In the meantime, we must act together to slow its spread and look out for each other, not least those who are most at risk — the elderly and the sick, the poor and the marginalized. Also, we must pay close attention to those most vulnerable to its economic impact: small businesses, workers in the supply chain and women, who often shoulder a disproportionate burden of care.

Amidst the real and rising risk of a global recession, financial markets are plunging, and the UN Secretary-General has urged us to stay calm and collected, stating that — “this is a time for prudence, not panic. Science, not stigma. Facts, not fear”.

As a global business community, let’s be guided by this message of determination, solidarity and prudence in the weeks and months ahead. Let’s draw from the power of the Ten Principles of the United Nations Global Compact and stand united and face the COVID-19 pandemic.

The UN Global Compact is issuing a special appeal for a corporate response to the pandemic: For all companies to take collective action to stem the COVID-19 outbreak and stand together to facilitate business continuity for a fast recovery.

As the virus continues its spread across the world, we must stand behind the global effort taken by the World Health Organization, Governments and health authorities to prevent, detect and manage the pandemic — practically, financially, and through the stable provision of affordable supplies of life-essential commodities, utilities and services.

At a minimum, we must ensure that employees have access to a safe working environment with every precaution taken to limit exposure to the virus, also looking out for the workers in the global supply chain, who often live and work in close quarters without access to health facilities. We must unite in solidarity and take action to protect employees and workers in the supply chain from catastrophic healthcare costs, unpaid leave of absence, unemployment and long-term economic recession.

Fast recovery hinges upon business continuity

In a connected global economy, we are already seeing trade and supply chains being disrupted, threatening the financial stability of businesses and economies. UN economists recently estimated that the COVID-19 virus could cost the global economy more than one trillion US dollars.

Our economies will bounce back faster if we provide support for business continuity. But it will require that we help each other out. Even in the face of recession, businesses must find ways to honour current contracts, allowing for flexibility on delivery and quotas. Together with the financial sector and policy-makers, we must find ways of making available special credit lines and relaxing repayment.

We must think out of the box to come up with new blended financial instruments to fund commercial enterprises that support critical prevention and mitigation activities required by the pandemic. Our actions will define stakeholder trust, reputation and legitimacy as we weather this storm.

Coming at the start of the Decade of Action to deliver the Sustainable Development Goals, COVID-19 is a real test. If we can come together in solidarity to turn the tide on this pandemic, surely we also have what it takes to achieve the 2030 Agenda for Sustainable Development and create the world we want.

In solidarity,
Lise Kingo
CEO & Executive Director
United Nations Global Compact

Among his many accomplishments as the UN Secretary-General from 1997 to 2006, Kofi Annan was also the founder of the world’s largest corporate sustainability initiative, the UN Global Compact.

As the world embarked on the new Millennium, Mr. Annan inspired the world’s top business leaders to join governments in lifting the poorest nations out of poverty by adopting a more responsible and sustainable approach to business.

In creating the UN Global Compact, Mr. Annan asked corporate leaders to publicly commit to Ten Principles based on UN agreements in the areas of human rights, labour, the environment and anti-corruption.

Some 18 years later, the concept of corporate sustainability is firmly established. More than 9,000 of the world’s leading private sector Chief Executives have joined the UN Global Compact and are driving new approaches to help achieve the Sustainable Development Goals.

As a result of Mr. Annan’s vision, the UN Global Compact is attracting new participants on a daily basis and providing corporate executives around the world with the inspiration and tools needed to drive a more sustainable and responsible business culture which can create prosperity while respecting people and the planet.

Let us all continue to celebrate and embrace the values that Kofi Annan stood for.

Warm regards,
Lise

Lise Kingo
CEO & Executive Director
United Nations Global Compact

A New Learning Experience from the UN Global Compact

Do you struggle to address decent work deficits or improve sustainability performance in your supply chain? What does the “future of work” look like for your company?

Join the next UN Global Compact Academy session to learn strategies and best practices from the experts: Guy Ryder, Director-General, ILO; Laurent Freixe, Chief Executive Officer Zone Americas & Executive Vice President, Nestlé; and Lise Kingo, CEO & Executive Director of the United Nations Global Compact.

The online session can be accessed from anywhere in the world on Tuesday, 8 May at 9:30 a.m. New York | 1:30 p.m. London | 3:30 p.m. Cairo | 9:30 p.m. Beijing.

→ Click here to share the next UN Global Compact Academy session on Twitter!

During this session you will learn:

• The importance of adhering to fundamental principles and rights at work
• What the decent work agenda is, how it relates to the Global Goals and the role of business
• Examples of key actions companies can take to eliminate modern slavery in their supply chains
• Practical recommendations for how companies can help shape the Future of Work

REGISTER NOW

The UN Global Compact Academy “Influencer Series” is designed to provide businesses with intimate knowledge access to some of the most prominent UN experts and business leaders shaping the sustainability agenda.

Upcoming UN Global Compact Academy sessions:

Missed the first UN Global Compact Academy Session with Lise Kingo and Professor John Ruggie on the role your company can play in achieving the Global Goals? Not to worry! Watch the recap here and share the video with your network on Twitter.

Paris, France

Posted by Lise Kingo, Executive Director, UN Global Compact on 12 December 2015

We congratulate the Secretary-General Ban Ki-moon, UNFCCC Executive Secretary Christina Figueres, French Minister of Foreign Affairs Laurent Fabius and Government leaders from 195 countries for this historic milestone. The ambition of political leaders to hold ‘the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5 °C,’ clearly demonstrates the political will to address the climate change threat.

We believe the Paris Agreement sends the right market signals which will provide predictability, unlock capital, drive innovation and reward responsible business. It is no longer a question of if we transition to a low carbon economy. Rather, it is a question of how.

Never before have we seen this level of engagement from business and it is clear that the momentum is unstoppable. The private sector should also be applauded for inserting good business practices into the COP21 process and by sending the message that a solid climate agreement was indeed needed and wanted.

As referenced in the Paris Agreement, the private sector has an important role to play and we believe that responsible business can help to fill the gap between what has been committed by Governments through the INDCs and what is needed to reach a carbon neutral economy by mid-century.

At the UN Global Compact, we have built the largest coalition of businesses that are taking action on climate. Since 2007, our Caring for Climate initiative with UNEP and UNFCCC has brought more than 450 companies together to advance the power of sustainable business. Since 2013, Caring for Climate signatories have reduced their carbon footprints by 12%. Their new targets announced this week at COP 21, if achieved, will generate an estimated annual emissions savings of 93.6 million metric tons CO2e or more than the annual carbon emissions of Peru.

Coming out of Paris, we need 100% participation by the private sector. We must increase the pace and ambition of corporate sustainability as the risks and opportunities are now even more apparent. Working closely with our local networks in more than 80 countries, we will continue to inspire companies to transform their business models, reallocate their capital to invest in technologies that reduce carbon emission, and be transparent about their efforts to ensure that commitments are met.

We must continue the solidarity and unity that has brought the global community together in order to move from negotiations to implementation and create the world that we want to live in.

We at the UN Global Compact are ready to help government and business leaders meet this challenge.

sources: UN Global Compact

photo: UN Global Compact Twitter