UN Secretary-General announces new private sector alliance to unlock financing for the 2030 Agenda
UNITED NATIONS, New York, 15 April 2019 — United Nations Secretary-General António Guterres today announced a new CEO alliance to finance the Sustainable Development Goals.
Comprised of CEOs of large companies around the world, the Global Investors for Sustainable Development alliance is aimed at harnessing the insights of private sector leaders on ways to unblock impediments and implement solutions for scaling long-term investment for sustainable development.
Speaking at a luncheon for private sector leaders on the sidelines of the 2019 ECOSOC Financing for Development Forum, Secretary-General Guterres cited a recent study by the International Monetary Fund, which found that achieving the Sustainable Development Goals will require an additional US$ 2.6 trillion of investments in developing countries each year.
“Current resources alone will be far from sufficient — we will need substantial and long-term investment from the private sector,” Guterres said. “Investing in sustainable development is not a matter of goodwill — it is the root to long-term global prosperity that works for all people while safeguarding the climate, the environment and our natural resources.”
The Secretary-General has invited selected participants of the UN Global Compact to be part of the alliance and several have already expressed interest.
Also speaking at the luncheon, Scott Mather, CIO U.S. Core Strategies at PIMCO — one of the companies that have accepted the Secretary-General’s invitation — recognized the significant funding gap to finance the SDGs, but also added, “The size of the funding gap we are talking about is relatively small compared to the size of the investable universe out there. There is about US$ 200 trillion outstanding in tradable stocks and bonds and hundreds of trillions of private sector dollars out there. So it is very much achievable, but what we need is everyone’s help in directing that investment to produce more sustainable outcomes.”
The inaugural meeting of the Global Investors for Sustainable Development alliance will take place on the sidelines of the 74th Session of the UN General Assembly in September 2019. Between then and June 2021 it is anticipated that the alliance will implement a plan of action and report back in September 2021 on the results.
A group coordinated by the UN Department of Economic and Social Affairs (DESA) and the UN Conference on Trade and Development (UNCTAD) and comprising relevant members of UN-supported networks and other parts of the UN system (e.g., UN Global Compact, UNCDF, UNDP, UNEP FI, PRI and the Regional Economic Commissions) as well as other actors like the World Bank Group will assist the alliance in the implementation of its action plan.
About the United Nations Global Compact
As a special initiative of the UN Secretary-General, the United Nations Global Compact is a call to companies everywhere to align their operations and strategies with ten universal principles in the areas of human rights, labour, environment and anti-corruption. Launched in 2000, the mandate of the UN Global Compact is to guide and support the global business community in advancing UN goals and values through responsible corporate practices. With more than 9,500 companies and 3,000 non-business signatories based in over 160 countries, and more than 70 Local Networks, it is the largest corporate sustainability initiative in the world.
For more information, follow @globalcompact on social media and visit our website at www.unglobalcompact.org. [Link]