Top Three Takeaways from UNGC’s Canada and Beyond: A Principles-Based Approach to Building Back Better

August 17, 2021 – This past week, our Strategy Intern, Caterina Giglifiore participated in the webinar Canada and Beyond: A Principles-Based Approach to Building Back Better hosted by UNGC. The webinar analyzed Canada’s continued commitment to the Sustainable Development Goals (SDGs) to meet the 2030 agenda, as well as ways that organizations can optimize their economic recovery in sustainable and inclusive principles-based approach. Here are her top three takeaways:

1.  During the UN High-Level Political forum on July 2021, the Canadian Government, released the Federal Implementation Plan (FIP) which establishes lead departments and agencies for each of the SDGs and other cross-cutting objectives. Employment and Social Development Canada (ESDC) is supporting the implementation of this national strategy by publishing an annual report of the progress, supporting ongoing opportunities for public engagement, and contributing to the SDG funding program. 

2. SMEs have certain advantages to larger corporations in complying with the SDGs and implementing ethical practices in their business plan. These businesses are led by innovative and nimble entrepreneurs that pursue well-meaning and principled innovations. They are actively involved in the research space and are more responsive to market signals.

3.  The director of Global Affairs Canada, Chris Moran, highlighted the importance for companies to implement Risk-Based Capital (RBC) assessments policies and mitigation strategies. The pandemic has created a heightened awareness of risk and companies had a major seismic shift in their operations. This last year, businesses with an RBC approach fared better because they were more agile in modifying their supply chain to adapt to the new restrictions and changes in market.

In all, the 10 principles defined by the UNGC encourage companies to establish a culture of integrity and an ecosystem of inclusivity. Thank you Olivier Bullion, Craig Ryan, and Chris Moran for sharing our expertise during this engaging seminar!