People around the world are taking to the streets to protest against rising living costs and real or perceived injustice. They feel the economy is not working for them – and in some cases, they are right. A narrow focus on growth, regardless of its true cost and consequences, is leading to climate catastrophe, a loss of trust in institutions and a lack of faith in the future. The private sector is a critical part of solving these problems. Businesses are already working closely with the UN to help build a more stable and equitable future, based on the Sustainable Development Goals. The 17 global goals were agreed by all world leaders in 2015 to address challenges including poverty, inequality, the climate crisis, environmental degradation, peace, and justice, by a deadline of 2030.
There has been some progress in the four years since the global goals were adopted. Extreme poverty and child mortality are falling; access to energy and decent work are growing. But overall, we are seriously off-track. Hunger is rising, half the world’s people lack basic education and essential healthcare, women face discrimination and disadvantage everywhere.
One reason for the faltering progress is the lack of financing. Public resources from governments are simply not enough to fund the eradication of poverty, improve the education of girls and mitigate the impact of climate change. We need private investment to fill the gap, so the UN is working with the financial sector. This is a critical moment for business and finance, and their relationship with public policy.