Billions in funding is needed to finance projects aimed at achieving the Sustainable Development Goals (SDGs), and the private sector has a role to play, reports the Department of Water and Sanitation (DWS).

In September 2015, the United Nations General Assembly adopted the Universal 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDGs).

These goals spell out the challenges we need to defeat to ensure the sustainability of the planet, as well as prosperity and equity for all. To achieve these goals, the participation of the private sector is essential, says the DWS.

In 2015, official development assistance (ODA) stood at $132 billion, reaching record levels despite budgetary constraints in many Organisation for Economic Co-operation and Development (OECD) countries. Yet in recent years only 30% of the total ODA has been utilised for the least developed countries – the lowest share since 2006.

“We need financial resources far beyond today’s ODA to move from billions to the trillions required for financing the global goals,” the DWS said in a statement.

Water accessibility and management, including protection of ecosystem, remain on top of the list needing urgent attention.

“More must be done on all these fronts. Success in reaching the global goals will depend not only on the quantity of funding that is made available. More than ever, better investments are needed,” said the department.

The DWS has highlighted the private sector as a powerful actor and partner in promoting sustainable development in ways that go far beyond funding. Companies provide jobs, infrastructure, innovation, social services, and more.

“Development co-operation can help unlock the potential of such investment. Sound public policies and good governance across the board play a crucial role in shaping the quality of investment,” concludes the department.