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Sustainable Development: A Failing Public Project?
By admin July 19, 2018

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In 2015, the United Nations (UN) set the Sustainable Development Goals (SDGs), which are comprised of 17 global goals to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. Calling for a strong cooperation among countries to effectively deal with looming global challenges, goals are applied to not only developing countries but also developed countries. The target year for goal achievement, 2030, is now a decade away. Can the world realize the SDGs?

Many critics argue that one of the biggest challenge is the enormous cost to implement the SDG projects. Developing countries which are economically unstable, struggle to adequately allocate financial resources to the sustainable development projects. For example, Uganda, fell short of the expected economic growth by 2 percent of its Gross Domestic Product (GDP) in 2017. According to the World Bank report, this shortfall amounted to $1.4 billion for the country. As obvious as it sounds, government investments alone cannot fill this gap.

Accordingly, SDG projects will be influenced as governments hesitate to commit more actively to the goals when economic conditions are under pressure. Therefore, private sector investment should be encouraged to revitalize developing economies. A blanket policy will be unsuccessful because each country has different economic and social needs and contexts. A rigorous country-based analysis would be necessary to tailor appropriate policies for each county.

 

Further readings

What are the Sustainable Development Goals?

When It Comes To Sustainable Development, The U.S. Is Failing (By A Lot)

Uganda Economic Update: Can Public-Private Partnerships Bridge the Infrastructure Finance Deficit?


Thanks for sharing !


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