"We're Going Green" Say 150 Corporations Blahblah Rio Summit Blahblah Ethical Stewardship Blahblah

More than 150 commitments to conduct more ethical and greener business will be announced by large corporations at the Rio+20 Corporate Sustainability Forum over the next couple of days. Around 1,200 business executives have joined government and NGO representatives at the three-day conference, which started in Rio on Friday. The Forum, organised by the UN Global Compact, is the biggest event the UN has ever hosted for global business.

The UN Global Compact promotes ethical, fair and sustainable business practices, and some participating firms have already implemented changes. Unilever, the Anglo-Dutch soap giant, will soon grow all its palm oil in a sustainable way. Paul Polman, its chief executive, told The Independent on Sunday in New York: "Two billion consumers use our products every day. More and more consumers want green products, and only companies who fulfil this desire will stay in business in the long run."

His decision to stop filing quarterly reports for investors – which are often an obstacle to long-term sustainability goals – created uproar in the business community. "With a company of our size we can move the world. We can make a significant impact," Mr Polman said. "We have to consume differently. We cannot steal from our children."

Bank of America has pledged $50bn towards efficient renewable energy and low-carbon economies. The Swiss food and water giant Nestlé, which has faced international criticism and boycotts in past decades for its business in the developing world, now provides clean drinking water and education in Punjab villages; has created farming co-operatives in El Salvador that produce the Fair Trade certified Nescafé; and has helped Brazilian women start a more independent life by packing wagons with consumer goods they can sell.

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http://www.independent.co.uk/news/world/americas/rio-de-janeiro-corporate-giants-pledge-to-go-green-7856604.html