UAE-based Pearl Initiative and United Nations Global Compact yesterday (October 27) hosted their second regional forum on ‘Sustainability in Action: Business and the Sustainable Development Goals’, in Dubai, UAE.

Pearl Initiative is the leading Gulf business-led organisation fostering a corporate culture of accountability and transparency.

The forum served as a successful ‘call to action’ - encouraging collaborative strategy and practical action towards creating diverse, prosperous and competitive economies, said a statement.

The event was held under the patronage of Sheikh Nahyan bin Mabarak Al Nahyan, UAE Minister of Culture and Knowledge Development, it said.

As part of his keynote address, Sheikh Nahyan thanked the UAE President HH Khalifa bin Zayed bin Sultan Al Nahyan, as well as HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and HH Mohammed bin Zayed bin Sultan Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces for their dedication to supporting a corporate culture of accountability and transparency leading to a sustainable and inclusive global economy.

He also acknowledged Ban ki-Moon, secretary general, United Nations for his leadership and efforts in leaving a notable legacy through the 17 UN Sustainable Development Goals to transform the world.

Sheikh Nahyan said: “The UAE is deeply involved with both Pearl Initiative and UNGC. Within our country, 143 countries, business associations, SMEs, NGOs and education institutions are already participating in the United Nations Global Compact.”

“We are also seeing increased cooperation with other nations in developing solutions to important environmental issues that impact all human societies, now and in the future,” he added.

Sheikh Nahyan emphasised how the power of global cooperation “can work wonders.” He cited the successful negotiations of the Montreal Protocol, which is widely considered one of the most important environmental treaty, ratified by 197 UN member countries.

The official also credited both Pearl Initiative and UN Global Compact for their understanding of the complex relationship between corporate responsibility and corporate profits.

“A critical bottom line for the SDGs is that private enterprises must be somehow persuaded to commit to sustainability. Corporate leaders must develop a new, shared understanding of what sustainability leadership requires, or face the prospect of becoming irrelevant,” remarked Sheikh Nahyan.

Ki-Moon added: “Governance failure, humanitarian crises and persistent economic inequality have devastating consequences. That is why, we must redouble efforts to help businesses recognise that sustainable development creates immense opportunities.”

“The private sector is crucial to realising the 2030 agenda for sustainable development. More and more leaders understand that sustainable development is not just the right way forward, but serves long-term interest of business and stakeholders by improving stability and prosperity,” Ki-Moon concluded. – TradeArabia News Service