The UN announced today that 30 influential leaders from the corporate world will work together over the next two years in a bid to free up trillions of dollars from the private sector to finance the Sustainable Development Goals.
Convened by Secretary-General António Guterres, the Global Investors for Sustainable Development (GISD) Alliance is co-chaired by Oliver Bäte, CEO of Allianz, and Leila Fourie, CEO of the Johannesburg Stock Exchange, and includes the heads of Bank of America, Citigroup, ICBC, Infosys, Investec, Santander, UBS and other prominent international corporations.
“We face widening inequality, increased devastation from conflicts and disasters and a rapidly warming Earth. These leaders have seized our sense of urgency, recognizing that our pace must be at a run, not a crawl,” Guterres said.
“They are committing to cooperate across borders, across financial sectors and even with their competitors, because it is both ethical and good business sense to invest in sustainable development for all people on a healthy planet.”
The High-Level Dialogue on Financing for Development held during the recent UN General Assembly brought to attention the urgent need for increasing government spending on crucial sectors such as health, education, infrastructure and climate change. Most developed countries have not met their commitments to ODA, while factors like poverty, corruption, and tax evasion limit domestic resources in developing countries.