Resident Coordinator's speech: The 2nd Malaysian Sustainability Leadership Summit: Advancing Sustainability, Enhancing Public-Private-People Partnership

Tan Sri Michael Yeoh, President, KSI Strategic Institute for Asia Pacific

Datuk Seri Mohamed Iqbal Rawther, Chairman, The Economic Club of Kuala Lumpur

Professor Datuk Dr. Denison Jayasooria, Head of Secretariat, APPGM-SDG,

Ladies and gentlemen,

a very good morning to you all

Please allow me to extend my most sincere appreciation to the organizers of the Second Malaysia Sustainability Leadership Summit: KSI, the Economic Club Kuala Lumpur, the All-Party Parliamentary Group Malaysia on SDGs, and the Malaysian CSO-SDG Alliance for inviting the United Nations in Malaysia to be part of this important discussion on enhancing Public-Private-People Partnership to advance sustainability.

At this critical juncture marking exactly the half-way point to 2030, the globally set deadline for achieving the 2030 Agenda and the Sustainable Development Goals, this summit is very timely. It reaffirms the power of multi-stakeholder partnership collaboration and collective action at such a pivotal moment where the challenges we face require a comprehensive and inclusive approach.

The SDGs were endorsed in 2015 as a blueprint for achieving a better future for all; a comprehensive plan to end extreme poverty, fight inequality and injustice, and protect the planet, ensuring that no one is left behind. We knew back them where we needed to go and how to get there.

Halfway through the timeline of the 2030 Agenda, the SDGs remain our guiding star, but we also know today that the progress achieved is way below the speed and scale required to deliver on our goals.

The SDGs are off-track, globally and in Malaysia.

The 2023 report of the UN Secretary-General on SDG Progress carries sobering trends. More than half the world’s population are being left behind. On more than 30 per cent of the 169 SDG targets, we see regression and reversal, including on the fundamental goals of reducing poverty and hunger. Progress on another 50 per cent is weak and insufficient.

The COVID-19 pandemic undoubtedly caused economic disruption and dislocation. The Russian invasion of Ukraine and multiple conflicts and crises across the globe have had a devastating impact on vulnerable countries and communities.

But let us not forget that since its start, this 15-year global journey to transform our world has lacked bold transformations, inclusive and effective partnerships, and the resolve to empower individuals and communities to drive change. It also has lacked adequate financing.

The SDG Summit, which will take place during the General Assembly high-level week this coming September, aims to reigniting the global movement for the SDGs.

The Secretary-General has called upon world leaders to deliver a Rescue Plan for People and Planet, including national commitments to SDG Acceleration.

Key to this rescue plan are multi-stakeholder partnerships, to enable the leveraging of networks, expertise, and resources to drive collective transformative action. They are critical to advancing SDG implementation and civil society, youth, scientists, local and regional governments, the media each have an important role to play.

Ladies and Gentlemen,

The SDGs will simply fail without the private sector.

The business community in Malaysia is a core development actor with the potential to help bridge the development divide. We urgently need powerful private sector partnerships that invest in the transitions necessary to get the SDGs back on track.

Success in driving a just and inclusive energy transition relies on the private sector in all its diversity.

The private sector can play a crucial role in accelerating progress on the SDGs. Private business activity, investment and innovation are major drivers of productivity, employment, economic growth, and sustainability.

Companies, from micro-enterprises to multinationals, have a large impact on reducing carbon emissions, promoting inclusive social development, advancing gender equality, and creating decent work opportunities.

Fulfilling this role requires a clear stand and bold leadership to transform business models and economies, so they become more just and inclusive.

ESG should therefore not be viewed merely as a label or a box to check off, but rather as a value set which guides policies and actions.

ESG encapsulates the responsibility towards the environment, dedication to social well-being, and commitment to transparent and ethical governance.

Embracing ESG as a value set entails a holistic approach to business and society where economic prosperity, social equity, and environmental stewardship coexist harmoniously.

A thriving business sector also depends on the support of the government. Boldness to explore new grounds requires that the government create an enabling environment.

First, by designing policy and regulatory frameworks that better link profitability to sustainability.

Second, by embracing public-private partnerships as the way forward to address complex societal challenges and bridge the financing gap.

Ladies and Gentlemen,

You will all remember that prior to the adoption of the 2030 Agenda and SDGs in September 2015, member States first adopted the Addis Ababa Action Agenda as a complementary roadmap for SDG financing, through domestic resource mobilization, international cooperation, private sector engagement, and innovative financing mechanisms, among others.

Unlocking private business and finance has been one of the greatest challenges to achieving sustainable development.

The shortfall in SDG financing is of grave concern, with an estimated annual funding gap of USD 2.5 trillion globally.

The UN is currently supporting the Malaysia government as it develops its second SDG roadmap, the INFF (integrated national financing framework) and adopts tools for SDG costing and budgeting.

The 2023 Financing for Sustainable Development Report, released in April, highlights the imperatives of scaling up development cooperation and SDG investments, enhancing the international financial architecture, and accelerating national sustainable industrial transformations.

We need a bolder approach to financing and partnerships, with particular emphasis on local collaboration to address the needs of the most vulnerable.

Ladies and gentlemen,

It is essential to harness the transformative power of businesses in supporting SDG achievement through responsible practices, innovation, partnerships, and a collective commitment to building a sustainable and inclusive future for all.

Businesses in Malaysia have demonstrated their awareness and are increasingly aligning their strategies, operations, and values with the SDGs.

They are turning sustainability into a strategic business agenda and assuming their role as drivers of positive change.

The questions that your esteemed panelists will address today are key to engaging in an open and constructive conversation around the opportunities and the barriers, around how to create an enabling and conducive environment to setting targets and working together to achieve them.

Success in achieving the goals of the 2030 Agenda requires all of us to deepen our commitment and engagement to work together in creative new ways.

Unlocking the potential of public-private-people partnership in Malaysia is a great first step to harnessing the whole-of-society approach and achieving the SDGs.

Thank you.