70% of the world's population now lives in cities, which is thought to increase further in the coming years. This situation requires businesses to go beyond being solely profit-oriented and act in a way that benefits society. The Forward Faster initiative, run by the UN, aims for sustainability and justice by calling on companies and increasing accountability and transparency. "Forward Faster" highlights five key action areas where the private sector can make the most significant impact by 2030, encouraging companies to publicly announce their commitments and take action to achieve these goals.
Gender Equality: Gender equality provides an advantage in the business world and significantly contributes to social development. Equal representation of female leaders and employees in businesses can increase company performance and the economic size of countries by 20 percent. The initiative's objectives are determined as equalizing gender representation at the management level by 2030 and adopting a policy of equal pay for equal work by the same period.
Climate Action: The target of halving emissions by 2030 to control global warming is crucial to help businesses prepare for the future. Focusing on climate action will allow companies to increase efficiency by reducing energy use and emissions, reducing operating costs, increasing resilience to climate risks, and ensuring equity in the transition to an environmentally sustainable economy.
Living Wage: It is a fact that more than one billion workers worldwide do not receive sufficient wages to provide a standard of living. Businesses adopting living wage policies reduce inequalities and create more robust supply chains. The goals of this action include ensuring that all employees in the organization earn a living wage by 2030 and creating a joint action plan with contractors, supply chain partners, and other stakeholders to achieve living wages.
Water Resistance: More than 2 billion people worldwide lack safe drinking water. Building water resilience for businesses can improve business performance and accelerate growth. Building water resilience in global operations and supply chains and collaborating to collectively achieve positive water impact in at least 100 sensitive water basins are among the objectives of this action area.
Finance and Investment: An annual global expenditure of 3 to 5 trillion dollars is required to meet the Sustainable Development Goals. Aligning financial strategies with sustainable development goals can unlock new revenue opportunities. Aligning corporate investments with sustainable development goals, policies, and strategies and creating a corporate finance strategy linked to sustainable development goals, investments, and performance are among the determined objectives of this action area.
The success of the Forward Faster initiative is based on the fact that companies act by taking into account not only financial gains but also their social responsibilities and environmental impacts. Türkiye is one of the most active participants in this program, supporting more than 20 companies. Thanks to their participation in this program, Turkish companies can contribute to a more sustainable, fair, and ethical business world at the global level. These steps support the aim of ensuring the long-term success of businesses as well as moving societies towards a better future.
Author:
Mina Üstün
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