‘Sustainability good for business’
dubai — Sustainability goals are not just a challenge to be taken care of by large corporations, but should be the responsibility of everyone at every turn, Shaikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Culture and Knowledge Development, stressed.
Speaking at a forum hosted by the Pearl Initiative and United Nations Global Compact (UNGC) in Dubai, Shaikh Nahyan said that a prevalent misconception is that sustainability is bad for businesses, as it forces them to give up their dependence on certain technologies. He further stressed that every individual ultimately stands to gain from the adoption of sustainable development.
“A critical bottom line for the Sustainable Development Goals (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,” he remarked, highlighting the importance of a renewed and more holistic business strategy that looks beyond profits, and extends to the welfare of the people and the planet.
Shaikh Nahyan also spoke about how the UAE is deeply involved with both the 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 also noted that successful public-private collaborations will be the key to achieving the UN Sustainable Development Goals. Global cooperation, he said, can work miracles. As an example, he highlighted the successful negotiations countries, business associations, SMEs, NGOs, and education institutions participated in UNGC of the Montreal Protocol, which is widely considered one of the most important environmental treaty, ratified by 197 UN member countries.
“Governments today should be the very models of sustainability today,” he noted. “Those that do not meet that challenge will never persuade their citizens or their commercial entities to embrace sustainability. In addition, private enterprises must be convinced to adopt sustainable practices. We need to work together to make people understand that sustainability which is good for society, can be good for business as well. Corporate leaders must develop a new shared understanding of what sustainability in leadership requires or they may face the prospect of becoming irrelevant, or face the increased likelihood that their businesses will cease to exist.”
Shaikh Nahyan’s address was followed by a video address of Ban ki-Moon, secretary general of the United Nations, who said that governance failure, humanitarian criseses, and persistent economic inequality have devastating consequences. “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,” said Ban ki-Moon.
— rohma@khaleejtimes.com