Goal 8

5 steps to reverse sluggish progress on SDG 8 targets

Guest post by Erol Kriesepi
IOE President
IOE
Originally published on IOE website on July 17, 2018

 
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A newly released report by IOE and Deloitte confirms that global efforts to meet Sustainable Development Goal 8 targets are lagging. IOE President Erol Kiresepi offers his views on how to scale up corporate action.

The International Organisation of Employers (IOE) and Deloitte deliver a somber assessment on global progress towards meeting Sustainable Development Goal 8 (SDG) in a joint report entitled, Reaching SDG 8: Challenges, Opportunities, Actions.

SDG 8 calls for promoting 'sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all'. According to some experts, the success of the entire SDG agenda depends to a large extent on achieving SDG 8.

Based on extensive statistical research, the report focuses on 36 countries, including the G20 countries and a selection of developing and least developed outside of the G20.

It sums up the current situation this way: “Unless all countries rethink and re-strategize their economic and social policies soon and commit to achieving these goals by incorporating them in their regional policies, the path from the vision to reality within the timeline seems increasingly difficult.”

What is going wrong?

In terms of human development over the last five years, considerable positive progress has been made as documented by the World Bank and others.  

Despite the gains, and the fact that per capita income levels have narrowed between high-and lower-income countries over the past decade and labor productivity has marginally improved in the latter, very little success has been achieved on most of the SDG 8 targets. Among the areas where we have made little headway: increasing employment opportunities, especially for the young workforce; reducing informal employment, labor market inequality, and gender discrimination; improving resource efficiency in consumption; promoting safe and secure working environments; and improving access to financial services.

These developments are necessary for sustained and inclusive economic growth.

So why is progress so sluggish? Our report is clear that the primary reason for the slow and unequal pace of advancement in achieving SDG 8 across countries is the inability of policymakers to integrate this shared agenda and vision into national development plans and strategies. In other words, governments and businesses are struggling to translate the aspirations of the SDGS into realistic and concrete plans of action.

Step up or fail

The global community has just over a decade to ratchet up action or run the risk of failing to achieve this ambitious development agenda with devastating consequences.

This scaling up must include increased engagement by the private sector on SDGs. The private sector employs 9 out of 10 people globally and provides the goods and services that form the global economy. The future of business depends on greater commitment from companies as sustainable development fosters sustainable enterprises.

How do we move forward? To bridge the gap between the aspirational and actions on the ground, employer and business member organisations can play a pivotal role. Employer organisations worldwide have long and deep experience in translating development agendas into corporate strategies and frameworks.

Based upon the surveys done for the report, there are five main actions that business federations already offer and can expand to support their member communities in integrating these global goals into local strategies:  

  1. Drive change by raising awareness:  Run innovative digital campaigns on SDG 8 that engage small and medium-sized enterprises (SMEs). SMEs make up the largest segment of the business sector. These campaigns aspire to highlight the transformational impact of putting SDG 8 at the heart of corporate and economic growth strategies. They also offer concrete opportunities for both governments and business to share experiences both good and bad as well as toolkits on how even the smallest of projects can bring about big change.

  2. Organise town halls: Bring together the corporate community with public institutions at local, national and UN level in a town hall setting. There is no better way to increase understanding than by direct dialogue.

  3. Lobby government: Reach out to legislators working on national SDG 8 strategies and work with them to ensure they include conducive business environments as part of the goal.

  4. Train, train and train:  Provide workshops on the basics of SDGs and how to apply them to your business

  5. Get focused: It is easy to get overwhelmed by the number and scope of SDGs especially for SMEs that need to get through the next business cycle. To alleviate businesses already pushed to the limit, employer federations can help them prioritise and focus on the SDGs most relevant to their business, rather than trying to address them all - which can be overwhelming to say the least.

If there are any lingering doubts about the urgency of the need to scale up our action, just try to imagine what the world may be like if we do nothing.

If genuine progress is to be made on SDG 8 targets, the UN and employers and business federations must do more together to help businesses understand and apply SDGs.

Employer organisations can be the key to unlocking the private sector’s resources to support, and even lead on, achieving the goals.

 

Originally posted on July 17 through IOE. Read more here.

Synergies Across Sectors

Business and Industry Action to Deliver SDGs

 
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On July 10, Business and Industry will be holding a side event on the margins of the UN High-Level Political Forum. The event will be held from 1:15 – 2:45pm at UN HQ, Conference Room F.

The focus of this event will be a review on SDG 4, 8, 10, 13, 16, 17, in alignment with the 2019 HLPF. Opening comments will be led by Lise Kingo, UN Global Compact, and Tomasz Chruszczow, High Level Champion for UNFCCC. Moderators include Shea Gopal, IOE, and Norine Kennedy, USCIB. The event will feature many speakers across various organizations that are working to achieve the SDGs, including ICC, IOE, Dairy Farmers of America, Ernst & Young Azerbaijan, and more

View the invitation below for more information.

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How Financial Inclusion Can Move People Out of Poverty

Guest post by Nina Nieuwoudt
Global Product Development: New Consumers
Mastercard
Originally Published on LinkedIn on October 30, 2017

 
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Around the world this week, governments, multilaterals, and companies are coming together to celebrate Financial Inclusion Week. It’s an opportunity to reflect on the progress that we’ve made in extending financial access to un-banked and underbanked communities, and also a time to take honest stock of how far we still have to go. As Mastercard’s Chief Product Officer Michael Miebach noted following his speech at Money20/20 last week – we’re making progress, but at our current pace we won’t achieve full financial inclusion for another 200 years. Needless to say, we’ve got work to do.

The theme of this year’s Financial Inclusion Week is how new products and partnerships can enable financial inclusion. At Mastercard, this topic is close to our hearts. We believe that cross-sector partnerships are key to extending access to consumers at the base of the pyramid and building products that truly improve their lives.

To be clear, promoting inclusion is not corporate social responsibility for us. Not only is pushing for a world where everyone has access to the security, transparency, and control of digital payments the right thing to do, but it’s also critical to the future of business.

We’re proud that this commitment to new partnership models can be found at all levels of our company. Several of these partnerships have been highlighted in a joint report by Accion’s Center for Financial Inclusion and the Institute for International Finance, entitled “How Financial Institutions and Fintechs are Partnering for Inclusion: Lessons from the Frontlines”. The report recognizes our collaboration with Kopo Kopo, a fintech start-up, and Diamond Trust Bank to create a QR-payment ecosystem in Kenya that allows customers to pay with their phones, by simply taking a photo of a QR code and manually entering the transaction amount.

Later this week, I’ll be speaking about ways financial institutions and fintechs can partner during a webinar hosted by the Center for Financial Inclusion at Accion.

Beyond our partnerships, we’ve done our own on-the-ground research. For example, we recently released a report that offer insights into how to build a digital payments ecosystem for small and micro businesses. To learn more about how we’re supporting financial inclusion across the company, watch this video.

Despite these gains, we still face a host of challenges in reaching the two billion people who are locked out of the formal financial system. At Mastercard, we know that the only way we will ever transform this equation is by creating partnerships that leverage relevant sector expertise, and that offer in-depth knowledge of base-of-the-pyramid needs – from health and education, to payments and digital finance.

It is perhaps the biggest ecosystem we have tried to build yet, but it is incumbent on all of us to do so. 200 years is too long to wait.

Read the original post on LinkedIn here.