10 Oct 2017
Marcos Athias Neto, Director, UNDP Istanbul International Center for Private Sector in Development and Alexandra Soezer, UNDP Climate Change Technical Advisor
Ahead of the Social Good Summit in Geneva on Friday, 13 October 2017, UNDP reflects on the potential results greater inclusion of the private sector can yield towards the Sustainable Development Goals.
The SDGs represent an unprecedented global consensus to align our efforts for the next 13 years on a comprehensive and ambitious development agenda for people and the planet. This level of ambition now needs to be matched with the necessary resources, innovation capacity and partnerships to drive implementation. The private sector, in this context, is an indispensable partner. In developing countries, private sector operations constitute 60 percent of GDP, while generating 90 percent of jobs and 80 percent of capital inflows. For private sector to fully embrace the SDGs, an enabling environment that encourages innovation, and better values inclusion and sustainability, is needed. This requires innovative public policy and legislative reforms, informed by multi-stakeholder policy dialogue. The good news is that there is a clear business case for the private sector to invest in SDG implementation. By developing new business models to meet the demands of the base of the pyramid (people with less than US$10 per day in purchasing power) and by investing in sustainable approaches in areas such as agriculture, cities, energy and health, new economic opportunities of up to US$12 trillion could be generated. Private sector opportunities and investments will be extremely important for SDG 9, resilient infrastructure.