Thirty leaders from the corporate world will work together for the next two years on a private sector funding proposal to fund the Sustainable Development Goals (SDGs). The announcement was made by the United Nations (UN) on Wednesday (16).
“We face rising inequality, increased devastation brought on by conflict and disaster and the rapid warming of the earth. These leaders understood our sense of urgency, recognizing that we must run, not crawl, ” said UN Secretary-General Antonio Guterres.
“They are committing to cooperating across borders, financial sectors and even with their competitors because it is ethical and business-wise to invest in sustainable development for all people on a healthy planet.”
Convened by Guterres, the Investor Alliance for Sustainable Development is co-chaired by Allianz CEO Oliver Bäte and Johannesburg Stock Exchange CEO Leila Fourie and includes managers from Bank of America, Citigroup, Investec, Santander, UBS and other international corporations.
The High Level Dialogue on Financing for Development, which took place during the last UN General Assembly, drew attention to the urgent need to increase government investment in key sectors such as health, education, infrastructure and climate change.
Most developed countries have failed to meet their development aid commitments, while factors such as poverty, corruption and tax evasion limit domestic resources in developing countries.
Development financing needs are estimated at trillions of dollars a year, and even if resources from all public sources are maximized, there will still be a significant deficit, making private sector financing imperative.
“As responsible companies, we can create long-term value by incorporating sustainability into our core business,” said Allianz’s Oliver Bäte. “Investing in the stable development of world societies is not only the right thing to do, it is also an economic opportunity. We are convinced that investing in emerging markets can leverage sustainable growth without losing sight of our customers’ interests. ”
UN research suggests that there is no dearth of resources in the private sector that could be invested in sustainable development. However, a combination of factors, including the political environment, incentive structures and institutional conditions, tend to discourage the kind of long-term commitment required.
“The establishment of this Alliance recognizes the scale of the challenges we collectively face and the role the financial sector needs to play in addressing these challenges,” said Leila Fourie. “Trade is a vital part of the financial ecosystem – promoting relevant transparency, enabling effective pricing, and ultimately mobilizing resources for productive purposes. We all have a lot of work to do and the time to start is now, ”said the executive.
The Alliance intends to use business knowledge, influence and insight to find ways to stimulate long-term development investment and increase progress towards the SDGs.
The movement comes amid growing recognition in the corporate world that the continued success of companies is intrinsically linked to the sustainable future for the world. The UN Secretary-General has established a feasible timetable of results for the Alliance’s duration, which will work in coordination with the UN Department of Economic and Social Affairs.
Lista de empresas na Aliança
Five African business leaders and one Brazilian join the UN Alliance: Miriem Bensalah Chaqroun of Moroccan company Eaux Minerales d’Oulmes, Michael Joseph of Kenya Safaricom, Fani Titi of South African Investec Group and Leila Fourie of Johannesburg Stock Exchange – also from South Africa.
Pal Pensions, of Nigeria, will confirm in soon the name of a representative in the group. Brazil is represented by executive Patrick Antonio Claude de Larragoiti Lucas, from SulAmérica.