New York, United States of America, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The UN Global Compact successfully concluded the 2024 Private Sector Forum today at the UN Headquarters in New York City. Held as part of the UN General Assembly's High-Level Week, this year’s Forum brought together over 100 CEOs, and global leaders to address critical global challenges and advance the Sustainable Development Goals (SDGs).

In the keynote address, UN Secretary-General António Guterres underscored the need for decisive, collective action following the adoption of the Pact of the Future which reinforced the importance of resilient global cooperation to tackle pressing challenges like climate change, inequality, and economic instability: “The adoption of the Pact for the Future yesterday represents an important step towards a stronger and more inclusive multilateral system — one fit to address today’s global challenges and accelerate our efforts for the Sustainable Development Goals. We now need the support of all stakeholders, including the private sector, to ensure that the Pact’s ambitions are translated into meaningful change on the ground.” he said.

Driving Business Action on the SDGs

The Forum marked the one-year milestone of the Forward Faster initiative, which has gathered momentum as a global platform for corporate action on the SDGs. The 2024 Forward Faster progress report reveals that over 1,700 companies have committed to accelerating their contributions to the SDGs through more than 4,360 individual targets across key action areas including Gender Equality, Climate Action, Living Wage, Water Resilience, and SDG Finance & Investment, aligned with the 2030 agenda.

Sanda Ojiambo, CEO and Executive Director of the UN Global Compact, reflected on the significance of the Forum stating: "Following the transformative discussions at the Summit of the Future, it is more evident than ever that multilateral cooperation is essential to addressing global challenges and achieving the Sustainable Development Goals (SDGs). The private sector has a critical role in supporting this collective effort. The 2024 Private Sector Forum has shown how businesses, by working together, can turn the ambitions set forth at the Summit into tangible actions that foster sustainable growth, resilience, and shared prosperity for all."

Policy Enablers Report: Unlocking Private-Sector Action for SDGs

The Policy Enablers for Private-Sector SDG Acceleration report was another focal point of the Forum. This report emphasizes the crucial role of public policy in enabling the private sector to drive progress on the SDGs. It calls for bold leadership, inclusive governance and strong political will from governments, business and civil society. Drawing on insights from five countries — Angola, Brazil, Egypt, India, and South Africa — it highlights the need for cross-sector collaboration, public-private partnerships, and tailored policy solutions to accelerate key transitions in digital access, clean energy, and fair working conditions.

The Role of Legal Leaders In addition, the Forum officially launched the UN Global Compact's Legal Council, a new platform for legal leaders to engage in policy advocacy and support the Forward Faster initiative. The Legal Council will play a critical role in analyzing global regulatory environments, offering strategic guidance, and removing barriers to sustainability, ensuring businesses contribute to achieving the SDGs.

Statement on Multilateralism

Renewed commitments to multilateralism were also on display, with the global business community endorsing the Global Business Statement on the Need for a Strong, Inclusive, and Effective Multilateralism, initiated by the UN Global Compact, International Organisation of Employers, World Business Council for Sustainable Development, and the International Chamber of Commerce. The statement reinforced the importance of resilient and inclusive multilateralism in addressing shared challenges, promoting sustainable growth, and ensuring prosperity for all.

Notes to Editors

About the United Nations Global Compact

The ambition of the UN Global Compact is to accelerate and scale the global collective impact of business by upholding the Ten Principles and delivering the SDGs through accountable companies and ecosystems that enable change. With more than 20,000 participating companies, 5 Regional Hubs, 62 Country Networks covering 78 countries and 14 Country Managers establishing Networks in 20 other countries, the UN Global Compact is the world’s largest corporate sustainability initiative — one Global Compact uniting business for a better world.