New York – A new initiative led by the United Nations Development Programme (UNDP) aims to help channel private investment and capital to meet the vision of the Sustainable Development Goals (SDGs).
Called SDG Impact, the initiative, launched today at the 73rd United Nations General Assembly in New York, will work with the private sector on how best to invest in enterprises and markets in ways that help achieve the SDGs, an ambitious blueprint for a world without poverty or inequality.
“As outlined in the Secretary-General’s vision to find innovative financing for Agenda 2030 and the Sustainable Development Goals, UNDP is committed to using its global presence in 170 countries around the world and its reputation as a trusted partner to support countries in mobilizing private sector support for their development,” said UNDP Administrator Achim Steiner.
According to a recent report Better Business, Better World, the SDGs offer companies a tremendous new growth strategy that will help build trust with society and broad-based prosperity. The report, by the Business and Sustainable Development Commission, also stated that pursuing the SDGs would open up markets in new commercial opportunities.
SDG Impact kicked off with the signing of a Memorandum of Understanding between UNDP and the Impact Management Project (IMP), an initiative housed by Bridges Fund Management that has achieved consensus with hundreds of investors and their representatives on what it means to deliver impact through financial investment.
“There is a $30 trillion shortfall in funding to achieve the United Nations’ development goals. That is why we must get large corporations involved. More large corporations must participate. They must think what they can do toward improving social and environmental issues,” said Sir Ronald Cohen, Chairman of the Global Social Impact Investment Steering Group and The Portland Trust. “There comes a time when they can no longer talk only about making money.”
Read the full article on the UNDP website here.