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‘This book argues that meeting the UN Sustainable Development Goals will require the united efforts of governments and the private sector. It injects a welcome note of realism into this hugely ambitious task.’

–Kichimoto Asaka, Professor of Law, University of Tokyo

‘Digital innovation and financial technology, supported by the fourth Industrial Revolution technology such as Blockchain technology and others, have a critical role to play in meeting the United Nations Sustainable Development Goals. This exciting book explores how nations and businesses can join together to successfully achieve the goals.’

–Kanya Hirunwattanapong, International College of Digital Innovation, Chiang Mai University, Thailand

Sustainable Development Goals

Harnessing Business to Achieve the SDGs through Finance, Technology, and Law Reform

 

 

Edited by Julia Walker, Alma Pekmezovic, and Gordon Walker

 

 

 

 

 

 

 

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This edition first published 2019
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About the Editors

Julia Walker is a senior business executive with extensive experience in the private sector principally in finance, technology, and risk management. She currently runs market growth and strategy across Asia Pacific for Refinitiv, one of the world's largest providers of financial markets data, infrastructure and risk intelligence. Julia previously was a director at UBS Investment Bank in London and Singapore.

She is a member of the United Nations Secretary Generals Task Force on Digital Financing of the Sustainable Development Goals and a Professional Advisory Board member of the Asian Institute of International Financial Law. An advocate of gender equality, financial inclusion, and sustainable development, Julia believes the private sector can play a significant role in the SDG's. She has appeared in articles by Innovation Australia, Asian Private Banker and Risk.net; and is a frequent speaker at events including the World Economic Forum and Money2020. She is also a guest lecturer at Hong Kong University's Faculty of Law FinTech MOOC on Regulatory Technology.

Julia is an alumnus of the University of Canterbury, New Zealand and the University of Cambridge's Institute of Sustainable Leadership.

Dr Alma Pekmezovic is a consultant to the Asian Development Bank. Her key areas of expertise include capital markets law, corporate law and governance, and commercial law reform. She has published numerous law journal articles on these topics and is the coauthor of three books. During 2006–2015, Dr Pekmezovic taught corporate and commercial law at La Trobe University School of Law, Melbourne, Australia. She was a Lecturer in Law at Bucerius Law School in Hamburg (2015–2018) and a Visiting Research Fellow at the Max Planck Institute for Comparative and International Private Law in Hamburg, Germany.

Dr Pekmezovic is admitted as an attorney-at-law in New York, United States, and as a Barrister and Solicitor in Australia. She is a BA and LLB (Hons) graduate of the University of Melbourne School of Law, Melbourne, Australia, and holds an LLM degree from UCLA Law School, Los Angeles, United States, where she served as an editor of the UCLA Pacific Basin Law Journal.

Dr Gordon Walker, SJD (Duke) is an Emeritus Professor of La Trobe University, Melbourne, Australia; Adjunct Professor at Curtin University School of Law; Visiting Professor, University of Padua Law School, Italy; and an advisor to the Asian Development Bank (ADB) designated as International Business Law Expert and International Financial Sector Expert. His research contracts at the ADB principally involve law reform in the areas of securities regulation, company, secured transactions, and FinTech within the Private Sector Development Initiative (PSDI-III) in the South Pacific.

Professor Walker was formerly Professor of Law, Qatar Foundation, Doha, Qatar (2015–2016); Professor of Commercial Law (1999–2015) and Head of Law School (2004–2007) at La Trobe University School of Law; Paul Hastings Visiting Professor at Hong Kong University School of Law (2006); Wallace Fujiyama Visiting Professor at the University of Hawaii (2008 and 2010); Visiting Professor (MBA program) at Hong Kong University of Science and Technology (2009); Visiting Faculty, Duke University Law School Summer School Program in Hong Kong (2010); Visiting Professor at the University of Houston Law Centre (2009–2016); Adjunct Professor at Texas Tech University School of Law (2009–2016); and Consultant to the European Bank for Reconstruction and Development, London, UK (2011–2012). He has published widely on securities regulation and is best known internationally for the twin multivolume treatises on international securities regulation published by Westlaw in the United States – the eight-volume treatise International Securities Regulation and the five-volume treatise International Securities Regulation Pacific Rim.

