Today, people around the world face multiple, concrete, and often overlapping crises – from pandemics and climate change to gender inequality and poverty. The scale of these challenges is beyond the capacity of the public sector alone. The private sector can and should play a pivotal role in advancing sustainable development.
Private sector partnership enables the mobilization of financial resources for implementing large-scale sustainable development projects. By facilitating private capital investment pipelines, governments can tap into substantial capital and expertise of business, channeling resources towards initiatives that promote economic development while ensuring environmental stewardship, social equity and security. These partnerships not only enhance the effectiveness of public sector projects, but also create a sense of shared responsibility, emphasizing the interconnectedness of economic prosperity, social well-being and environmental sustainability in the journey towards a more livable planet.
This Fireside chat will frame the discussions of the Law, Justice and Development Week, where the theme for this year is “Partnering for Impact: Enabling and Mobilizing the Private Sector for Sustainable Development”. Furthermore, it seeks to address the following key questions:
1. How can the private sector and development finance institutions partner in new ways to address the most pressing sustainable development challenges that are now seem more formidable in light of the specter of Climate Change?
2. How can the private sector be mobilized effectively, as a partner to governments and Development Finance Institutions?
3. How is the World Bank facilitating private finance through improving business enabling conditions and strengthening institutions?