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Private-sector companies play a decisive role in achieving the ambitious Sustainable Development Goals.


Monika Beck, DEG management board member a Beck, DEG management board member


SDGS: HOW THE PRIVATE SECTOR MEASURES UP


The UN Conference on Trade and Development (UNCTAD) has developed a guidance tool to measure the contribution of the private sector to the SDGs, using 33 SDG indicators. The toolkit is also expected to help raise awareness on the importance of reporting contributions to the SDGs, as called for in SDG target 12.6. https://sdg.iisd.org/news/unctad- tool-helps-measure-private- sector-contributions-to-sdgs/


PHOTO: DEG “


creating jobs for people who need them most. Strengthening the growth of business and spurring investments can have enormous potential for societies as a whole, particularly when underpinned by strong environmental and social sustainability principles. A resilient private sector will be critical for communities around the world as we work to ‘build back better’ from the devastating COVID-19 pandemic.” Schmida suggests that as the private


sector gains experience, its development efforts are increasingly creating both business value and social good – something that fits with heightened interest in environmental, social, and governance credentials (see https://bit. ly/OQ2020_4). Monika Beck, a management board member of DEG – one of the major development finance institutions


for private companies, agrees. Beck says: “Private-sector companies play a decisive role in achieving the ambitious Sustainable Development Goals. After all, most jobs are created by entrepreneurial initiative. Not only does the private sector in developing countries contribute to creating skilled jobs, it is also key in realizing other SDGs, such as building resilient infrastructure and industrialization, and fostering innovation.” Schmida argues that traditional global


development actors still have essential roles to play, but must change the way they operate and engage. “Donors will need to evolve their roles from mere funders of programs to catalysts, using their capital strategically to drive private investment and action toward the SDGs and Paris goals, and to support and underpin multi-stakeholder initiatives.”


*The OECD reported that global FDI flows fell by 50 percent in the first half of 2020 compared to the second half of 2019, to US$364 billion, the lowest half-year level since 2013 https://www.oecd. org/investment/investment-policy/FDI-in-Figures-October-2020.pdf


PHOTO: IFC 9


SPECIAL FEATURE


A resilient private sector will be critical for communities around the world as we work to ‘build back better’ from the COVID-19 pandemic.


Martine Valcin, Global Manager, Corporate Governance and ESG Advisory, IFC


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