Societe Generale and the United Nations Global Compact
Societe Generale joins the UAE Board of the Global Compact Local Network as it continues to champion sustainable and impact finance goals both globally and in the GCC.
Societe Generale has been particularly active in the field of sustainable and positive impact finance. As a global co-chair of the UNEP-FI it co-authored a report entitled “Rethinking Impact to Finance the SDGs”, which reviews the scope and nature of the financing gap for sustainable development in order to propose new solutions around innovative business models and the inclusion of a broader set of stakeholders.
In the UAE, the bank has shown leadership in a number of strategic initiatives either related directly to its business, such as leading the first ever green loan in the region for Masdar in 2018, or to societal change, such as championing the WEPs adoption by a range of peer companies in the region. The bank also participated this year as a content partner in the annual World Government Summit in Dubai, launching a white paper co-authored with the Summit that offers a tool-kit of actionable investment and borrowing solutions enabling regional and global Sovereign Wealth Funds to become game-changers for the sustainable and positive impact finance agenda. As part of the Summit and its on-going advocacy work, the bank is also chairing a Finance think tank that helps expert clusters on each of the 17 UN Sustainable Development Goals tackle their crucial funding challenges.
Richad Soundardjee, CEO Societe Generale Middle East and newly appointed Board Member of the GLOBAL COMPACT UAE Local Network said: “Societe Generale Group has been a signatory of the UNGC since 2003 and has been actively advocating concrete steps to influence the adoption of the SDGs in the financial sector and beyond, starting by taking strong commitments for itself. Therefore a regional role as a board member of the GLOBAL COMPACT UAE Local Network will enable us to further intensify our impact in favour of the complex but so crucial achievement of the UNGC goals particularly in our industry. Being able to do so in the UAE, where the leadership of the country is so committed and actively acting upon those goals, is an even greater privilege”.
*The United Nations Global Compact is the world’s largest corporate sustainability initiative mobilizing a global movement of sustainable companies and stakeholders to create the world we want. The Local Networks advance corporate sustainability at the grassroots level by accompanying companies in their journey towards implementing responsible business practices and contributing to the SDGs.
Global Compact Network UAE was launched in 2015, and over the past few years, has successfully raised awareness on and supported implementation of the Ten Principles of the UN Global Compact and the SDGs within its specific country context. It currently counts with 137 organisations, of which 116 are companies.
Crafted as a multi-stakeholder body, Global Compact Network UAE’s Board will provide ongoing strategic and policy advice for the Local Network in the UAE and be instrumental in helping to bring business to the table in support of the 2030 Agenda.