Private finance ‘critical’ to SDGs

Harnessing private finance and linking it to state funding mechanisms will be vital if the world is to meet the UN’s Sustainable Development Goals (SDGs), the UK government has said.

Credit: UN Photo-Manuel Elias

Speaking at the Sustainable Development Goals Summit, deputy prime minister Oliver Dowden warned: “It is half time on the SDGs, and our collective promise is in peril.”

Recommitting to the SDGs, Dowden called for reforms to multilateral development banks, including “a bigger and better World Bank”, to improve the mobilisation of private investment.

Meanwhile, development minister Andrew Mitchell said it is critically important that the various state funding mechanisms should be able to “link umbilically with the private sector”.

He particularly suggested there should be greater efforts to unlock pension fund money to support “the common fight across the planet on tackling climate change”.