By promoting two-way knowledge exchanges and demand-based cooperation that draws on international best practices and norms, China has the opportunity to help advance sustainable development results in partner countries in areas such as the green energy transition and green finance, building on its strength and experience.
Other actors, beyond governments, are also critical.
With the SDG financing gap standing at around $4 trillion in developing countries, 528 public development banks and development finance institutions, with their $23 trillion in total assets, will be critical to scaling up lending and collaboratively exploring more effective pathways to mobilize resources for the SDGs.
At the same time, the private sector also needs to strengthen investments to help realize the SDGs, including by redirecting finance toward sustainability and by contributing technology and know-how to power the innovation for development.
At the United Nations Development Programme, we stand ready to continue leveraging our expertise and global network across more than 170 countries around the world and convening diverse stakeholders to help advance sustainable development.
Inclusive, multistakeholder partnerships involving traditional donors and practitioners, developing countries, development banks, the private sector and civil society are required to channel the financing needed for sustainable and scalable impact to tackle the many global challenges we face.
Moving forward, the actions we take over the next seven years will determine the future of both the planet and its people. Exchanges help us enhance mutual understanding and provide a platform for stakeholders to collectively advance shared development objectives and collaborate on innovative solutions for the SDGs. Together, let us strengthen the sustainability of our international engagements and ensure an optimal SDG impact that benefits the most vulnerable, and leaves no one behind.
Authored by Beate Trankmann, UNDP resident representative in China.
Originally published in China Daily.