It was first declared at the summit convened in Copenhagen in 1995 to create a "Global Agreement." The main topic of the summit held in Copenhagen was social development. At the summit, which was held under the leadership of the United Nations, it was decided to bind global goals to a contract to ensure targeted social development.
Social development was first aimed at reducing poverty by increasing the level of welfare. The eradication of poverty in humanity has been recognized as an ethical, social, political, and economic responsibility. At the same time, by reconciling the responsibility of ending poverty with the philosophy of the free market, they invited the private sector to sacrifice. The philosophy of returning those taken from society to society is embedded. The Global Compact was established in order to achieve the goal of social development.
The Convention ensures sustainability and encourages creating a shared global culture of development. The concept of responsible investment has been developed with the contract. The business models of companies that want to benefit from responsible investment have started to return to the understanding of responsible production.
Since it is a convention examined and published by the United Nations, internationally accepted standards have been formed. The private sector can be a party to the contract. It is recognized as the most popular volunteer responsibility initiative in the world. Many institutions and organizations have become parties to the agreement, which is being carried out under the United Nations Development Program (UNDP) leadership. As of 2021, the Convention has more than 9,500 signatories in more than 160 countries.
Why Should They Become Signatories to the United Nations Global Compact?
As a signatory to the United Nations Global Compact, companies can benefit from many advantages. By existing in the world's largest voluntary responsibility initiative, they have both visibility and the opportunity to find investors. At the same time, the corporate identity reputation will be strengthened by announcing that the company has taken steps to achieve corporate sustainability goals. In addition to providing cost benefits by discovering new technologies, the raw material supply problem is solved by setting targets such as zero waste.
Another critical point is that it is the only corporate sustainability platform supported by the United Nations. Thus, companies can easily prove that they carry out inspection and production by international standards and that they are sensitive to society's current problems as it is an indicator of sensitivity that cannot be doubted, trust and respect for companies increases.
By reaching the different sector networks created by the contract, new developments are learned, and new collaborations are provided in the field of sustainability. Best sustainability practices are shared. In this way, the achievements of the companies are made visible. This display will create a positive perception in society, and the interest and relevance to corporate reputation will increase.
As a result, with the United Nations Global Compact, which was established by the United Nations and its usage area has been expanded, the 2030 goals, which are mentioned as sustainable development goals, are being achieved. The contract, which has an indispensable value to achieving the goals, is currently the most widely accepted responsible investment guide globally and the most powerful corporate platform where companies can cooperate. It has crucial importance and value for companies with a clear positive perception of society.
Author:
Rojda Bayındır
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