Asunción, Paraguay, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Over 300 business leaders, government representatives and civil society stakeholders from across Latin America and the Caribbean came together today to accelerate progress towards the Sustainable Development Goals (SDGs) through bold private sector action during the UN Global Compact event “Forward Faster Now | Accelerating sustainable development in Latin America and the Caribbean (LAC)” at the Banco Central del Paraguay in Asunción. During the event key discussions centred around how businesses in Latin America and the Caribbean can lead the way in driving sustainable change and fostering long-term growth.
With just six years remaining until the 2030 deadline to achieve the SDGs, only 17 per cent of the SDG targets are on track, nearly half are showing minimal or moderate progress, and progress on over one third has stalled or even regressed. To address this, the UN Global Compact Forward Faster initiative challenges companies to make ambitious, credible commitments in areas where the private sector can have the greatest impact: gender equality, climate action, living wage, sustainable finance and water resilience.
More than 200 companies from 16 countries in the region have publicly committed to the Forward Faster initiative signing up for more than 650 commitments, with an average of 3.5 commitments per company. Special attention was given to the unique challenges and opportunities in Paraguay, where only one company had previously signed up for Forward Faster. Today’s event marks a significant milestone in the region and country’s sustainability journey.
Sanda Ojiambo, CEO and Executive Director of the UN Global Compact, opening the discussions, emphasized the critical role of businesses in achieving the 2030 Agenda: “Today’s discussions in Paraguay have made it clear that we are at a turning point. The challenges are vast, but so are the opportunities for private-sector leadership. Now, more than ever, companies must align their strategies with the SDGs and demonstrate that sustainability is not just good for business, it’s essential for our future. Our Forward Faster Initiative provides the roadmap for businesses to take the next step."
Attendees explored innovative approaches to enhance private sector engagement in sustainability, with breakout sessions dedicated to specific targets, including advancing gender equality in the workplace, achieving climate neutrality, and integrating sustainable finance practices.
The Latin American and Caribbean region has shown tremendous potential in embracing sustainable business practices. With more than 4,300 companies from the region engaged with the UN Global Compact, the region’s private sector is driving significant impact across industries such as banking, telecommunications, energy and agriculture. The Forward Faster Now Latin America and Caribbean (LAC) event underscored the importance of collaboration between businesses, governments, and civil society to create lasting change.
For more information on the Forward Faster initiative and how to get involved, visit the Forward Faster website.
Notes to Editors
About the UN 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.
