The business community has thrown its support behind the planned UN Global Compact Local Network for Barbados and the Eastern Caribbean, indicating that greater efforts are needed in achieving the Sustainable Development Goals (SDGs), according to the Chamber of Commerce president Anthony Branker.
The UN Global Compact is a movement that aims to organize the coming together of sustainable businesses and stakeholders, supporting them to do business responsibly by “aligning their strategies and operations with the principles of human rights, labour, environment and anti-corruption.”
It also provides support for companies to take action towards achieving the UN SDGs, while focusing on collaboration and innovation
The officials have also agreed that this network of private sector businesses will allow for more sustainable business practices and tackling of major issues that affect the region including the climate crisis.
Branker said collaboration will be a key element of business sustainability, adding that unity, strategic collaboration and combined advocacy remained a critical element of the Chamber of Commerce.
He was addressing an UNCTAD 15 side event on Friday, in which the theme Paving the way for the UN Global Compact local network for Barbados and the Eastern Caribbean was discussed, with the focus on advancing the regional private sector growth through partnership.
He said: “As the world largest corporate sustainability initiative, the UN Global Compact supports private sector growth and development, promotes more responsible investment and is therefore well positioned to assist Caribbean businesses of all sizes and in all sectors to make the successful transition to sustainable enterprises.
“This will help us in Barbados and the Eastern Caribbean build stronger societies and secure the economic resilience we desperately need for the benefit of our eco-system.”
He continued: “We have been fighting a difficult battle with both the global pandemic and climate change. As a region that has repeatedly seen first-hand the devastation and the stress from escalating natural disasters and indeed are still groaning under the financial strain and fallout from this historic health crisis, we must support and encourage and buy-in to sustainable business development practices and ensure that the concept of responsible business moves to a speedy and viable reality.”
He said it was evident that applying responsible business practices was beneficial to firms and strengthening partnerships increased operational efficiencies.
The chamber’s leader said he was therefore calling on fellow business leaders in Barbados and the Eastern Caribbean to “answer the call from the United Nations to join the new local chapter of the Global Compact movement”.
Sanda Ojiambo, Chief Executive Officer and Executive Director of the UN Global Compact described the movement as “a call to action”, adding that collaboration among entities will play a critical role in the region achieving sustainability.
“There is fragility in terms of climate, eco-tourism, business development, trade development and agriculture, but we also know that the private sector can play a key role in climate action, in ensuring that businesses are responsible and ensuring that businesses play a key role in developing sustainable business practices,” she said.
Ojiambo and Didier Trebucq, the UN’s Resident Coordinator for Barbados and the Eastern Caribbean, co-signed a letter of intent signalling their commitment to establishing the UN Global Compact Local Network for Barbados and the Eastern Caribbean.
She promised that over the coming years they would work together towards “creating awareness, recruiting businesses, driving activities to set a firm foothold for the UN Global Compact and the development of the Caribbean Global Compact network”.
Ojiambo highlighted the network’s five strategic elements – the expansion of business participation, stronger and more active engagement with UN partners, harnessing of the collective power of the small and medium-sized enterprise (SME) sector; making sure that companies are accountable and demonstrate progress from being part of the compact in adopting more sustainable business practices, and making sure that the impact from being in the programme is seen and reported.
There are currently over 14,050 companies across 162 countries that are a part of the UN network.
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