it’s not easy to remember 169 targets and 17 goals but the Millennium Development Goals were much focused on reducing poverty, whereas the SDGs go way beyond that, covering much broader issues related to sustainable growth and prosperity. The SDGs have been formulated by the United Nations together with the widest possible range of stakeholders. The role of the public sector is fundamental and pivotal, while the private sector contribution is indispensable. The latter can take two main forms, good governance in business practices and investment in sustainable development. Policy coherence is essential in promoting the private sector’s contribution to the SDGs. One issue clear in this entire ambitious agenda is that they will require changes not only in public policy but also in private decisions.
The private sector is essential driver for sustainable development. First of all, they have the resources to push growth, especially in developing countries, by providing employment, technology and innovation, as well as around 70% of GDP, 75% of capital flows and 90% of jobs in developing countries. Private sector can leverage these capabilities and make a relevant change towards greater sustainability.
The private sector should see their day to day decisions to generate potential changes that help the SDGs, because the ability of businesses to grow depends on the natural, social and regulatory environment around them, which are likely to be affected by the SDGs, so businesses will be expected to follow those rules and should consequently align their activities with them. The private sector must make a mapping of its operations with the SDGs goals and see that changes can be made to align more. On the other hand, UN must engage in a better way with the private sector that it did in the past.
To improve the scope and deeper partnership between private sector and the United Nation to work together towards the sustainable development goals, could be interesting implement a UN approval, that say which company is SDG friendly. This could be a way to engage private sector companies, with a recognition mark of SDG friendly and create those standards with the private sector and Governments, at the same time labelling to the private sector could be an effective way to help to recover a part of any additional costs than SGD friendly private sector needs to support.