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Sunday, 9 August 2015

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Business organisations cause catastrophic environmental damage - UN official

The damage caused to the environment by business organisations across the globe is catastrophic and results in a magnitude of environmental disasters. If no remedial action is taken there would be major environmental repercussions across the globe, a United Nations official warned.

President, UN Global Compact, Indonesia, Y.W. Junardy said it was business entities that provide employment and boost the economy of a country that destroy the environment regardless of its negative consequences.

Junardy was addressing the launch of ‘A Preparer’s Guide to Integrated Corporate Reporting’ by the Institute of Chartered Accountants of Sri Lanka recently. He said several programs have been drawn up by United Nations Global Compact, a United Nations initiative to encourage businesses across the world to adopt sustainable policies and report on its implementation. UN Global Compact is a principle-based framework for businesses focusing on ten principles in human rights, labour, the environment and anti-corruption which is a huge obstacle for businesses to build brands and expand. “The initiatives comprise areas such as women in power, water management and Sustainable Stock Exchange(SSE) which securities and exchange commissions consider as vital in developing capital markets and ensuring its integrity,” he said.

The Sustainable Stock Exchange initiative is a UN project which provides a multi-stakeholder learning platform for stock exchanges, investors, regulators and companies to adopt best practices in promoting corporate sustainability. In co-operation with investors, regulators and companies, they strive to encourage sustainable investment.

Junardy said UNG Compact is focused on Sustainable Development Goals (SDG) in defining its broader areas with the approach of the deadline for the Millennium Development Goals (MDG) this year. SDGs are a new, universal set of goals, targets and indicators that UN member states will be expected to use to frame its agendas and political policies over the next 15 years.

The SDGs follow and expand on the millennium Development Goals (MDGs), which were agreed by Governments in 2000, and are due to expire at the end of this year. The MDGs of reducing poverty and hunger, achieving universal education, promoting gender equality, reducing child and maternal deaths, combating HIV, malaria and other diseases, ensuring environmental sustainability and developing global partnerships failed to consider the root causes of poverty or gender inequality or the holistic nature of development.

- LF

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