Partnerships and innovation will speed up push for SDGs

At the recently concluded United Nations General Assembly (UNGA), the private sector’s role in accomplishing the Sustainable Development Goals (SDGs) was cast into the spotlight. 

Companies are taking up an increasingly bigger responsibility in driving the achievement of the goals to leave a lasting impact in our communities. This has seen the private sector strike a balance between profits and long-term societal needs, with many organisations now asking: “What is the trickle-down effect on our customers and the communities in which we co-exist?”

At UNGA, we in the corporate and those in the public sector were challenged to advance digital transformation to accelerate the achievement of Sustainable Development Goals (SDGs). It is imperative that we seek digital solutions to address the most pressing needs of our communities like economic empowerment opportunities, education and health.

One way of achieving this is by tapping into sustainable finance. We ought to mainstream green financing through green bonds or Sustainable Linked Loans for climate investments. The challenge that most organisations have is setting up the necessary infrastructure and considerable resources for climate action. For some organisations, it may mean policy shifts, or adding more staff and infrastructure development which may attract huge costs.

Power of innovation

Sustainability loans will provide the resources needed and cushion any possible drawback that might affect a business. It is not just for climate purposes, as deepening social engagements, expanding diversity and promoting community development can be outcomes of securing sustainable financing.

Another key learning, and a recurring theme at UNGA, was using technology to align our Environmental Social and Governance (ESG) goals to promote inclusivity. We can harness the power of innovation to ensure that we break barriers for communities that lack access to social needs such as health and education. 

Through partnerships with the public sector, we can ensure that marginalised communities are able to tap into the power of technology. We can lobby for communities such as refugees through investing in technology and making policy proposals that create the necessary legislation to enable them integrate into new countries.

That is why as Safaricom, we partnered with the United Nations High Commissioner on Refugees (UNHCR) where we committed to put in place conditions that will fast track refugees’ access to M-Pesa and further promote their education and connectivity. 

Still on technology, to promote investment in our countries, we have to innovate so that we expand opportunities. Africa has the youngest population globally, which presents us with a chance to develop products and services which stimulate economic growth.

Sustainable development

To achieve this, we have to put collaborate with governments in the region to promote interoperability and streamline regulations across borders. This is important in generating opportunities for individuals and businesses and empowering people to benefit from improved service delivery.

There are challenges that we will encounter as we push towards the accomplishment of SDGs. They include limited resources to finance our efforts, prohibitive regulatory environments and ethical challenges in the deployment of technology. 

We should overcome these through continuous engagements to build understanding and define the context of what we want to achieve so that we are able to meet our expectations accordingly.

We have to create multiple forums to strengthen partnerships and opportunities to digitise if we are to achieve sustainable development.

Mr Ndegwa is the CEO at Safaricom