Live from the UN Global Compact Leader Summit panelist Guy Ryder from the International Labor Organization, Lila Karbassi from the UN Global Compact, Mark Kaye from Moody’s Corporation, Vaishali Nigam Sinha from Renew Power, Roberto Suárez Santos from International Organization of Employers (Ioe), Roy Bagattini from Woolworths Holdings Limited and Sharan Burrow from International Trade Union Confederation come together in this session to explore how the private sector can accelerate action for a transition to a net-zero future.

Representatives from NGOs, the UN, and the business world shared insights, experiences, and best practices for fostering leadership in the global movement for people-centered climate response.

According to a recent report published by IPCC, we need to achieve net-zero carbon emissions by the early 2050s to avoid irreversible climate change effects. To achieve this, private sector actions and leadership are going to be critical in transitioning to a net-zero, resilient future. This was the message overwhelmingly endorsed by speakers in the “Accelerating Private Sector Action for a Just Transition to Net-Zero” panel, part of the UN Global Compact Leaders’ Summit.

Guy Ryder from the International Labor Organization said, “Businesses have a key role to play in sending strong market signals and scaling innovative solutions to build trust and present credible plans towards a zero-carbon economy”

Sharan Burrow, International Trade Union Confederation added that “The private has a key role in sending strong market signals and scaling innovative solutions to build trust and present credible plans towards a zero-carbon economy.”

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That point was further articulated by Roy Bagattini, Woolworths Holdings Limited. He noted that in collaboration with governments, the private sector can support a just transition by making sure that the job opportunities they create as they decarbonize their business models are decent.

Reiterating the UNs commitment to this goal, Lila Karbassi, UN Global Compact called upon the private sector to support the Global Accelerator for Jobs and Social Protection program which seeks to create 400 million jobs in the green, digital, and care economies.

This article is part of a series covering the UN Global Compact Leaders Summit. The UN Global Compact (UNGC) Leaders Summit is an annual convening of global stakeholders from the UN, the public and private sectors, and civil society that takes stock of progress of the SDGs so far, and addresses the gaps in knowledge, resources, and funding. The 2022 Leaders Summit, like last year’s summit, will be a hybrid event of live and virtual speakers. Featured venues this year include an in-person event held in Bangkok, as well as virtual plenaries in Latin America, Australia, East Asia, the Middle East, and Africa, in addition to UN Headquarters in New York. This inclusive global event — which will run continuously for more than 24 hours — aims to empower business leaders at every level to take collective action and inspire future leaders to embed a sustainability mindset in their work. ESG News is the exclusive media partner of the event, and will cover all 26 panels.