“Our Common Agenda” A New and Better UN: Implications for Businesses

At the 77th UN General Assembly (UNGA), world leaders stressed their commitment to the UN's "Our Common Agenda," a plan developed just after the 2020 pandemic. The agenda details a "new and better UN" fit for the 21st century and beyond; with themes across 12 main pillars, it will significantly shape the UN and the world's policies in the coming decades. This inevitably carries business implications, which we will explore in today's article.

MORE BASIC DEVELOPMENT

The agenda's framework will steer the UN toward more focus on universal rights and opportunities: better healthcare, education, housing, and income for all. The UN will also redouble its emphasis on human rights, especially regarding the current online hazards and rights infringements. These will be the areas that the UN will advocate for public sectors worldwide to develop into national policy: more housing bills, healthcare investment, welfare spending, and job creation. For businesses, this can be beneficial—more capital access, tax rebates, and government benefits could be gained if invested in these areas. These are not the only benefits companies will receive; they will also contribute to the creation of economic betterment (via developing infrastructure and human capital). This comes back to strengthening the firms' stakeholders and value chain, which makes everyone grow together inclusively.

MORE FUTURE-FOCUSED

The plan also aims for the UN to become future-focused by empowering youth's voices and leveraging technology. The UN will create more panels for youths and encourage global governments to spur youth development through the policies front. This will translate into more investment in education and child care, from which businesses can benefit. By working with the public sector, companies can impart technology and expertise to develop schooling and children's development. Their reward will go beyond just governments' grants; they will play a part in creating a sustainable future via providing more quality education. Apart from that, the UN will promote an international digitization strategy, where aid programs and funds will be allocated to digital development in impoverished areas. Companies in this industry should consider working with the UN and local governments, thus strengthening communication and connectivity worldwide.

The UN sees the importance of creating a stronger, more sustainable human society and will play its part via global policy development and funding. These will then trickle down into localized policies in various countries worldwide. Seeing this, companies must take action. At the end of the day, this proves that the Triple Bottom Line (Profit, People, and Planet) is the key to inclusive growth. Firms that do operations that uplift the entire society will benefit from the governments' incentives as well as spur economic development that returns to enrich them in the long run.

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