The UN Global Compact Caribbean Network and the Sustainable SME & Supply Chain Programme were officially launched on Wednesday at the Lloyd Erskine Sandiford Centre.
The UN Global Compact is a call to global companies to align their operations and strategies with 10 principles in the areas of human rights, labour, environment, and anti-corruption.
The UN’s ambition is to accelerate and scale the global collective impact of business by upholding the 10 principles and delivering the Sustainable Development Goals through accountable companies and ecosystems that enable change.
And Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds, said those10 principles were “inescapable elements” of what was required for a thriving and competitive economy.
Highlighting the importance of the anti-corruption aspect, Mr. Symmonds continued: “I must say to you as a Minister of the Government, that for Barbados, there is no room for corruption. We have done extensive work to stamp out by way of legislation any opportunity for there to be corrupt practices in this country at the political and administrative level.
“But there must also be a commitment in the private sector because he who bribeth is as guilty as he who is taking the bribe. And so therefore, we have to remove the temptation from our private sector to approach any individual in the public enterprises with a view to engaging in corrupt practices.”
The Minister also stressed the importance of the environment protection principle, as he expressed the hope that businesses across the world would harness green technologies and embrace responsible environmental practices and policies in their operations.
He also indicated that the increasing temperatures were of great concern as he pointed to the sweltering heat in India. He told his audience that “this is a moment of time which we cannot shrink away from raising our responsibilities to meet”.
Mr. Symmonds proffered the view that the gains would be great if the 10 principles in the compact were applied in the private enterprise of Barbados.
“The benefit for this country would be an opportunity for greater investment flows because people will want to invest in a country that is making sure that it looks after the welfare of people’s rights, [and] the environment, ensuring that there’s collective bargaining in the workplace, the avoidance of improper labour practices, etc., and of course, the avoidance of corruption.
“And it is also an opportunity for us to enhance our trade flows because those who trade with businesses that are taking these issues seriously are increasing in their numbers around the world…. Barbados will forever commit and dedicate itself to these essential principles, which should be the guiding light for all economic and social activity.
Secretary-General of UNCTAD, Rebeca Grynspan, described the launch as “a historic moment” for sustainable development in the Caribbean.
“This signifies a pivotal step forward for a more resilient, prosperous, and inclusive Caribbean future…. The establishment of the UN Global Compact Caribbean Network and the Sustainable SMEs and Supply Chain Programme are tools to unlock the ambitions, ensuring that no business, regardless of its size, is left behind in our pursuit of progress,” Ms. Grynspan stated.
Resident Coordinator, United Nations – Barbados and the Eastern Caribbean, Didier Trebucq, congratulated the over 30 Caribbean countries which joined the corporate sustainability initiative.
Mr. Trebucq continued: “We look forward to seeing many more Caribbean businesses in this new global compact network so that they benefit from sustainable practices, as this can have a great positive impact within, as well as outside of businesses….
“When companies embed sustainability into their strategy and operation, it will not only increase profitability and competitiveness, … but it will also enhance brand recognition in the country and elsewhere.”
The new Caribbean Regional Network is critical to enable the UN Global Compact to grow its regional presence and better mobilise the private sector in support of Caribbean sustainable development priorities in line with UN, Government, and private sector commitments.