The new global development agenda calls for more public-private partnerships. The SDGs offer an inspiring and inclusive vision of the future: a world free from poverty, injustice and discrimination, and a healthy planet for present and future generations. The goals represent a collective vision of all sectors for sustainability. The private sector shares many of the same interests and goals as governments in terms of creating more resilient and prosperous societies and markets, since business also needs stable societies in order to thrive.
It is also vital to note that the SDGs set out a substantial role for the private sector and assume its ability to make contributions to the achievement of the SDGs. Specifically, SDG 17 calls for strengthened means of implementation and revitalized partnerships for sustainable development. The central role of the private sector in SDG 17 highlights the shift towards a new development paradigm: one in which the private sector is no longer only a development tool but rather a development agent. Accordingly, the contribution of business to development is not only confined to creating wealth and employment, the transfer of technology and the provision of goods and services, but also is supposed to contribute proactively to sustainable development outcomes through core business and beyond.
While SDG 17 is devoted to partnerships, private sector would potentially play a critical role in achievement of all of the SDGs. Private sector is deemed to be the one of the most significant influencers of global poverty and providers of goods and services if the limitations to everyone’s access to productive resources and markets are lifted. Businesses have the opportunity to proactively take measures to address constraints faced by marginalized groups, including refugees, such as through inclusive business models, innovative products and/or services that better meet the needs of such groups, and by leveraging the unique perspectives of these groups as consumers, employees, suppliers and distributors in the value-chain, and community-members.
Beyond income, businesses can influence other dimensions of poverty (SDG 1) and discrimination, such as limited opportunities and capabilities. These inter-linked dimensions include food/nutrition insecurity (SDG 2), lack of access to basic, quality services such as health care (SDG 3), education (SDG 4), clean water and sanitation (SDG 6), affordable clean energy (SDG 7) and low empowerment (SDG 10) and personal security (SDG 16).
Businesses are engines for job creation and economic growth and foster economic activity through their value chain. Decent work opportunities (SDG 8) are good for business and society. Companies that uphold labor standards across their own operations and value chains face lower risk of reputational damage and legal liability. Instituting non-discriminatory practices (SDG 5) and embracing diversity and inclusion will also lead to greater access to skilled, productive talent. By committing to sustainable industrialization (SDG 9), and responsible production (SDG 12), businesses can contribute to development efforts in the regions in which they operate through upgrading local infrastructure, investing in resilient energy and communications technologies, and making these technologies available to all people, including marginalized groups, who might not have access otherwise.
Companies can contribute to SDGs 13, 14 and 15 by measuring, managing and mitigating their impact and dependence on water, land and ecosystems and decarbonizing their operations and supply chains through continuously improving energy efficiency, reducing the carbon footprint of their products, services and processes, and setting ambitious emissions reductions targets in line with climate science, as well as scaling up investment in the development of innovative low-carbon products and services.
A responsible business can through its core business, strategic social investment, public policy engagement and collective action make meaningful contributions to lasting peace, development and prosperity while ensuring long-term business success. Among other things, businesses can commit to working with governments and civil society to eliminate corruption in all its forms and to support strengthening of the rule of law (SDG 16).