United Nations called for strengthened role of the private sector to achieve the SDGs

The United Nations Resident and Humanitarian Coordinator, Mr. Aeneas Chuma, called for strengthened role of the private sector for achieving the Sustainable Development Goals by 2030.

Mr. Chuma made the statement at the UN Sustainable Development Goals (SDGs) Conference for Business, which was organized by the Addis Ababa Chamber of Commerce and Sectoral Association.

“Achieving the Sustainable Development Goals by 2030 will require a rough estimate of US$5-7 trillion dollars of annual investment across sectors and industries,” said Mr. Chuma.

“However, only US$1.4 trillion are invested annually, from both the public and the private sector, in developing countries. The annual investment gap in major SDG sectors in developing countries alone has been estimated at around US$2.5 trillion per year.”

At the current level of private sector participation, there will be a funding shortfall of US$1.6 trillion to be covered by the public sector including the official development assistance (ODA), said Mr. Chuma.

“If business as usual continues at the global financial arena, the public sector will not be able to finance the implementation of the 2030 Agenda,” he said.

The conference brought together over 200 business leaders, policymakers and trade and development officials to provide intellectual guidance and practical evidence to the challenges of SDGs to build a fair global community and more sustainable nation. 

Mr. Chuma also highlighted that the UN Secretary-General’s strategy for financing the 2030 agenda for sustainable development (2018-2021) at the conference.

The strategy calls for aligning global financial and economic policies with the 2030 Agenda; enhancing sustainable financing strategies and investments at the regional and country levels; and seizing the potential of financial innovations, new technologies and digitalization to provide equitable access to finance.