While global leaders meet in New York this week for the annual United Nations High-Level Political Forum (HLPF), USCIB partnered with Deloitte and the International Organization of Employers to launch a new study that shows the critical role the private sector will play in meeting Sustainable Development Goal (SDG) 8, which calls for promoting “sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.” According to some experts, the success of the entire SDG agenda depends to a large extent on achieving SDG 8.
The event was attended by corporate leaders from Fortune 500 companies, small business company executives, top UN officials, the heads of USCIB and IOE to map out the path to increase private sector investment in SDG 8 targets.The report Reaching SDG8: Challenges, Opportunities and Risks provides detailed data analysis on current progress towards meeting the targets of this goal.
USCIB President and CEO Peter Robinson launched the discussions. “There is an urgent need to develop new and inclusive partnership models that engage business and other non-state actors as equal partners with government,” said Robinson. “This model will embrace innovation, mobilize resources and expertise, and create shared accountability and value.”
According to the report, “the findings are discouraging, as the rate of global progress has, so far, not kept pace with the ambitions of the 2030 Agenda. Very little success has been achieved on […] increasing employment opportunities, especially for the young workforce; reducing informal employment, labor market inequality, and gender discrimination; improving resource efficiency in consumption; promoting safe and secure working environments; and improving access to financial services.”
IOE President Erol Kiresepi, who attended the launch event, also provided his insight in a recent blog post, in which he warns that the global community has just over a decade to ratchet up action or run the risk of failing to achieve this ambitious development agenda with devastating consequences. “To bridge the gap between the aspirational and actions on the ground, employer and business member organisations can play a pivotal role,” writes Kiresepi. “Employer organizations worldwide have long and deep experience in translating development agendas into corporate strategies and frameworks.”
In discussing the results of the report, Patricia Buckley, managing director for economics at Deloitte U.S., highlighted “how little progress has been made on most of SDG 8 targets – targets which called for a variety of improvement ranging from increasing skills and reducing informal employment to improving resource efficiency and expanding access to financial services for all.”