My insider insights into the United Nations General Assembly 2019

As you will be aware, world leaders gathered in New York last week for the opening of the 74th session of the UN General Assembly (UNGA).

As the only private sector institution with a seat in the UN, the International Chamber of Commerce (ICC) played a central role throughout a crowded week of summits, and I wanted to share a few insights on the key themes of our engagement.

Connecting global and local to make climate action everyone’s business

During the UN Secretary General’s landmark Climate Action Summit, I was delighted to announce that over 2,100 chambers – representing more than 10 million businesses – have now signed up to the ICC/WCF Chambers Climate Coalition.

This represents an unprecedented mobilization of local business leaders in support of ambitious climate action and, moreover, demonstrates the unique capacity of the ICC network to translate global discussions on climate into real world action. Our efforts received recognition from a broad cross-section of government leaders, and I would like to take this opportunity to thank all those who have signed up to this unique grassroots initiative since its launch at the 11th World Chambers Congress in June.

We look forward to working with signatories in the months ahead to support local engagement to raise the ambition of national climate action plans and to enable businesses – regardless of size, sector or location – to drive the transition to a low-carbon economy.

Setting the agenda on access to finance to stop the global rise in inequality

Ahead of the UN’s inaugural summit on financing for development, I chaired a special dialogue with heads of state and ministers from more than 20 countries on the worrying global decline in correspondent banking services – a phenomenon known as “de-risking”.

Correspondent banking relationships connect local economies with the international financial system and are essential to making payments across borders. They underpin international trade – and their erosion over the past decade is one of the key drivers of the now estimated US$1.5 trillion global shortfall in trade finance.

The ICC-convened session was a unique opportunity to re-elevate this pressing problem for many developing economies onto the international agenda. We will use this platform – working with the ICC Banking Commission and partner governments – to mobilize a concerted effort to tackle de-risking by championing policy change and supporting the deployment of practical solutions in affected states. Our aim is to stop de-risking from turning into financial abandonment. It is an important element of our campaign to stop the global rise in inequality.

Making trade work for people and our planet

ICC was delighted to support the launch during UNGA week of a pathbreaking new trade and sustainability initiative led by the Prime Minister of New Zealand Jacinda Ardern.

The proposed Agreement on Climate Change, Trade and Sustainability (ACCTS) will aim to: remove tariffs on environmental goods and make new commitments on environmental services; establish concrete commitments to eliminate fossil fuel subsidies; and develop voluntary guidelines for eco-labelling programmes and mechanisms.

This represents a much-needed, practical initiative to align trade rules with our shared sustainability imperatives – and we look forward to championing these negotiations as part of our wider engagement on the reform of the global trading system.

ICC will incorporate discussion of this initiative into the evolution of our position on trade and climate. 

During the UNGA, I had promising discussions with Ivan Duque, President of Colombia, and the Colombian Minister of the Environment on the contributions business can make to preserving biodiversity. We also discussed how improving supply chain traceability with the help of digital tools may aid the ratification of trade pacts such as the EU-Mercosur Agreement.

Putting business leadership at the heart of the Sustainable Development Goals (SDGs)

In a week notorious for limited private sector engagement opportunities, the ICC-led SDG Business Forum convened over 500 business leaders at UN Headquarters alongside the UN’s first-ever SDG Summit. Our discussions profiled a series of major new commitments from businesses large and small, and culminated in a plan of action announced by me and an inspiring call to action from ICC Chair Paul Polman.

A broader theme through the week was the growing concern that implementation of the SDGs remains off track. Without doubt, this vital agenda stands at a crossroads and it is incumbent on business to lead the way in an era of weak global governance. This ultimately means going beyond voluntary commitments and moving to a pattern of engagement focused squarely on enabling genuine systems change. 

In keynote remarks at the SDG Summit – and in several other engagements through UNGA week – I set out the imperative for business to inform the policy changes needed to enable the shift to a more sustainable and resilient economy. ICC has, without doubt, a central role to play here and I look forward to working with you on this vital agenda for our shared future. 

More details on ICC's engagement during UNGA week are available on the ICC website and our social media channels, including here on my LinkedIn feed. Please don’t hesitate to get in touch with ICC if you have any thoughts or questions on any aspects of the above.

Many thanks for your continued support for ICC's mission to make business work for everyone, every day, everywhere.

All the best,

-- john