Notes on Contributors

Dr Inna Amesheva holds a PhD in climate change law and policy from Hong Kong University Law School. She is an Associate at Arabesque S-Ray, where she focuses on mainstreaming sustainable finance through the power of technology, big data, and artificial intelligence. Inna has a background in innovation and entrepreneurship, gained throughout Europe and Asia. She also serves as a UN SDSN Youth Project Officer, focusing on Solutions Initiatives and developing Digital Ecosystems that foster SDG youth entrepreneurship. Inna is passionate about environmental sustainability and enhancing economic opportunity for all.

Dr Douglas W. Arner is the Kerry Holdings Professor in Law at the University of Hong Kong and one of the world's leading experts on financial regulation, particularly the intersection between law, finance, and technology. At HKU, he is Faculty Director of the Faculty of Law's LLM in Compliance and the Regulation, LLM in Corporate and Financial Law and the Law, Innovation, Technology, and Entrepreneurship (LITE) Programmes. He is a Senior Visiting Fellow of Melbourne Law School, University of Melbourne, an Executive Committee Member of the Asia Pacific Structured Finance Association, and an independent non-executive director of the Nasdaq-listed Aptorum Group. He led the development of the world's largest massive open online course (MOOC): Introduction to FinTech, launched on edX in May 2018, now with over 35,000 learners spanning every country in the world. From 2006 to 2011 he was the Director of HKU's Asian Institute of International Financial Law, which he cofounded in 1999, and from 2012 to 2018, he led a major research project on Hong Kong's future as a leading international financial centre. He was an inaugural member of the Hong Kong Financial Services Development Council, of which he was a member from 2013 to 2019. Douglas served as Head of the HKU Department of Law from 2011 to 2014 and as Co-Director of the Duke University-HKU Asia-America Institute in Transnational Law from 2005 to 2016. He has published 15 books and more than 150 articles, chapters, and reports on international financial law and regulation, including, Reconceptualising Global Finance and Its Regulation (with Ross Buckley and Emilios Avgouleas; Cambridge, 2016) and The RegTech Book (with Janos Barberis and Ross Buckley; forthcoming, 2019). His recent papers are available on SSRN at https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=524849, where he is among the top 150 authors in the world by total downloads. Douglas has served as a consultant with, among others, the World Bank, Asian Development Bank, APEC, Alliance for Financial Inclusion, and European Bank for Reconstruction and Development, and has lectured, co-organised conferences and seminars, and been involved with financial sector reform projects around the world. He has been a visiting professor or fellow at Duke, Harvard, the Hong Kong Institute for Monetary Research, IDC Herzliya, McGill, Melbourne, National University of Singapore, University of New South Wales, Shanghai University of Finance and Economics, and Zurich, among others.

Martin Blessing was appointed co-President of Global Wealth Management of UBS Group AG and UBS AG as of February 2018. Prior to this, he was President of Wealth Management, effective January 2018. He held the positions of President of Personal and Corporate Banking of UBS Group AG and President of UBS Switzerland, as well as President of the Executive Board of UBS Switzerland AG from September 2016 to December 2017. He became a member of the GEB in September 2016. Before joining UBS, he worked for 15 years for Commerzbank AG, from 2008 to April 2016 as Chief Executive Officer. Before, he held various senior management positions; from 2004 to 2008, he was Head of Corporate Banking and from 2006 onward was also responsible for IT & Operations. From 2001 to 2004, he was Head of Private Clients. Before joining Commerzbank, from 2000 to 2001 he was Chief Executive Officer of Advance Bank, a subsidiary of Dresdner Bank AG. From 1997 to 2000, he acted as Dresdner Bank's joint Head Private Clients. From 1989 to 1996, he worked for McKinsey & Company, the last two years as Partner. Martin Blessing holds an MBA from the University of Chicago and in 1987 graduated from the University of St. Gallen with a degree in business administration.

Ross Buckley is the KPMG Law – King & Wood Mallesons Professor of Disruptive Innovation and a Scientia Professor at UNSW Sydney. His research focus is FinTech, RegTech, and blockchain. His research on these topics has been downloaded more often from the Social Science Research Network than that of any other social scientist. His joint world-first research has (i) developed the generally accepted timeline for the evolution of FinTech; (ii) reconceptualised the true potential of RegTech; (iii) undertaken the first comprehensive analysis of the liabilities of blockchain; and (iv) analysed the rise and regulation of initial coin offerings, in a forthcoming article in the Harvard Journal of International Law.

He chairs the Digital Finance Advisory Panel of ASIC, and has consulted to government departments in ten countries, including Australia and the United States. He consults regularly to the Asian Development Bank, and has twice been a Fulbright Scholar, at Yale and Duke.

