5 Lessons for the Private Sector to Think Globally and Act Locally

The world has become entangled in a complex web of interconnected crises, putting the achievement of the 2030 Agenda at serious risk. UNGC 2023’s agenda is centered on accelerating the recovery from COVID-19 and fully implementing the Sustainable Development Goals (SDGs). Getting back on track requires both decisive action and raising awareness about the importance of collaboration. Businesses, whether in the public or private sector, hold significant power to GREATly contribute to the success of achieving these goals. Hence, adopting a more inclusive approach to the private sector concerning SDG action will allow them to create more sustainable solutions that can later bring about transformative changes in our society.

INTRODUCING THE PRIVATE SECTOR’S POTENTIAL

The private sector is run by individuals and profit-driven companies that operate independently from state control. The private sector comprises several contributions which are all necessary for the SDGs' attainment since they serve as a driver for change, stimulate economic growth, and create job opportunities that will make a major impact on the SDGs. However, for the private sector to efficiently and comfortably perform this role, it needs an enabling environment that nurtures its contributions. The United Nations Development Program (UNDP) has initiated projects related to private-sector development, collaborating in various forms. Through providing goods and services as well as generating tax revenues, the private sector plays a crucial role in the creation of social and economic infrastructure. To further leverage public-private partnerships for sustainable development, the SDG Fund also established a Private Sector Advisory Group. Formed by influential business leaders from diverse industries, this group aims to construct a roadmap for how public-private alliances can provide large-scale solutions for accomplishing the SDGs. This initiative promotes collaboration by discussing potential practical solutions and shared challenges in the journey toward a sustainable future. Such platforms and groups foster a space for fruitful conversations between the private sector and the Sustainable Development Goals Fund (SDG-F), thereby advancing partnerships and locating areas for cooperation.

5 RECOMMENDATIONS TO ENHANCE SUSTAINABILITY

Here are 5 Lessons for the private sector to think globally and act locally proposed by the UN during the 2023 SDG Global Business Forum:

1. The UN can strengthen Global Compact networks to secure commitments from businesses on the green transition, cultivating GREATer ambition for countries worldwide.

2. When the UN introduces the best available technologies in partnerships with heavily polluting industries, businesses tend to adopt them fast, even at their own cost.

3. Engaging in dialogue with bankers, investors, and asset managers is vital to unlocking green financing.

4. Expanding the supply of green and blue bonds will be critical. Currently, these bonds account for less than 1% of the global bond market.

5. Local business networks need to offer coordinated and sustained support for SMEs. This assistance can encourage SMEs to green their operations and reduce their carbon footprints.

Moving forward on the journey toward full implementation of the SDGs necessitates active engagement from the private sector. As they represent a large portion of influential and essential organizations, their contributions and influence play a substantial role in the continuous path of economic recovery. The progress and changes made during this recovery period could either accelerate success toward the SDGs or halt further advancements.

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