When President Paul Kagame touched down on Zambian soil to launch the Sustainable Development Goals centre for Southern Africa in Lusaka on Wednesday 7th August, it was the culmination of months of preparation for what would be an important event for the country and the region.
Prior to this significant day was two important summits. The first was the Millennium Summit of the United Nations in 2000 which set out what were the Millennium Development Goals (MDGs) which were eight international development goals for the year 2015. Through a common set of goals, all 191 United Nations member states at that time, and at least 22 international organizations, committed to helping achieve the Millennium Development Goals by 2015.
The focus of the MDGs were centred around 3 core areas that needed development: human capital, infrastructure and human rights (social, economic and political), with the intent of increasing living standards. To achieve this, 8 goals with 21 targets and a series of measurable health indicators and economic indicators were set out for each target to be achieved by the member countries that signed up.
However, at the United Nations General Assembly on 25th September 2015, Sustainable Development Goals (SDGs) were then adopted as a success to the MDGs. Like the MDGs, these are bold universal agreements to end poverty in all its dimensions and craft an equal, just and secure world.
The SDGs had 17 goals and 169 targets and it covers multiple aspects of growth and development through a theme aptly known as “Transforming our world: the 2030 Agenda for Sustainable Development”, built on the principle agreed upon under resolution, “The Future We Want”.
The question many now ask is how are they so different? Well, the MDGs mainly targeted developing/least developed or poor countries. They were basically designed in the context of “rich donors aiding poor recipients.” SDGs on the other hand targets and applies uniformly to all the countries; rich, middle income and poor. Pundits argue that this is the key reason that MDGs could not focus holistically on development.
With the razor sharp focus that SDGs propose, financing the various initiatives will be key to the successful implementation in Zambia. Walking away from the begging bowl methodology of raising capital for initiatives such as clean water, will see Zambians raise up to learn about ways they can not only attract private capital towards funding of initiatives that create sustainable businesses but also access finance that was traditionally impossible to bring to Zambia.
An example of financing sources will be Green Bonds. Building the right intellectual capital that will be key an ensuring that we are able to access the finance and structure sustainable deals. Green finance offers small business an opportunity to structure their businesses in a manner that can allow them to scale up in key strategic areas that improve the lives of Zambians.