Sustainable Development Goals as a determinant for international private sector philanthropy in the developing world

Abstract

Achieving the Sustainable Development Goals (SDGs) requires not only national budgetary revenues but also the private sector and other funding sources. A significant number of development actors consider the private sector to be an essential partner and advocate for development cooperation. International development places a special emphasis on formalised private philanthropic organizations. This study examines how the Sustainable Development Goals affect the flow of private philanthropic aid to developing countries. The study also wants to know if private development funding is utilised for development alone or other purposes. Secondary sources of information from credible books, journals, and official reports from various development organizations were used in the study. Thus, a desktop qualitative analysis was used to examine the data. The paper bases its argument on the dual interest model, which contends that recipient needs and donor interests influence private-sector giving. The study finds that corporate philanthropists have made SDG targets a major theme in their programmatic and financial work. The results show that corporate philanthropists' involvement in SDG initiatives is often driven by a variety of factors, including both the business and development aspects of the SDGs. The study also shows that although private philanthropy is crucial to achieving the SDGs, it struggles to maintain its transparency and impact. To achieve the SDG targets, the study suggests that the private sector increase its involvement and improve cooperation with other stakeholders. The study also concludes that to improve policymaking and create a more effective development finance spectrum, more research on the relationship between business and development financing is needed.  This paper contributes to the larger conversation concerning the function and effects of private sector support for the SDGs in developing nations.

Keywords: {'name': 'Sustainable Development Goals, Philanthropy, Corporate Social Responsibility, Foundations.'}

Authors & affiliations

Hulisani Takalani
Affiliation not supplied

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