United Nations, UN General Assembly President Miroslav Lajcak has called for mobilising investments from the private sector to finance the world organisation’s development goals because government aid from developed countries alone cannot be expected to fund them.
The Sustainable Development Goals (SDGs) set by UN members in 2015 require $5 trillion to $7 trillion annually and to achieve this “bigger and better partnerships with the private sector” is crucial, Lajcak said at a high-level meeting on Financing for SDGs on Monday.
“We need to try new means and mechanisms – from blended financing to domestic resource mobilisation,” he said, adding that not enough was being done to achieve this.
Lajcak cited a study by the consulting company, Deloitte, that found that while 92 per cent of business executives supported the SDGs, only 17 per cent of them have any plans or policies for it.
“We need to sell the SDGs” by showing how they could benefit everyone, he said. “We cannot just put our hands out – and expect the investments to come.”
Taking up just climate change requirements, he said: “Developed countries have committed to come up with $100 billion per year, by 2020, to ensure developing countries can meet their climate-related needs. But, so far, nothing close to this has been raised.”