Businesses to play greater role in new development era in Asia-Pacific, says UNDP at Responsible Business Forum

This trend in development funding is partly driven by the increase in the number of middle-income countries from 16 to 28 over the past decade. This requires afresh approach to financing for development that mobilizes contributions from a wider range of sources, including the private sector. At the same time, there has never been a greater need for innovative ideas, new partnerships and funding as we gear up to achieve the SDGs.

“This new development era presents unprecedented challenges and calls for unprecedented solutions to ensure stability and sustainability,” said Haoliang Xu, UN Assistant Secretary-General and UNDP Director for Asia-Pacific. “Climate change, aging populations and explosions of popular discontent with the status quo are combining to present an existential threat to both people and planet. Everyone must join together to face this challenge.”

“Enlightened companies are facing headwinds with sustainable growth due to the nationalistic shift in global politics and the still subdued level of commodity prices,” said Mark Cliffe, Chief Economist of ING Group, who joined the UNDP press briefing. “Technology and new consumer propositions, such as sharing economy models, offer exciting new ways to deliver on the SDGs.”

September was the warmest month in modern temperature monitoring and 2016 is likely to be thehottest year on record. This global warming and the other effects of climate change are leading to an increase in natural disasters, for which Asia is already the most vulnerable region in the world with 1,600 disasters in thelast decade and the loss of half a million lives.

Four-fifths of the population in Asia live in countries where inequality has increased over the last two decades, and the unequal distribution of resources – including access to water, farmland and economic opportunity – is a major driver of conflict in areas as diverse as Afghanistan, Myanmar, Thailand and the Philippines.

At the same time, accelerated ageing in many countries presents governments with an ever heavier burden on the public purse to provide pensions, healthcare and other basic services.

“All sectors of society – private and public, international and domestic – must collaborate to address challenges that affect the wellbeing of us all,” added Haoliang Xu. “Our role is to combine decades of experience with ideas and resources from new partners, including in developing countries where businesses account for 60percent of GDP and 90 percent of jobs.”

For example, Bangladesh aims for private financing to fund 78 percent of its current Five-Year Plan.

“Domestic sources of finance have emerged as a driving force for sustainable development in Asia-Pacific,” said Haoliang Xu. “The new partnerships and funding allow us to provide tailored services in the areas such as development planning and budgeting, building the capacity of national institutions, piloting and scaling up innovative projects, and sharing knowledge among countries.”

As emphasized in UN Secretary-General Ban Ki-moon’s statement to the Responsible Business Forum, “Looking across the 17 interlinked SDGs, it is evident that business must play a central role in the transition to a sustainable future. Business is the change agent that will spur innovation, unleash low-carbon investments and power sustainable growth across the planet.”

More information is available on the Responsible Business Forum web page and on Twitter under #RBFSingapore.

Contact Information:

Setaita Tavanabola, Communications and Knowledge Management Associate, UNDP PacificOffice in Fiji, tel: +65 8697 9490, email: setaita.tavanabola@undp.org

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UNDP partners with people at all levels of society to help build nations that can withstand crisis, and drive and sustain the kind of growth that improves the quality of life for everyone. On the ground in some 170 countries and territories, we offer global perspective and local insight to help empower lives and build resilient nations. www.pacific.undp.org