Emily Chew is Managing Director, Global Head of ESG, Manulife Investment Management. She leads Manulife Investment Management's team of dedicated ESG research and integration analysts to advance the firm's ESG agenda. She oversees the team of ESG analysts that work with portfolio management teams on progressing ESG integration processes and conducting ESG engagement with investee companies; works with Manulife Investment Management's sales and product teams on ESG strategy and marketing; and represents Manulife Investment Management on various industry groups and collaborative initiatives.

Before joining Manulife Investment Management, Emily was Head of ESG Research for Asia-Pacific at MSCI Inc., where she led a team of nine ESG analysts across the region, commencing her role in Beijing and later continuing in Hong Kong. Her team had oversight into research quality and issue identification for approximately 1,200 stocks, and under her leadership produced original research on the relevance of ESG to Asian and emerging markets, with a particular emphasis on China. Prior to that, she was a capital markets lawyer with Baker & McKenzie in Melbourne, Australia, with a focus on funds management, capital raisings, and REITs.

Emily holds an MBA from the University of Oxford, and Bachelor of Laws and Bachelor of Arts from the University of Melbourne. She is a member of the United Nations-sponsored Principles for Responsible Investment's Listed Equities Integration Subcommittee, and the Steering Committee for the Climate Action 100+ global collaborative investor engagement initiative. She previously served as chair of the Asian Investor Group on Climate Change's Member Working Group from 2016 to 2018.

Margaret Childe is the Director of Environmental, Social, and Governance (ESG) Research and Integration at Manulife Investment Management responsible for working with Manulife IM's Canada-based investment teams on ESG integration, identifying and managing ESG risks and opportunities for Canadian portfolios. Margaret also works on global ESG integration projects and methodologies for ESG product development, and represents Manulife IM's ESG capabilities among the local investment community.

Previously, Margaret was a senior manager of ESG advisory services at Sustainalytics, where she helped asset owners and investment managers in Canada and the United States to develop and implement sustainable and responsible investment strategies, including ESG integration and impact investing solutions. Earlier, Margaret managed RBC Capital Market's collateral management desk and was an associate on the Global Equity Linked Products desk. Margaret has also worked for Save the Children and the Intergovernmental Oceanographic Commission. Margaret is fluent in French.

Alex Clark is a climate finance analyst at the Climate Policy Initiative in San Francisco. He is also a Researcher at Harvard Kennedy School supporting Professor Henry Lee on electric vehicles, environmental economics, and other select topics. Alex is a former Henry Fellow at Harvard University and a graduate of Oxford University (MSc) and Warwick University (BA Hons. First Class), with an exchange at Sciences Po in Paris. He is also an advisor, and previously Project Leader for Operations, with UN SDSN Youth, and youth delegate to the COP21/COP22 climate conferences.

Helen Clark was Prime Minister of New Zealand for three successive terms from 1999 to 2008. She was the first woman to become Prime Minister following a General Election in New Zealand and the second woman to serve as Prime Minister.

Throughout her tenure as Prime Minister and as a Member of Parliament over 27 years, Helen Clark engaged widely in policy development and advocacy across the international affairs, economic, social, environmental, and cultural spheres. She advocated strongly for a comprehensive programme on sustainability for New Zealand and for tackling the challenges of climate change. She was an active leader of her country's foreign relations, engaging in a wide range of international issues.

In April 2009, Helen Clark became Administrator of the United Nations Development Programme. She was the first woman to lead the organisation, and served two terms there. At the same time, she was Chair of the United Nations Development Group, a committee consisting of all UN funds, programmes, agencies, and departments working on development issues. As Administrator, she led UNDP to be ranked the most transparent global development organisation. She completed her tenure in April 2017.

Helen Clark came to the role of Prime Minister after an extensive parliamentary and ministerial career. Prior to entering the New Zealand Parliament, Helen Clark taught in the Political Studies Department of the University of Auckland, from which she earlier graduated with her BA and MA (Hons) degrees.

Helen continues to speak widely and be a strong voice on sustainable development, climate action, gender equality and women's leadership, peace and justice, and action on noncommunicable diseases and on HIV. She serves on a number of advisory boards and commissions, including in the capacity of Chair of the Advisory Board of UNESCO's Global Education Monitoring Report. In June 2019, she assumed the Chairpersonship of the Extractive Industries Transparency Initiative. She is also the Patron of The Helen Clark Foundation, which has been established as a think tank to support evidence-informed debate on issues which Helen has been passionate about all her life.

