Private sector urged to help fast-track implementation of SDGs

Thursday, May 9th, 2024 09:20 | By
Renowned business leader Paul Polman.
Renowned business leader Paul Polman. PHOTO/Print

Private sector players are being encouraged to redouble their efforts in aiding the country’s expedited efforts to attain Sustainable Development Goals (SDGs).

Renowned business leader Paul Polman expressed concern over the current pace of SDG implementation, warning that the cost of inaction could result in significant economic losses for both local and global economies.

“The pace of action is not sufficient to reverse the worst impacts of the changing climate. Without strong leadership, global temperature will surpass the 1.5°C above pre-industrial levels to levels as high as 2.5c to 2.9c, on the current trajectory,” he said. Polman spoke during a leadership in action dialogue organised by Global Compact Network Kenya in Nairobi.

The forum brought together business leaders and captains of industry from diverse sectors of Kenya’s economy to share progress and discuss practical strategies to forward faster on the SDGs.

Polman highlighted that Africa, in particular, faces a substantial cost of inaction estimated at between $8-$9 trillion annually.

Climate change

Globally, the SDG financing gap stands at an estimated $11–15 trillion per year, which is four times greater than current spending levels. He emphasised the urgent need for action to address this gap, stating that at the current rate of progress, the global economy could face an additional $38 trillion in costs annually by 2050. 

Polman also stressed the importance of prompt interventions to mitigate the adverse impacts of climate change.

With only 15 per cent of the SDGs currently on track, Judy Njino, Executive Director of Global Compact Network Kenya, emphasised the importance of initiatives like Forward Faster, which aims to catalyse transformative action towards SDG achievement.

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