Private sector engagement
The private sector has a huge role to play in the 2030 Agenda for Sustainable Development. In addition to offering a wealth of expertise and disruptive innovation, businesses can help mobilize much needed capital in support of the SDGs, while reorienting their strategies to create value not just for their shareholders, but the society at large.
At the global level, there is gap of trillions of dollars for investment needs for the SDGs. Developing countries alone will need an additional US$3.3-4.5 trillion per year.
But the SDG Agenda also makes business sense. A 2017 report by the Business & Sustainable Development Commission estimates that achieving the SDGs could open up US$12 trillion of market opportunities and create 380 million new jobs by 2030. Other research has shown that incorporating the SDGs into the private sector’s business model will actually bring profits in the long-term.
UNDP aims to make markets work for the SDGs by driving progress toward three strategic priorities:
- Unlocking private finance for the SDGs
- Aligning business strategies and operations with the SDGs
- Putting in place policies that foster inclusive and green economies