Brent Fisse has acted for clients on competition law in a wide range of industries, some in the public sector. Brent was a partner of Gilbert + Tobin in Sydney from 1995. Since retiring from Gilbert + Tobin in 2004, he has run his own practice (Brent Fisse Lawyers) and is also a Special Counsel at Resolve Litigation Lawyers.

Until 2019, he acted as consultant to the Asian Development Bank, mainly on competition law and policy reviews in Pacific Island economies, including Papua New Guinea and Fiji.

Brent was a professor of law at the University of Sydney from 1985 to 1995, and is now an Honorary Professor there and an Adjunct Professor, Australian School of Taxation and Business Law, UNSW Business School. He is the coauthor (with Caron Beaton-Wells) of Australian Cartel Regulation (2011) and author of various papers on competition law.

Brent is a member of the American Bar Association Antitrust Section and the Law Council of Australia's Competition and Consumer Committee.

Iason Gabriel is a Senior Research Scientist at DeepMind in the Ethics and Society team. Before joining DeepMind, he was a Supernumerary Teaching Fellow in Politics at St Johns College, Oxford, and a part-time researcher at the Mind, Behavior, and Development Unit of the World Bank.

Varun Gauri is Senior Economist in the Development Economics Vice Presidency of the World Bank, and Co-Head of the Mind, Behavior, and Development Unit (eMBeD), which integrates behavioural science into the design of antipoverty policies worldwide. He was Co-Director of the World Development Report 2015: Mind, Society, and Behaviour.

Dr Geoff Kendall is an entrepreneur whose experience spans sustainability consulting, high-tech start-ups, corporate communications, and academic research. Geoff holds a PhD in artificial intelligence, and has cofounded two software businesses. The second of these was acquired by a global technology company, where Geoff went on to serve as marketing director for three years.

Geoff switched careers in 2010, joining SustainAbility, a London-based think tank, and for four years he led the communications team and advised some of the world's biggest corporations on sustainable business models. In early 2014, Geoff left to set up the Future-Fit Foundation.

Guillaume Lafortune is Manager at the UN Sustainable Development Solutions Network (SDSN), where he leads the work on data and statistics for the SDGs, including the production of the SDG Index and Dashboards Report. Previously, he served as an economist at the Organisation for Economic Co-operation and Development (OECD), working on public governance reforms and statistics. Earlier, Guillaume worked as an economist at the Ministry of Economic Development in the Government of Quebec (Canada).

Julian Payne is an Associate at The Carbon Trust and Senior Project Advisor at UN SDSN Youth, focusing on green finance issues. Julian has also served as the Project Leader for SDSN Youth's work on Youth, Peace , and Security and as a member of its Research and Policy team. Previously, Julian worked as a Research Associate at the UCL Department of Science, Technology, Engineering , and Public Policy. He holds an MSc in Comparative Political Economy from the LSE and a BA in Philosophy and Linguistics from the University of Konstanz, with an exchange at the University of Durham.

Dr Mahmoud Mohieldin is a Senior Vice President at the World Bank Group, responsible for the 2030 Development Agenda, UN Relations and Partnerships. Before joining the World Bank Group, Dr Mohieldin held numerous senior positions in the Government of Egypt, including Minister of Investment from 2004 until 2010. He also served on several Boards of Directors, including the Central Bank of Egypt, as well as in the banking and the corporate sectors. Dr Mohieldin was a member of the Commission on Growth and Development, and was selected by the World Economic Forum as a Young Global Leader.

Dr Mohieldin is a Professor of Economics and Finance at Cairo University. He is also an Honorary Professor at Durham University, UAEU, and Nile University, and is member of the Advisory Board of the Durham Business School. Dr Mohieldin has held leading positions in national and regional research centres and think tanks. He has authored numerous publications and articles in the fields of international finance, growth, banking, financial development, and economic planning. He received his PhD in Economics from the University of Warwick; an MSc in Economic and Social Policy Analysis from the University of York; and a BSc in Economics, first in the order of merit, from Cairo University.

Suresh Nanwani is a CEDR Accredited Mediator; Honorary Associate Professor at Australian National University; Visiting Professorial Fellow at University of New South Wales; Honorary Research Fellow at Birkbeck University of London; and Visiting Fellow at Global Policy Institute in Durham University. He is a Member of Practitioners' Board at Global Policy; and Executive Council Member of the Society of International Economic Law. He has 30 years of development experience in international organisations, including the World Bank and was formerly Advisor at Asian Development Bank and Counsel at European Bank for Reconstruction and Development. He has published on international financial institutions, law and development, and governance and accountability.

