Transforming markets for sustainable development

Governmental actors possess numerous assets in attracting firms to partnerships to advance sustainable development goals. As examples, national and subnational governments can shape markets for climate-friendly technologies by setting standards and influencing the availability of financing to introduce innovations. Governments also shape markets through their important role as consumers. Global multi-stakeholder initiatives enabling firms to interact with varied governmental actors can therefore provide companies with a voice to influence an evolving regulatory space and access to potential customers.

This article discusses these advantages in an analysis of corporate engagement with the Energy Efficiency Accelerator Platform of the Sustainable Energy for All (SEforALL) initiative. It provides an overview of explanations for voluntary corporate action to promote social goals, outlines the characteristics of firms participating in the accelerator platform, and examines the functions that the platform intends to fulfill. The analysis highlights economic rationales for firm participation and the value of the UN’s convening role.