Private sector engagement
Along with policy-makers, civil society and the academic community, the private sector also has a key role to play in achieving the goals of the 2030 Agenda. From raising the level of local education to building sustainable value and supply chains and combating corruption, multi-stakeholder partnerships allow actors to pursue common interests and work on them in a way that generates benefits for all involved. At the same time, they contribute to implementing sustainable development.
Cooperation with the private sector is an integral component of a variety of multi-stakeholder partnerships (MSPs). MSPs are coalitions made up of a variety of partners tackling common challenges on an equal footing. In this way, MSPs benefit from the expertise and capacities that companies can provide. In turn, the companies benefit not only from effective solutions that have been jointly developed, but also from an exchange of knowledge and experience. By pooling skills, resources and know-how, the added value generated can far exceed the efforts of individual stakeholders.
Corporate social responsibility, supply chain due diligence, etc.
In order to support a sustainable economic system in line with the 2030 Agenda, companies are required to implement the stricter and more comprehensive directives regularly enacted at various legislative levels. Aside from these legal requirements, a growing number of customers, employees and investors also want to know the extent to which a company and its suppliers operate sustainably – in other words: how sustainable is the value chain? The sustainability of a company’s business practices and supply chains has an increasing influence on its economic success.
MSPs can be a suitable instrument for developing concrete and practicable solutions for sustainable business processes with other companies in a sector, as well as with government agencies, civil society and the academic community. The strengthening and leveraging of synergies between voluntary and mandatory measures is an explicit added value of MSPs.