Tackling the three planetary environmental crises requires a transformative shift in markets, sectors and systems. This means ambitious action from the private sector is critical, and that is why the United Nations Environment Programme (UNEP) is seeking to build wider and deeper collaborations that have impact with lasting solutions. UNEP would like to update the Committee of Permanent Representatives on its engagement with the private sector. This report sets out the evolving policy context that highlights the role of the private sector in addressing the three planetary environmental crises; the pressure on business to act; how UNEP has refined its approach to private sector engagement including the due diligence process; how we are strengthening collaborations with other United Nations (UN) agencies and others; and reporting on the active and newly created partnerships from September 2022-August 2023.