Tuesday, August 6, 2024 The UN Global Compact successfully concluded its regional flagship event, “Forward Faster Now | Asia & Oceania,” held at the Asia School of Business on 5-6 August. This pivotal event brought together leaders from the travel, tourism, and various other sectors to accelerate sustainable business practices and advance the Sustainable Development Goals (SDGs), drawing nearly 500 participants. According to the Sustainable Development Goals Report 2024, with only six years left, the current progress significantly lags behind what is needed to achieve the SDGs.
Without massive investment and scaled-up action, the achievement of the SDGs — the blueprint for a more resilient and prosperous world and a roadmap out of current global crises — will remain elusive. The report reveals that only 17 percent of the SDG targets are currently on track, with nearly half showing minimal or moderate progress and over one-third stalled or regressing. With over 60 percent of the world’s population, the Asia and Oceania region represents more than two-thirds of projected global growth.
Its vast networks of supply chains, including those linked to travel and tourism, are integral to international production, trade, and investment. Asia and Oceania’s rich cultural diversity, strides in digitization, and legacy of business innovation uniquely position the region to lead in advancing corporate sustainability on the global stage. Businesses in the travel and tourism sectors, alongside others in the region, possess the capacity to innovate, invest, and implement scalable solutions that address environmental and social challenges.
By integrating sustainable practices into their operations, companies contribute significantly to achieving the SDGs, fostering economic growth, and promoting inclusive prosperity. Leaders at the event underscored the crucial role of private sector engagement in driving sustainable development. Companies showcased initiatives ranging from renewable energy projects to sustainable supply chain practices, highlighting the transformative impact of corporate responsibility within the travel, tourism, and other industries.
Thus far, more than 270 participating companies of the UN Global Compact from the Asia and Oceania region, including those in the travel and tourism sectors, have joined the Forward Faster initiative. This initiative calls on business leaders everywhere to take measurable, credible, and ambitious action in five key areas — gender equality, climate action, living wage, finance & investment, and water resilience — where the private sector can collectively make the biggest, fastest impact to accelerate progress across all 17 SDGs by 2030. The UN Global Compact released a new report highlighting impact stories from the Asia and Oceania region, vividly illustrating the tangible outcomes of participating companies’ efforts within the UN Global Compact framework.
Each story, gathered from companies across China, Japan, Nepal, the Philippines, Sri Lanka, and Thailand, highlights the unique ways these companies are working to find solutions to sustainability challenges, including those faced by the travel and tourism sectors. The purpose of these stories is to serve as examples for other businesses looking to integrate sustainability into their core operations. The Forward Faster Now Asia event is the first in a series of regional Forward Faster Now events planned to showcase the actions being taken by the private sector locally and regionally, highlighting the many opportunities and challenges within travel, tourism, and other industries in each region.
Insights from Forward Faster Now Asia will also contribute to events organized by the UN Global Compact during the High-Level week of the UN General Assembly in September, including its flagship event, the Leaders Summit 2024. “The commitment and innovative spirit of businesses in Asia and Oceania are vital to achieving the Sustainable Development Goals. By leveraging their resources and expertise, the private sector can lead the way in creating a more sustainable and equitable future for all,” said Sanda Ojiambo , CEO and Executive Director of the UN Global Compact.
“By committing to measurable targets and reporting on their progress, companies can gain credibility with stakeholders and position themselves on the cutting edge of global markets,” Ojiambo said . “We know that the leaders who succeed are those who identify and meet the needs of the future.”.
