The world is in turmoil, the private sector is calling for intensifying efforts for the SDGs

Kenyan private sector companies have been urged to step up their efforts to help the country accelerate its achievement of the Sustainable Development Goals (SDGs).

Business leader and former Unilever CEO Paul Polman says that at the current pace of implementation, inaction on targets could cost the global economy an additional $38 trillion annually by 2050. Hence the need for local companies to increase their level of ambition in achieving the objectives. .

Speaking at a leadership-in-action dialogue organized by Global Compact Network Kenya, Polman said the cost of inaction on the SDGs in Africa is significantly higher than in any other part of the world, currently estimated at between 8 and $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.

Polman also called on Kenya’s business community to engage in responsible social collaboration by transitioning to a sustainable business model that is regenerative and restorative.

“This is the best time to be a leader because we can really show our leadership and tackle climate change and inequality,” he added.

With only 15 percent of the SDGs on track, Judy Njino, Executive Director of Global Compact Network Kenya, noted that the Forward Faster initiative represents a bold and ambitious commitment by the UN Global Compact to catalyze transformative action towards achieving the objectives.

“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, promoting gender equality and diversity, combating climate change and promoting inclusive growth and prosperity for all,” she said.