World at loss, private sector urged to intensity SDGs efforts

Kenyan private sector firms have been urged to increase their efforts to help the country achieve Sustainable Development Goals (SDGs) at a faster rate.

Business leader and former Unilever chief executive Paul Polman says at the current rate of implementation, inaction on the goals could cost the global economy additional $38 trillion annually by 2050 hence the need for private firms local firms to raise their level of ambition in achieving the goals.

Speaking during a leadership in action dialogue organised by Global Compact Network Kenya, Polman said the cost of inaction on the SDGs is significantly higher in Africa than any other part of the world, currently estimated at between $8-$9 trillion each year.

“It only costs us $4.5 trillion a year to implement the SDGs and the longer we wait the more expensive it becomes”, he noted.

Polman also called on the Kenyan business community to embark on responsible social cooperation by moving to a sustainable business model that is regenerative and restorative.

“This is the best moment to be a leader as we can really show our leadership and address climate change and inequality” he added.

With only 15pc of the SDGs on track, Global Compact Network Kenya Executive Director Judy Njino noted that the Forward Faster initiative represents a bold and ambitious commitment by the UN Global Compact to catalyze transformative action towards the achievement of the goals.

“The Forward Faster initiative provides a roadmap for action, outlining key areas where business leaders can make a difference. This includes promoting responsible business practices, advancing gender equality and diversity, combating climate change, and fostering inclusive growth and prosperity for all,” she said.