more than two-thirds of projected global growth. Its vast networks of supply chains, including travel and tourism, are integral to international manufacturing, trade and investment.
Asia and Oceania’s rich cultural diversity, advances in digitization and legacy of business innovation uniquely position the region to advance corporate sustainability on the global stage. Businesses in the travel and tourism sector, along with others in the region, have the capacity to innovate, invest and implement scalable solutions that address environmental and social challenges. By integrating sustainable practices into their operations, companies make a significant contribution to achieving the SDGs, promoting economic growth and promoting inclusive prosperity.
Leaders at the event emphasized the critical role of private sector engagement in driving sustainable development. Companies showcased initiatives ranging from renewable energy projects to sustainable supply chain practices, highlighting the transformative impact of corporate responsibility in travel, tourism and other industries.
So far, more than 270 participating companies of the UN Global Compact in the Asia and Oceania region, including companies in the travel and tourism sector, have joined the Forward Faster initiative. The initiative calls on business leaders everywhere to take measurable, credible and ambitious action in five key areas — gender equality, climate action, living wages, finance and investment, and water resilience — where the private sector can collectively have the biggest, fastest impact. is To accelerate progress on all 17 SDGs by 2030.
The UN Global Compact released a new report highlighting impact stories from the Asia and Oceania region, which clearly shows the tangible results of the efforts of companies participating in the UN Global Compact framework. Each story, collected from companies in China, Japan, Nepal, the Philippines, Sri Lanka and Thailand, highlights the unique ways these companies are working to find solutions to sustainability challenges, including challenges faced by the travel and tourism sectors. These stories are intended to serve as examples for other businesses looking to integrate sustainability into their core operations.
The Forward Faster Now Asia event is the first in a series of regional Forward Faster Now events planned to showcase actions being taken by the private sector at local and regional levels, highlighting the many opportunities and challenges in travel, tourism and other industries in each sector. .
Insights from Forward Faster Now Asia will also contribute to events organized by the UN Global Compact during the high-level week of the UN General Assembly in September, including its flagship event, the Leaders Summit 2024.
“The commitment and innovative spirit of businesses in Asia and Oceania is critical to achieving the Sustainable Development Goals. By harnessing their resources and expertise, the private sector can lead the way in creating a more sustainable and equitable future for all,” said. Sanda OjiamboCEO and Executive Director of the UN Global Compact.
“By committing to measurable goals and reporting their progress, companies can gain credibility with stakeholders and position themselves on the cutting edge of global markets,” Ojiambo said. “We know that leaders who succeed are those who recognize and meet the needs of the future.”