Recent announcements from businesses may suggest a U-turn in corporate engagement with the Sustainable Development Goals (SDGs). Over the last weeks several multi-national companies and investors, many of them with headquarters in the United States, appeared to rethink their commitment to social and environmental responsibilities. Signals are mixed, however, since at the same time global sustainable bond sales reached one trillion US$ for the second time.

At UNDP In Asia and the Pacific we look at this more as a shift than a retreat, and hence as an opportunity to redefine public-private partnerships, reassess the role businesses can play in driving meaningful development and what type of collaborations can really make a difference.

In 2024, we witnessed substantial growth in private sector engagement, in terms of collaboration, countries and resources the private sector invested in UNDP, suggesting a promising trend of businesses in the region seeking impactful involvement in SDGs. The region's dynamic backdrop, characterized by a strong push towards renewable energy, circular economy and economic reform, presents fertile ground for innovative collaborations.

Consider the Coca-Cola Foundation's recent partnership for example. This collaboration spans nine countries—Bangladesh, Bhutan, Cambodia, India, Maldives, Nepal, Philippines, Sri Lanka, and Vietnam—and focuses on addressing shared challenges such as plastic waste management and the situation of informal workers (according to our latest Regional Human Development Report representing 49 percent of workers in East Asia, 71 percent in South-East Asia, and 87 percent in South Asia). By targeting solutions that benefit these vulnerable workers, many of them women involved in waste management, this initiative represents a clear move from principles to practical actions and tangible outcomes.

Similarly, the partnership with Mizuho Financial Group exemplifies the growing trend of impact-driven collaborations. As the first collaboration between UNDP and a Japanese financial institution, this alliance aims to enhance Mizuho’s sustainable investment strategies through global advisory services. It underscores a potential shift toward localized, adaptive approaches within international companies.

Likewise, the partnership with Rockefeller Foundation aims to mobilize critical financing for climate action and ensure that marginalized communities have access to the resources they need to thrive. This collaboration demonstrates the significance of philanthropic partnerships which are a key to sustainable development.

One other key priority for the region: opportunities for youth, the partnership between with Citi Foundation anchored around the Youth Co:Lab initiative. Since 2017, we have been working to move a common agenda for countries in the region to empower and invest in SDGs through leadership, social innovation and entrepreneurship. Over 300,000 youth have been directly engaged in Youth Co:Lab, with 3,200 social and business projects run by youth being supported.

These are just some among the collaborations we have with corporations in the region. And across them, there are some common elements in what shapes that journey for growing business engagements with SDGs and what we can look for as we engage further:

• Touch it, see it: A focus on visible demonstrable solutions beyond stating broad principles, that calls for more solutions-oriented collaborations.

• Larger scale from the start: ‘Showing up’ with greater reach and sizeable impact from design intent to adequate funding from the get-go; it is clear to both that the cost of small unconnected initiatives is of little value to this partnership.

• Connecting the dots: Sustainable development is rarely about a single issue. Addressing interconnected challenges - like informal workers’ conditions and plastic waste management, or youth empowerment and skills with innovation and financing ecosystems - captures the complexity of what needs to be done to make change happen.

• Hands-on co-creation and communication: Effective partnerships require genuine collaboration from conception, pitch and then getting it done. This means leadership level support, leveraging complementary expertise from both parties, and shared trust to also course correct when needed.

• Attention to local realities: Working with more context specific needs requires tailoring strategies to the distinct needs of a locality or community, so the partnerships are more immediately relevant and effective.

As businesses reassess their commitments and contributions to improving the state of the world, and hence to the health of their market environments and consumer base, UNDP remains uniquely positioned in the Asia-Pacific region to expand its strategic engagements with the private sector. This ranges from businesses involved in agriculture and industry, to finance and services – sometimes to do so directly, and sometimes through their philanthropic arms or Trusts. The engagements can range from development services, work on sustainable finance instruments, and policy and regulatory frameworks to establish demonstration labs for social innovation or extending  services to those otherwise out-of-reach.

The turning point must be an acceleration towards the SDGs and not be deterred or turn away. As businesses stand at this inflection point, we must showcase those private sector and philanthropic partnerships that deliver high value for sustainable development, and co create many more.