With an estimated investment of US$2-3 trillion a year, the Sustainable Development Goals (SDGs) offer tremendous business opportunities. For example, businesses that actively take actions against climate change are experiencing 18% higher returns on investment. Despite solid evidences in stock exchanges, banks and boardrooms, in the context of the Solomon Islands - a Least Developed Island State in the middle of the Pacific, the task of explaining the benefits of the SDGs to its private sector seemed quite complicated. Additionally the country’s private sector is a small one with 60 percent of private entities consisting of less than 20 employees. Nonetheless, across the globe, the companies that have embraced sustainability are also enjoying higher growth and are more resilient to shocks. Therefore, adoption of green and inclusive business practices is not only good for business but for poverty alleviation as well.

On 22 August 2018, at the invitation of the United Nations Development Program (UNDP) in the Solomon Islands, Ms. Helen Clark, the former UNDP Administrator and former New Zealand Prime Minister, reconfirmed the linkages and the significance of private sector engagement in the implementation of the 17 SDGs.

Even though the private sector in the Solomon Islands had limited knowledge on the SDGs, Ms. Clark’s message inspired many owners of small and medium enterprises, women leaders and youth. The event was the second most-attended in the history of the Solomon Islands Chamber of Commerce and Industry (SICCI). During the event, Ms. Clark took the time to explain the SDGs as a follow-up to the Millennium Development Goals (MDGs). She affirmed that the SDGs were more specific and encompassing in addressing the development challenges as they touch upon a range of issues - from gender inequality to climate change.  Ms. Clark also stimulated discussions and provided new development perspectives to the audiences.   She shared her experiences from around the world with examples on the discourse between developing countries and donor countries and how, over the years, these partnerships have been shifting as the relationships between the countries through trade and investments were becoming more influential than aid.

Also present at the event, Ms. Azusa Kubota, UNDP Country Manager, elaborated on the role of the private sector in the implementation of the SDGs. She stressed on the need for deepened partnerships between the private sector and UNDP to accelerate progress on the SDGs.

The event sparked a lot of interest and provided much needed clarity on the role of the private sector in the implementation of the SDGs. Moreover, with the intention of striking the rod while still hot, UNDP in the Solomon Islands hopes to galvanize private sector engagement through the SICCI.  With 200 members, SICCI is the main Business Membership Organization (BMO) for the private sector in the Solomon Islands. It represents 80 percent of the private sector workforce.

To date, with the support of UNDP through the Ministry of Development Planning and Aid Coordination, the Government has mainstreamed the SDGs and its targets by integrating the 132 SDG indicators into the National Development Strategy (NDS 2016 - 2035). However, this is yet to be translated to the ministerial strategic plans to make the SDGs a reality at the implementation level. Recently, the Solomon Islands participated in a Development Finance Assessment (DFA) and is in the process of finalizing the report. The DFA evaluates a country’s financial landscape and seeks to align resources to implement NDS 2016 – 2035. Moving forward, in addition to mainstreaming the SDGs into the national and sectoral plans and policies, the stakeholders will have to find innovative ways to deepen the partnership with the private sector.  Greater engagement of the private sector will be critical in accelerating progress towards the SDGs in the Solomon Islands.

Lastly, the event would not have been possible without the support from UNDP’s partnership team in the Bangkok Regional Hub and in the Pacific Office in Fiji.