The United Nations (UN) has embarked on an ambitious initiative to address the challenges encountered by the private sector in achieving the Sustainable Development Goals (SDGs).
A forum held at the Marriott Hotel on Wednesday sought to engage with private sector leaders in an effort to foster collaboration and knowledge exchange between the UN and private sector with an aim to provide practical, grounded insights for business leaders to effectively integrate the SDGs into their operations.
The Sustainable Development Goals, adopted by all UN Member States in 2015, encompass an agenda to address global challenges, including poverty, inequality, environmental sustainability, and peace. As the 2030 target date looms, it has become increasingly clear that the private sector, with its vast resources and global reach, plays a pivotal role in making these goals a reality.
However, while the private sector wields significant influence, it also faces a myriad of challenges in effectively contributing to the achievement of these ambitious goals. Recognising the need for collaboration, the United Nations has embarked on a mission to address these challenges through strategic partnerships with private enterprises.
According to Director of the Centre for Local Business Development, Natasha Gaskin-Peters, a key avenue for the private sector contribution lies within corporate social responsibility (CSR) to align itself with the SDGs. She noted that by aligning these strategies the economy will be able to grow along a more sustainable path.
“SDG embodies aspirations for a more equitable sustainable and prosperous future as a nation. As we gather here today it is paramount to acknowledge the critical role of the private sector in accelerating Guyana’s progress thus far.”
Leslie Gittens, the Multi-Country Manager for the Caribbean, shared the role of the private sector in the Caribbean. He noted that 94% of business leaders believe that the SDG’s represent a unified global vision, while 96% of leaders agree that the private sector plays a crucial role in achieving the SDG’S.
“According to our most recent global private sector stock take report, the private sector believes in the vision behind the SDG and their critical role in achieving it.”
He then went on to highlight the numerous challenges that the private sector faces in its efforts to achieve these goals. He stated that 80% of business leaders see inflation, supply chain disruption and limited access to data, all critical impediments in the ways of achieving SDG goals.
“Over 70% of business leaders are deeply concerned about the geo-political instability impacting their own ability to move the needle on the SDGs” he said.
Reference was made to the UN Global Compact and its call to businesses everywhere to align their operations with the 10 principles based on human right, labor, environment and anti-corruption.
The UN Global Compact is a voluntary initiative launched by the United Nations in 2000. It encourages businesses and organisations worldwide to adopt sustainable and socially responsible policies and practices. It has since signed with stakeholders in 170 countries with 13,000 corporate participants. By signing onto the UN Global Compact, companies commit to aligning their operations and strategies with these principles and to take actions that contribute to the achievement of the United Nations Sustainable Development Goals (SDGs).
UN Resident Coordinator, Yeşim Oruç, laid out a roadmap for businesses looking to integrate the SDGs into their strategies. She stressed the importance of setting clear objectives, measuring impact, and reporting on progress.
Oruç stated that following Wednesday’s forum there will be follow up workshops taking a consolidated and integrated approach to the UN’s partnership with businesses.
The potential and the challenges faced by the private sector were recognised as the United Nations has adopted a collaborative approach to harness the power of business for the greater good. This approach involves forging strategic partnerships with the private sector to address these challenges and collectively work toward SDG realization.
The UN is also actively working to provide regulatory support for private enterprises by helping to create an enabling environment for sustainable business practices. This includes advocating for legislation and policies that incentivise sustainability and responsible conduct. This will not only make it easier for businesses to assess their contribution but also enhance transparency and accountability.
