We are at the end of yet another challenging year, with South Africa and indeed the rest of the world still battling the COVID-19 Pandemic. On behalf of Global Compact Network South Africa, I would like to thank you for your continued commitment to sustainability and wish you a safe holiday season ahead. We look to 2022 in hope of overcoming the risks brought by the Pandemic and escalating the rebuilding that must take place.
Despite the difficulties of 2021, we continued to support companies in the Network to scale and accelerate delivery on Sustainable Development Goals and the Ten Principles of the UN Global Compact, which forms our Environmental, Social and Governance (ESG) framework. Some of these initiatives are highlighted in this Newsletter. We offered four Accelerator Programmes to companies as follows: the Climate Ambition Accelerator; the SDG Ambition; the Young SDG Innovators Programme; and Target Gender Equality Accelerator.
In September, the UN Global Compact also launched the Africa Strategy 2021-2023 with the aim to accelerate and scale the impact of the private sector to drive progress across the African continent.
Looking to 2022, there are some changes that business participants can expect, particularly the way in which companies report through the Communication on Progress (CoP). We have revised the CoP to one that is questionnaire-based and consists of a set of ESG metrics. The purpose of this new CoP is to have standardized comparable data; increase transparency; and have more granular ESG questions framed on the UN Global Compact Ten Principles. Participating companies can volunteer as early adopters and use the new CoP to report in the first half of 2022, ahead of the formal launch in 2023.
The UN Global Compact has also revised its Business and Fees Model, alongside an enhanced value proposition and support that will enable companies to drive impact. Participating companies will receive communication in this regard at the beginning of 2022, with the Fees changes only coming into effect in 2023.
Take a moment and read some of our highlights for 2021.
Dr Achieng Ojwang