I wanted to also comment on your point about multi-stakeholder collaboration platforms. I think that in this context and with the UN very well suited to co-host or facilitate these platforms, there is a need of having simple and practical tools for collaboration, in terms of SDGs targets, action plans and tracking mechanisms. I find the existing ones a good reference point but not enough to help specific action plans
Any thoughts from the group on this?
Jane Nelson said:
To be effective and transformative in supporting the SDGs, business must play to its strengths. Its partners in the UN and elsewhere must understand and respect what these strengths are. This means focusing efforts on the activities and capabilities of the core business. As a basis, companies should operate responsibly – ensuring respect for human rights, and implementing strong ethical, environmental, social and governance standards everywhere they operate through effective policies, management systems, monitoring and reporting, and where needed grievance mechanisms. Beyond this, companies can make a substantial contribution to creating shared value for their business and their stakeholders by harnessing core business models, capabilities, technologies, products and services, and unleashing a new wave of innovation and creativity. It also means becoming more strategic in how philanthropic capital is deployed, aligning more closely to core business and leveraging competencies and assets beyond cash. Most important of these competencies are the technical, scientific, managerial, financial and professional skills of a company’s employees and donations of relevant research assets, products and services to relevant development partners. One interesting trend is the emergence of innovative hybrid models or blended finance models that combine either business and philanthropic resources and objectives and/or public and private resources and objectives
Another interesting trend is the growth in multi-stakeholder platforms that bring together a larger number of actors to achieve more systemic change through policy advocacy or strengthening broader ecosystems.
Zahid Torres-Rahman said:
Thanks for all the great comments so far! Let's move on to our second question:
Q2. How can business most effectively engage in the SDGs, and how can the UN most effectively engage with business?