More than 300 business leaders, government representatives, and civil society stakeholders from across Latin America and the Caribbean met at the Banco Central del Paraguay in Asunción for the UN Global Compact event, “Forward Faster Now | Accelerating Sustainable Development in Latin America and the Caribbean (LAC).” The gathering intended to galvanize private-sector leadership in pushing for transformative progress toward the SDGs, leaning toward bold commitments and practical strategies.
They have six years to cope with the ambitious 2030 SDG agenda; so far, progress is alarmingly slow. At present, some 17% of the targets are on track, while nearly half show only minimal or moderate advancement, and one third have stalled or even regressed completely. Such a terrible scenario highlights the immediate need for increased effort–especially by the private sector–concerning critical pressing areas such as climate change, gender inequality, and resource management.
The UN Global Compact’s Forward Faster initiative heralds a new center point of discussions and encourages companies to commit to bold and credible commitments in five priority areas: gender equality, climate action, living wage, sustainable finance, and water resilience. The Forward Faster initiative will capitalize on the private sector’s potential in the pursuit of the SDGs with tangible, high impact results.
During the event, over 200 companies from 16 countries in the region have made commitments to the Forward Faster initiative, amounting to more than 650 commitments to date. On average, these companies will look to achieve 3.5 actionable goals. Clearly, the Paraguay event served to identify unique challenges and opportunities related to sustainability. Until recently, only one company from Paraguay joined the initiative; this event marked a tipping point, implementing a revived commitment toward sustainable growth in the country.
The event was opened by Sanda Ojiambo, CEO and Executive Director of the UN Global Compact, who underscored the indispensable role that the private sector is to play in reaching the 2030 Agenda. Today, in Paraguay, discussions unveiled that we are at the crossroads. The challenges are enormous, but equally so the possibilities and opportunities for private-sector leadership. Now more than ever, it is important for companies to place their strategies in line with the SDGs and demonstrate how sustainability is good for business but essential for our future. Our Forward Faster Initiative provides the roadmap for businesses to take the next step,” she remarked.
A rich agenda hosted dynamic discussions and breakout sessions on innovative ways to further engage the private sector in sustainability topics, including advancing gender equality in the workplace and achieving climate neutrality, integrating sustainable finance practices into core business strategies. Success stories, best practices, and actionable insights shared by participants reconfirmed the value of collaboration by businesses, governments, and civil society.
Latin America and the Caribbean have proven to be highly promising for embracing sustainable business. Over 4,300 firms in the region are participating with the UN Global Compact, through which significant action is taking place from the private sector in strategic areas such as banking, telecommunications, energy, and agriculture. This momentum clearly shows that sustainability is not only a moral imperative but becomes a source of long-term profitability and resilience.
The debates in the event stressed the region’s ability to set a good example despite the complex social and environmental challenges it faces. The participants underlined the need to ensure that companies align their operations with SDGs and place sustainable development as a core part of the business strategy. Innovative financing mechanisms and partnership were among the issues that drew particular attention while calling for industry-scale changes in sustainable solutions.
As the Forward Faster Now event came to a close, it set for businesses in Latin America and the Caribbean a ringing call to action around their role in being catalysts for sustainable development. Meaningful actions taken by the private sector will not only bridge the gap in progress on SDGs, but pave the way for the future marked by resilience, equity, and shared prosperity.
The discussions in Asunción underscored the need for not just ambition but also collaboration and innovation on the road to 2030. The Forward Faster initiative offers a vital framework for businesses to lead this charge, as it proves sustainable practices are not only a choice but a necessity to build a better future for the region and the world.