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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, organized 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 fulfill 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.”