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

UNDP, Global Initiatives, 600 business leaders and government officials start work on a new coalition for sustainable development

23 November 2016, Singapore – At the fifth Responsible Business Forum, United Nations Development Programme (UNDP) today called on business leaders to take a greater role in the new development era in order to support the achievement of the Sustainable Development Goals (SDGs).

This Forum, opened in Singapore by UNDP and Global Initiatives, aims to address a sea change in the nature of development funding by creating a new partnership for sustainable development. Domestic public and private finance accounts for 89 percent of all financial flows in Asia-Pacific, according to a UNDP report launched last month. While foreign funding (Official Development Assistance) is still essential for the development system, it now accounts for 0.7 percent of totalfinancial flows in Asia-Pacific (down from 13.5 % in 1990).