United Nations Global Compact Network Sri Lanka (Network Sri Lanka), the country network of the world’s largest corporate sustainability initiative, recently launched a rousing call to action for corporate leaders of Participant companies and across the country: commit to ambitious sustainability targets and amplify Sri Lanka’s progress towards the Sustainable Development Goals (SDGs) through a new global initiative called ‘Forward Faster’.

The ‘Forward Faster’ initiative of the UN Global Compact, calls on business leaders worldwide to take measurable, credible, and ambitious action in five key areas — gender equality, climate action, living wage, water resilience, and finance & investment. These areas can accelerate progress across all SDGs, enabling the private sector to collectively make the biggest and fastest impact by 2030.

At an event titled ‘Compass 2024’ and themed ‘Towards a Resilient Future Through Corporate Impact’, Network Sri Lanka introduced the Forward Faster initiative locally to ignite private sector leadership in driving transformational change. The programme also outlined Network Sri Lanka’s 2024 programmes and anticipated outcomes while laying the groundwork for companies to strategically direct resources. Representatives from Participating companies of Network Sri Lanka, key stakeholders, and special invitees were in attendance.

The event featured distinguished speakers including UN representatives, a presentation from the 2021 Sustainable Development Goals (SDG) Pioneer for SDG 12 Responsible Production and Consumption from Sri Lanka, insights on the experience from a representative of the John Keells Holdings PLC team that was selected to present at the Leaders Summit in New York through participation in the SDG Innovation Accelerator 2023, a discussion on navigating the future from working group heads and representatives and insights from the Regional Human Development report by the UNDP spotlighting current and emerging risks for local businesses. Compass 2024 highlighted the urgent need for ambitious commitments and collective action on SDGs to achieve Agenda 2030.

Welcoming the audience, via a pre-recorded message, Sanda Ojiambo, Assistant Secretary-General; Executive Director & CEO of UN Global Compact said, “I thank each one of you for participating in today’s critical dialogue. Our UN Global Compact now includes over 20,000 companies worldwide committed to sustainable and responsible business practices – a truly powerful force for the greater good. The Sri Lankan business community is an essential and growing part of our movement. In today’s uncertain global environment, your participation is more important than ever.”

Unveiling UN Global Compact Network Sri Lanka’s overarching plan for 2024, Rathika de Silva, Executive Director, UN Global Compact Network Sri Lanka explained the roadmap will help participating companies enhance governance strategies, set ambitious targets across priority areas and unlock innovation opportunities.

“I want to assure you that Network Sri Lanka will be collaborating a lot more with key institutions to create more value for our participant companies,” he pledged.

Reminding participants that the world is not on track to achieve the SDGs, he noted, “When you sign up to Forward Faster, you could prioritise the areas of actions that are most relevant for your company and your industry and you could start there and then integrate the other areas of action as you go along”

In his address, Dilhan Fernando, Chairman of UN Global Compact Network Sri Lanka, emphasized the urgent need for collective action, noting, “UN Global Compact offers something as important as a blueprint, that is collaboration, together we are stronger, that is what binds us. As the Global Compact we have the benefit of learning from around the world. Global Compact can empower you and bring you together with like-minded people. Coming together with the support of a global network, I believe benefits every business.”

Marc-André Franche, United Nations Resident Coordinator in Sri Lanka, emphasized the private sector’s role and welcomed deeper cooperation. “The UN Global Compact exemplifies the spirit of collaboration and partnership that leverages the unique strengths and resources of the private sector to achieve our shared goals” he said. “As private sector leaders, you have a great responsibility to set examples as champions of sustainability. The United Nations is your partner in these endeavours. We are committed to working with each of you and re-envisioning our pathways towards the SDGs.”

Speaking at the event, Azusa Kubota, Resident Representative UNDP Sri Lanka said, “UNDP is working collaboratively with all of you to make sure our work contributes to a healthier planet and people, and investments required to recover the socio-economic status of the country are SDGs-aligned. And the private sector obviously plays an indispensable role in driving this change. We very much appreciate and highly value our partnership with all of you through the UN Global Compact Sri Lanka.”

By rallying participant companies under a bold strategic compass, Network Sri Lanka has signalled the intent to lead in accelerating Sri Lanka’s corporate sustainability transformation through multi-stakeholder partnerships.

Today Network Sri Lanka includes 75 business and non-business organisations, joining over 20,000 companies in the world’s largest corporate sustainability initiative. Participants commit to align their business strategy and operations with the Ten Principles of the UN Global Compact in the areas of Human Rights, Labour, Environment and Anti-Corruption. It further encourages businesses to support the 2030 Agenda.UN Global Compact supports organisations irrespective of their size, sector and geographic location to align to the Ten Principles and progress in their sustainability journey.