How private firms can help accelerate and streamline achievement of goals by 2030

Technological services have improved financial inclusion. PHOTO | POOL

In a world of complex and interconnected challenges, the private sector’s role in advancing sustainable development has never been more pivotal. Companies today have a unique opportunity, nay, a responsibility, to leverage technology effectively and accelerate progress towards the 17 interlinked Sustainable Development Goals (SDGs) to address development concerns for people and the planet.

The Global Goals, adopted by the United Nations, are a universal call to action to end poverty, protect the planet and ensure that by 2030, all people enjoy peace and prosperity.

Eight years since the adoption of the goals, the world continues to face challenges such as the climate crisis, supply chain challenges driven by the war in Ukraine, a weak global economy and the lingering effects of the Covid-19 pandemic that have hindered progress towards the Goals.

An SDG Progress Report released earlier this year by UN Secretary-General António Guterres showed that we are off track with 85 percent of the SDG targets despite being at the halfway point to the set deadline. This has had a direct impact on the world’s poorest and most vulnerable.

Achieving these goals, therefore, requires concerted effort, resources, and innovative solutions which is where the private sector comes into play.

Private companies can incorporate technology to accelerate and streamline the achievement of the Goals while utilising innovations at their disposal to help curb some of the most challenging issues in socioeconomic development.

According to a Force for Good report titled Technology for a Secure, Sustainable and Superior Future released in February this year, the use of technology will reduce the cost of SDGs by $55 million (approximately Sh 8 billion) which will enable the world to achieve 103 out of the 169 SDG targets.

We can explore how technology can and has contributed to the SDGs by focusing on a threefold investment approach: infrastructure, services and expertise or people.

Infrastructure such as solar panels have done well to reduce greenhouse gas emissions as we seek to address climate change. The World Economic Forum estimates that the use of solar energy is growing at a rate of 20 percent per year with projections that solar technology is expected to replace fossil fuels by 2050.

This will fast-track the attainment of SDG 7, which calls for clean energy. The investment in renewable sources of energy such as solar has also made access to power affordable.

In the healthcare sector, we are seeing innovations such as telemedicine bringing services closer to populations that are marginalised. In education, infrastructure supporting integrated learning is improving outcomes by ensuring studies are more interactive for learners and that education content reaches learners from wherever they are.

Technological services such as mobile money transactions have improved financial inclusion with more people having access to credit thus reducing inequalities and poverty.

According to the United Nations Development Programme, in 2022, countries which had successfully integrated mobile money reduced poverty by 2.6 percent. The use of mobile money has also empowered people economically.

However, the potential of technology to advance the SDGs also comes with challenges such as a growing digital divide, increased data privacy breaches, incremental cybersecurity threats, and ethical AI development. While we are addressing some of these challenges, we know a concerted effort and partnership with governments, businesses, civil society, and individuals is critical to ensure that technology does not exacerbate existing inequalities but instead bridges gaps and ensures no one is left behind.

At the 2023 United Nations General Assembly high-level week, we shared some of these lessons on how we can continue to use technology to create shared value.

We have a chance as the private sector to invent and create unique opportunities to improve people’s quality of life and contribute to sustainable livelihoods across Kenya.

At Safaricom, we have integrated nine SDGs into our business growth strategy. These are good health and well-being, quality education, decent work and economic growth, industry, innovation & infrastructure, reduced inequalities, responsible consumption & production, climate action, peace, justice and strong institutions, and partnership for the goals.

We continue to re-evaluate our business to understand better how to utilize technology to address social concerns as we gear up to achieving our vision of being a purpose-led technology company by the end of 2025.

Safaricom has collaborated and will continue to work with several partners to develop business solutions that address social issues in healthcare, education, agriculture, and clean energy.

Mr Kiptinness is the Chief Corporate Affairs Officer, Safaricom PLC.