New York, US - The UN has invited businesses with innovative models that enhance commercial success as well as contribute to sustainable development to participate in its World Business and Development Awards (WBDA). PANA reports that the UN launched nominations for the awards on Thursday.

A statement on the awards said: 'Organizations engaged in practices that are delivering commercially-viable solutions and helping to improve social, economic and environmental conditions are eligible to apply regardless of size or location'.

The statement, issued by the UN Development Programme (UNDP), a co-organizer of the awards, said 'this year’s prizes will be given to companies with inclusive business models that expand access for low-income people to goods and services, or improve their livelihoods by engaging them in value chains as direct employees, suppliers or distributors, while also generating sales and profit growth'.

UNDP Administrator Helen Clark said: “Past award winners have shown how companies can help boost sustainable growth and development', noting that 'they can be a tremendous source of innovative and sustainable solutions which help transform people’s lives for the better'.

She disclosed that an international judging panel, made up of representatives of the organizing partners as well as NGOs universities, business entities, and international institutions, would determine this year’s winners.

The statement also said that the award ceremony would be held on 19 June, during the UN Sustainable Development Conference (Rio+20).

It also said that, in honour of the conference’s host country, Brazil, there would be a special category designated for Brazil-based companies.

'The awards seek to demonstrate how companies can, through their core business activities, help achieve the Millennium Development Goals (MDGs) – eight internationally agreed targets to reduce poverty and environmental degradation and improve education, health conditions and gender equality by 2015,' it added.

Now in its 10th year, the WBDAs are organized by the International Business Leaders Forum (IBLF), the ICC and UNDP.

This year’s partners include the Netherlands Ministry for Foreign Affairs, the Swedish International Development Cooperation Agency and the UN Global Compact.

Pana 03/02/2012