Inaction in advancing the implementation of the Sustainable Development Goals (SDGs) could cost the global economy an extra $38 trillion per year by 2050 at the current rate of progress.
This is according to renowned business leader, campaigner and author Paul Polman who has called on the Kenyan private sector to raise the level of ambition in advancing the global goals to move the country forward faster.
(TOP: Paul Polman, renowned business leader, addressing Kenya’s business executives in Nairobi during a ‘Leadership in Action Dialogue Forum’ by Global Compact Network Kenya).
With the SDG financing gap at approximately $11–15 trillion per year, or four times greater than current spending levels, Paul Polman noted that the $38 trillion dollars is approximately 20% of the entire global economy and the longer we wait the more expensive it will become.
Polman was speaking during a leadership in action dialogue organised by Global Compact Network Kenya that brought together business executives and captains of industry to share progress and discuss practical strategies to achieve the SDGs.
The dialogue spotlighted practical actions businesses can take with a multiplier effect in advancing gender equality and diversity, climate action, water resilience, finance, and Investment to drive inclusive growth & prosperity for all.
The co-author of “Net Positive: How courageous companies thrive by giving more than they take”, Polman noted that 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 per 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.
On the climate emergency, Polman noted that the pace of action is not sufficient to reverse the worst impacts of the changing climate, warning that without strong leadership, global temperature will surpass the 1.5°C above pre-industrial levels to levels as high as 2.5℃ to 2.9℃ degrees, on the current trajectory.
Polman also called on the Kenyan business community to embark on responsible social cooperation noting that, by the end of 2050-2060 we will have over 1 billion climate refugees globally and therefore we must act now by moving to a sustainable business model that is regenerative and restorative.
Polman called on the leaders present to rise to the occasion and lead from the front by starting to address climate change and inequality in the country. “This is the best moment to be a leader as we can really show our leadership and address climate change and inequality” he said. He also noted that return on investment on climate initiatives are profitable as a company could get as much as 12 times on their investment.
With only 15 % 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.
Global Compact Network Kenya (GCNK) is the Local Network of the United Nations Global Compact working to accelerate and scale the collective impact of businesses in Kenya by upholding the Ten Principles on Human Rights, Labour, Environment and Anti-corruption and delivering the Sustainable Development Goals (SDGs) through accountable companies and ecosystems that enable change.
Established in 2005, GCNK is currently the largest of the UN Global Compact Local Networks in Sub-Saharan Africa (SSA), Middle East and North Africa (MENA) regions and has over 300 signatories and 800 others signed up to the Code of Ethics for Business in Kenya- an initiative of the GCNK alongside Kenya Association of Manufacturers (KAM) and Kenya Private Sector Alliance (KEPSA).
Paul Polman works to accelerate action by business to tackle climate change and inequality. As CEO of Unilever (2009-2019), Paul demonstrated that business can profit through purpose, marrying a long-term, multi-stakeholder model with excellent financial performance. During Paul’s tenure, shareholders saw their returns increase by 290% while the company consistently ranked 1st in the world for sustainability.
Today, Paul works across a range of organisations to advance the UN SDGs, which he helped develop. This includes his work to drive systems change with Systemiq and bold new industry coalitions, including in fashion and food. and food.
He leads the UN Global Compact, is an Ambassador for the Race to Zero, and works to develop our next generation of leaders, through the Oxford University Saïd Business School, INSEAD, One Young World and others. Paul’s actively campaigns on a range of human rights issues, including promoting disability inclusion through the Valuable 500 and the Kilimanjaro Blind Trust,, One Young World and others. Paul’s actively campaigns on a range of human rights issues, including promoting disability inclusion through the Valuable 500 and the Kilimanjaro Blind Trust.
Be the first to comment