The adoption of a corporate sustainability business model consummate with the Ten Principles of the Global Compact
What is the Global Compact and the Sustainable Development Goals?
The Compact is a multinationally agreed upon promise to stimulate the development of corporate sustainability by adopting principles that remedy pressing issues relating to human rights, labour, anti-corruption and the environment. SDGs promote economic growth that does not compromise the ability of future generations to meet their needs.
Why is there an expectation that the Compact and the SDGs will be adopted?
The Compact and the SDGs are a global consensus on long-term sustainability that everyone will be expected to commit and comply with. Countries of the world can no longer afford to advance their development through rapid industrialisation and exorbitant carbon emissions. The way that past economic growth has been achieved is not sustainable: it is responsible for an expanding list of environmental and social burdens. Unless and until there is a shift in the way business is conducted globally, the risks posed by externalised environemntal and social costs in the real global economy will grow unfettered.
Why should a company want to contribute to the Compact and the SDGs?
If a company does not contribute to these initiatives, the financial growth it can enjoy will be limited. Environmental costs will become unavoidable due to the harmful effects of climate chhange; poverty and inequality will continue to lead to mounting socio-political unrest and an advent of crime. These issues will create costs that will reduce future cash flows and dividends.
The situation will worsen for fossil-fuel export countries like Trinidad and Tobago, as carbon pricing initiatives like the European Union’s Carbon Border Adjustment Mechanism interpose tariffs on carbon-induced exports.
An adoption of the blueprint for corporate sustainability leadership means that the Company can benefit from the expansion of renewables and low-carbon capital markets.
The development of vital clean energy economic systems across the world will create new economic value of more than USD $12 Trillion by 2030, but full buy-ins from a company’s Board of Directors is the cost.
The 10 Principles of the Global Compact and the United Nations Sustainable Development Goals – the case for Trinidad and Tobago
Trinidad and Tobago is transitioning from carbon-intensive fuels to ensure its access to power generation whilst the global economy is pushing a universal climate change policy to preserve the natural world from further industrial pollution and degradation.1 This convergence of these two events makes it difficult for Trinidad and Tobago to access climate financing to accelerate its clean energy transition.
This difficulty is reflected in its recent sustainability rating, where the country faces significant challenges in complying with the United Nations Sustainable Development Goals. The change in global economic policy stems from countries’ inability to advance their development through rapid industrialisation and exorbitant carbon emissions.
Political and economic blocs like the European Union have initiated carbon border adjustment mechanism trade policies that threaten to further stifle Trinidad and Tobago’s already dwindling export income.
Trinidad and Tobago urgently needs to accelerate the development of cleaner, climate-friendly energy solutions to avoid economic loss and ensure that it is not barred from the new and emerging sustainability market estimated to be worth USD 12 trillion in market opportunities.
The Role of the Quantum Foundation
The Quantum Foundation is a private charity committed to advancing the Ten Principles of the UN Global Compact and catalysing the 2030 Agenda for Sustainable Development. The Foundation is in the process of creating a National Institute for Human Rights in Trinidad and Tobago that possesses a comprehensive mandate and appropriate powers which are in full compliance with the Paris Principles (pluralism, independence and effectiveness).
The Foundation’s National Human Rights Institute will play a crucial role in monitoring, advocating for, and addressing human rights issues at the national level. It will involve investigating human rights violations, promoting awareness and education on human rights, and collaborating with government agencies and civil society to develop policies that uphold and protect human rights.
Why engage in this Initiative?
- An independent NHRI serves as a crucial check on governmental actions. Its ability to investigate human rights violations ensures that those in power are held accountable for their actions, promoting transparency and accountability within the government.
- The NHRI bridges government agencies and civil society, fostering collaboration in developing policies that uphold and protect human rights. This collaborative approach enhances social cohesion and strengthens the bond between different segments of society.
Desired Outcomes
By engaging in the UPR process, individuals contribute to holding the government accountable for its actions and policies. This accountability is crucial in ensuring that the government takes necessary measures to address the issues highlighted in the submission, fostering transparency and responsiveness to human rights concerns.
They can also be a part of the creation of procedures that facilitate a safe and efficient repatriation and integration process.
As a national institution, the Foundation’s NHRI will achieve sustainable development through the promotion of the fundamental rights and freedoms of citizens of Trinidad and Tobago.