Tom Naratil became co-President of Global Wealth Management of UBS Group AG and UBS AG in February 2018. In January 2018, he became CEO of UBS Americas Holding LLC. He was appointed President UBS Americas of UBS Group AG and UBS AG in January 2016. He previously served as President Wealth Management Americas from 2016 to 2018. He became a member of the GEB in June 2011 and was Group CFO of UBS AG from 2011 to 2015. He held the same position for UBS Group AG from 2014 to 2015. In addition to the role of Group CFO, he was Group Chief Operating Officer from 2014 to 2015. He was President of the Executive Board of UBS Business Solutions AG from 2015 to March 2016. He served as CFO and Chief Risk Officer of Wealth Management Americas from 2009 until his appointment as Group CFO in 2011. Before 2009, he held various senior management positions within UBS, including heading the Auction Rate Securities Solutions Group during the financial crisis in 2008. He was named Global Head of Marketing, Segment & Client Development in 2007, Global Head of Market Strategy & Development in 2005, and Director of Banking and Transactional Solutions, Wealth Management USA, in 2002. During this time, he was a member of the Group Managing Board. He joined Paine Webber Incorporated in 1983 and after the merger with UBS became Director of the Investment Products Group. Mr Naratil holds an MBA in economics from New York University and a Bachelor of Arts in history from Yale University.

Martin Rich is a sustainability and impact investment specialist, with over 20 years' experience in both mainstream and social investment. Martin cofounded Future-Fit Foundation six years ago with a vision of helping to create a society which is environmentally restorative, socially just, and economically inclusive. The foundation's free-to-use tools enable businesses to take practical steps towards – and ultimately beyond – the SDGs, and empower investors to understand the total impact of their portfolios and thus direct capital accordingly.

Dr Guido Schmidt-Traub is Executive Director of the UN Sustainable Development Solutions Network (SDSN), which operates under the auspices of the UN Secretary-General to support the implementation of the Sustainable Development Goals and the Paris Climate Agreement. Guido leads the SDSN's policy work, including on long-term pathways for sustainable land-use and food systems, financing for development, and the SDG Index and Dashboards. He serves on the Governing Council of Future Earth and other advisory bodies.

Dr Jon Truby is Associate Professor of Law and Director of the Centre for Law & Development at the College of Law, Qatar University, Doha, where he manages several million dollars of research grants delivering solutions in fields related to law and technological innovation. A lawyer and legal academic, he specialises in law and policy related to digital and financial innovation, and the application of legal and fiscal tools in sustainable development policy. He joined Qatar University in 2010 from Newcastle University School of Law in the United Kingdom, where he taught and completed his doctorate in environmental taxation law. He is an avid publisher and is currently researching legal fields in blockchain, artificial intelligence, cybersecurity, and financial technology. He recently spoke at the United Nations on Blockchain's energy consumption problem.

Dr Benjamin Walker is a Senior Lecturer in the School of Accounting and Commercial Law at Victoria University of Wellington, New Zealand. He received his undergraduate degrees in Law and Finance from the University of Otago. He completed a Master of Laws in International Tax and a PhD (with honours) from the Vienna University of Economics and Business. He also has four years of experience in Australia, the United Kingdom, and Germany advising large companies on international tax issues. Benjamin currently teaches a number of undergraduate and postgraduate courses in Taxation and his research agenda explores various international tax issues.

Alastair Wilson is Managing Director and Head of Moody's Sovereign Risk Group. In this capacity, he leads Moody's global team of sovereign risk analysts, with responsibility for maintaining the quality of Moody's sovereign ratings and for the analytical leadership Moody's aims to provide to investors and issuers through its research. Until August 2014, Alastair was Chief Credit Officer in EMEA, responsible for the quality and consistency of Moody's credit standards and methodologies across all franchises within the region. He joined Moody's in September 2010 following 21 years at the Bank of England. At the bank, he worked in a variety of roles in banking supervision, FX and reserves management, banking operations, and financial stability. Alastair graduated from St John's College, Oxford University, in 1988, having studied Philosophy, Politics, and Economics. He is based in London.

