Moving On From Patching Up
How Can the UN Global Compact Support the Outcomes of COP29?
By Kyana Bowen
The UN Global Compact, a special initiative of the UN Secretary-General, is supporting businesses of all sizes and sectors in rising to this challenge and seizing the opportunities involved.
With more than 23,000 participating companies in 160 countries worldwide, the UN Global Compact provides a roadmap for companies to advance responsible business practices on the environment, human rights, labour and anti-corruption, while improving their own business competitiveness.
In 2023, the organisation launched its Forward Faster initiative to scale action on climate and in other key areas where business is uniquely positioned to turbocharge sustainable development. In the Caribbean region and worldwide, the UN Global Compact is supporting COP29’s goals for business engagement and long-term impact by promoting:
1. Science-based targets for carbon neutrality
Through a partnership with the Science Based Targets Initiative (SBTi), Forward Faster offers a structured pathway for companies to set credible emissions reduction targets based on the latest climate science.
More than 5,000 companies participating in the UN Global Compact are now taking action with the SBTi, typically reducing emissions twice as fast as required.
Last November, the Caribbean Network of the UN Global Compact hosted an open house in Trinidad and Tobago, focusing on the business case for climate ambition, and the importance of setting targets with the SBTi.
2. Decarbonisation of supply chains
Supply chains are responsible for two-thirds of large companies’ ESG footprint. This includes 60% of greenhouse gas emissions.
At the same time, SMEs that make up supply chains face significant challenges in their sustainability journeys, including lack of access to financing, vulnerability to disruptions and inflation, and problems navigating complex regulatory environments.
The SPARK programme of the UN Global Compact was designed to help SMEs address these challenges, reduce greenhouse gas emissions and drive positive change. The programme provides a platform to learn new skills and share best practices with innovative SMEs worldwide through live workshops and on-demand courses.
3. Climate action leadership
At COP29, UN Secretary-General António Guterres emphasised the enormous power of the private sector to lead by example on climate, catalysing transformational change and building a more resilient, equitable future. This includes increasing financial flows toward climate adaptation and resilience and developing innovative technologies that help reduce emissions.
Forward Faster encourages businesses to engage in climate leadership by sharing knowledge, creating collaborative partnerships, and leveraging technology for scalable solutions. Companies that lead by example can inspire competitors and suppliers to take similar actions, creating a ripple effect throughout the economy.
Climate leadership also includes advocating for policies that enable sustainable business and using corporate influence to drive industry-wide change. Public-private partnerships are key to these goals and businesses are encouraged to support national climate plans that prioritise renewable energy, efficiency, and the phase-out of fossil fuels.
Collaborating for long-term impact
The urgency of the climate crisis demands immediate and decisive action across all sectors and industries. Forward Faster’s impact is compounded by the fact that it operates at the intersection of policy, business and civil society, creating a network of stakeholders working together toward common goals and interests. This approach helps ensure that business progress on climate is not only achievable, but also sustainable in the long run.
As companies increasingly experience the benefits of integrating climate action into their core strategies and operations—such as cost savings through energy efficiency, enhanced resilience to climate-related risks, and improved brand reputation—the momentum for greater action will grow. Throughout this transition, the UN Global Compact is committed to supporting businesses in working toward a just, equitable, and resilient green economy.
ABOUT THE AUTHOR
Kyana Bowen is the Executive Director at UN Global Compact Network Caribbean