New York, Jun 25 2010 6:10PM
The United Nations Global Compact leaders' summit concluded today in New York with a vow by the more than 1,200 corporate executives, government ministers and civil society representatives in attendance to strengthen their efforts to forge a more sustainable and inclusive world economy.
"Future advances in global integration, sustainable development, protection of our planet and, ultimately, peace critically depend on the ability to collectively address challenges," the participants stated in the New York Declaration by Business, adopted at the end of the two-day meeting. "The need for responsibility and leadership has never been greater."
The declaration stressed that the principles enshrined in the <"http://www.unglobalcompact.org/">Global Compact since the UN initiative was created in 2000 – such as tackling corruption, respecting the environment and upholding labour rights – must be "integrated into business everywhere."
The participants said they are "committed to making the global economy more sustainable and inclusive through implementation of responsible practices" and added that "market success and political leadership go hand in hand."
The text also called for greater efforts by business to support UN issues, particularly the social and economic targets known as the Millennium Development Goals (MDGs), and for closer partnerships with governments.
Yesterday Secretary-General Ban Ki-moon opened the event with a call on business leaders to invest more in the developing world.
"We all know that's where the greatest need is. But that is also where some of the greatest dynamism is," he said.
The Global Compact, which aims to foster socially responsible business practices, now has more than 8,000 participants worldwide. The declaration stated that the goal is now to reach 20,000 participants by 2020.
The summit heard from numerous speakers, including New York City Mayor Michael Bloomberg, who used his keynote address yesterday to urge that the principles of the Global Compact be enacted every single day.
Mr. Bloomberg said corporate respect for human rights should be a winner for business as it "earns the consumer respect and support that no marketing or advertising can buy."
The Mayor also pressed for more innovative public-private partnerships to solve challenges and problems.
Jun 25 2010 6:10PM
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