According to the UN, meeting the Sustainable Development Goals and the Paris Agreement could cost up to $7 trillion each year up to 2030. The role of private finance is essential. ShareAction has been working closely with the Make My Money Matter campaign to launch a ‘declaration’ at this year's UN General Assembly, calling for bold reforms of private finance that drive the achievement of the SDGs.
This is the first step in building and demonstrating support for action, and all stakeholders – including ShareAction supporters – have a role to play.
As we enter 2020 – a year which must launch a decade of delivery to achieve the Sustainable Development Goals and meet the Paris Climate Agreement – urgent course-correcting action must be taken to end extreme poverty, avert catastrophic climate change and beat back inequality.
Transforming the way investment works is in the best interests of our planet and of all people. Global finance is everyone’s business. Its influence – for good and ill – reaches every community and corner of our planet.
We, the individuals and diverse organisations signing this Declaration, commit ourselves to acting in line with this Declaration and we call on all partners to join us.
What everyone can do
We are asking everyone, young and old, to ask whether their finances are sustainably invested and to demand that their money is clearly and transparently invested in a way that is aligned with their values, that limits harm, and that creates positive impact towards achieving the Sustainable Development Goals - so that they can be proud their money is working towards a better world, as well as a secure future for them and their families.
What the private sector must do
Businesses and investors must support sustainable finance and give people the information, tools and products to ensure that their money is invested in line with their values and the Sustainable Development Goals, including asking people if they have ethical, social or environmental concerns and giving them greater voice in the governance of the companies managing their money. They should report their impact on the SDGs to an agreed upon global standard, building on existing efforts.
What the public sector must do
Local, national and regional governments must take action through policy, regulations and laws to reform business activity and investment, supporting the right of citizens to ensure their money is supporting the SDGs.
What the United Nations must do
The UN should commission a multi-stakeholder expert group - bringing together existing efforts - to develop global standards for measuring and reporting on the impact of business and investment activity on the SDGs. It is crucial for the UN to champion sustainable finance globally and at national levels - this is one of the key ways to achieve its Goals.
We are at a crossroads and there is no time to be lost. We all must play our part. We have to make our money matter and make The Sustainable Development Goals happen.