Simon Zadek is currently Principal of Project Catalyst at the United Nations Development Program, where he has lead responsibility for the Secretary General's Task Force on Digital Financing of the Sustainable Development Goals. He was until recently Senior Advisor on Finance in the Executive Office of the UN Secretary-General, and prior to that ran an international inquiry on financial markets and sustainable development, where he co-led China's Green Finance Task Force with the People's Bank of China. He has held many academic posts, including Visiting Professor at the Singapore Management University and Copenhagen Business School, and Visiting Scholar at Harvard's John F. Kennedy School of Government and Tsinghua School of Economics and Management. He has been Senior Advisor to the World Economic Forum, and Senior Fellow at the Global Green Growth Institute. He founded and was until 2009 Chief Executive of the international think tank AccountAbility. Simon's book, The Civil Corporation, was awarded the Academy of Management's prestigious Best Book on Social Issues in Management, and his Harvard Business Review article, ‘Paths to Corporate Responsibility’ is widely used as a reference point in understanding emergent sustainability strategies. He has advised companies worldwide on sustainability issues.

Dirk Zetzsche is the ADA Chair in Financial Law (inclusive finance) at the University of Luxembourg and non-Executive Director at the Centre for Business and Corporate Law at Heinrich Heine University in Düsseldorf, Germany. His research focus is on alternative investment funds, corporate law, FinTech, RegTech, and blockchain. Professor Zetzsche is listed on SSRN within the Top 20 law scholars globally by downloads in the past 12 months. He is the author of more than 200 publications in English and German, among them some standard treatises on collective investment schemes, cross-border financial services, and corporate law. Professor Zetzsche has advised various regulators and supervisors around the world and functions, among others, as member of the European Securities and Markets Authority's (ESMA) Consultative Working Group on Financial Innovation (‘FinTech Committee’).

Foreword

Mahmoud Mohieldin

The 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals (SDGs) are ambitious and define global priorities and aspirations for 2030.

The SDGs seek ‘to end extreme poverty in all its forms and to have in place the building blocks of sustained prosperity for all’. Their success relies heavily on action and collaboration by all actors, including governments at the national and subnational levels, in addition to civil society and the private sector.

Yet the path to achieving this 2030 Agenda is obstructed by daunting, overlapping challenges, including climate change, fragility and conflict, pandemics, and many others. The ambitious spirit of the SDGs requires an unprecedented mobilisation of financial resources, knowledge, and partnerships at the global, national, and subnational levels.

Mobilising the necessary financial resources is an essential component for achieving the SDGs, and there are many innovative developments that will contribute to the global efforts. In July 2015, Financing for Development entered a new era, when the global community agreed to the Addis Ababa Action Agenda. The global development community is committed to seeking new approaches to move the discussion from ‘billions’ in Official Development Assistance to ‘trillions’ in financial resources of all kinds: public and private, national and global. The world needs intelligent development finance that goes well beyond filling financing gaps and that can be used strategically to unlock, leverage, and catalyse private flows and domestic resources.

Notwithstanding the critical role finance plays in supporting countries to implement the 2030 Agenda for Sustainable Development, we need to complement these efforts with new approaches, new tools, to build momentum and accelerate progress.

We need to support countries in harnessing technology that is disrupting traditional economic markets. We can do this by embracing the power of technology in areas such as FinTech, to improve access to finance as well as to better harness the power of big data to support policy decisions linked to the SDGs. A recent World Bank Group World Development Report, entitled ‘Digital Dividends’, documents many examples where digital technologies have promoted inclusion, efficiency, and innovation. At the same time, technological advancements could leave millions behind. Our data shows that digital adoption by firms in developing countries has been slow. Automation is disrupting labour markets and will displace a significant number of jobs over the next few decades. And let's not forget that 3.6 billion people still have no internet access at all.

Leveraging technology for the public good requires global cooperation and partnerships to amplify its benefits, and to identify the risks and mitigate them. Ten years after the financial crisis, we have learned that preventing and dealing with risks early on is less costly in financial and human terms than tackling these issues too late.

Technology offers new opportunities but also introduces new risks, including increased inequality within and between countries. Urgent action is needed to maximise potential benefits and mitigate risks. We will need to help countries invest more – and more effectively – in their people to prepare for what is certain to be a more digitally demanding future. The need of the hour is for strong partnerships to build sustainable and technology-led economies, and to expand the capacity of people and institutions to thrive in this rapidly evolving environment.

This book is an excellent resource of information and cutting-edge research by leaders from the development institutions, academia, business, finance, and the startup and entrepreneurial community who have provided innovative ideas, solutions, and entrepreneurial insight into what it would take to achieve the SDGs. Now more than ever we need visionary global solutions, and this book is an important step in helping us achieve a future that is more prosperous and just for all.

Mahmoud Mohieldin
World Bank Group Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships