As the world is recovering from the devastating effects of the COVID19 pandemic, there is an adequate need for investments to spur economic growth. Both the private, governmental, and non-governmental sectors have a role to play. The stakeholders need to take a holistic approach to build a better world. It entails taking a proactive approach to addressing environmental, social, and economic development.
On the other hand, governments are redirecting resources and efforts to combating the pandemic. It leaves minimal room for achieving the United Nations Sustainable Development Goals. However, there is a drive by private investors to participate in the campaign to improve livelihoods through job creation and poverty alleviation. Currently, both developing and established countries face an economic crunch due to the impact of COVID19 on the global economy. It is why the stakeholders are investing in infrastructure and livelihoods, intending to maintain the development agendas.
Investing in Sustainable Development Goals
In the past, there were controversies on the role of private investors in social development. Some corporations would engage in businesses in a particular community but fail to empower livelihoods. However, things are changing as more firms take the initiative to improve social well-being in developing countries. The move is evident from the numerous companies partnering with non-governmental and governmental entities to aid in sustainable development.
It is the future
It will be difficult for multinationals or other businesses to survive in struggling economies without investing in sustainable development goals. This is true because there will be no one to sell products and services to if the people cannot sustain themselves with the essential items. It will be vanity. But, when the companies consider their role and impact in the communities they serve, there will be economic growth. In turn, their business will thrive in such an environment. Therefore, firms must develop policies that help address social-economic challenges for their workers and society.
When private investors channel their capital investments into programs impacting society, the world will be a better place for all. Governments alone cannot achieve the feat due to the stringent budget amidst the COVID19 pandemic. However, economies are opening up as vaccination exercises continue. Although it will take time to achieve the desired results, the step by private sectors is encouraging.
The Projects needing Financing
A gap still exists in what the private sector can achieve in sustainable development. Since most investors have a positive attitude globally, the trajectory will change for the better in the days ahead. The contrast between developed and developing countries is evident. It is critical to address the issues and help uplift lives, as the United Nations Development Programs promote. Primary projects that need finances to achieve sustainable development goals include sanitation, water, telecommunication, infrastructure, energy, and environmental conservation.
It will be easier to achieve sustainable development goals when all stakeholders come together. Apart from the private, governmental and non-governmental efforts, community leaders can play a significant role in mobilizing the stakeholders. Remember, united we stand.