Never waste a crisis: Companies invest to ‘recover better’ from COVID-19

Article by UN Department of Global Communications.

June 24, 2020.

Smart businesspeople never let a crisis go to waste. As profits plummet and operations shutter due to the COVID-19 pandemic, the United Nations’ corporate partners are capitalising on the downturn to build a safer, greener, fairer and more resilient global economy.

The UN Global Compact, the world’s largest corporate sustainability initiative, recently made a special appeal for private sector leaders to work together to control the coronavirus outbreak and operate in ways that align with its 10 business principles on human rights, labour, environment and anti-corruption.

With UN economists estimating that the pandemic could cost the global economy more than $1 trillion, joint action is critical to spur recovery and help workers, companies and communities struggling to stay afloat. Collective efforts are also vital to reduce entrenched inequalities and advance the 17 Sustainable Development Goals, the UN’s shared blueprint for achieving peace and prosperity across the planet.

“Now more than ever, as big decisions are made about our future, companies need to address environmental, social and governance risks holistically and move beyond business-as-usual,” UN Secretary-General Antonio Guterres said at the Global Compact Leaders Summit, which met 15-16 June under the theme “Recover Better, Recover Stronger, Recover Together”.