The history of private sector engagement in sustainable development policy and practice is rife with controversy, with countless examples of powerful industry groups and businesses lobbying against progressive regulation. But these are now outnumbered by genuine partners and transformers supporting sustainable development or driving systems change. • Going forward, policymakers should: • recognize that diversity in private sector engagement can be harnessed for progress; • not rely too heavily on the potential of impact investing and similar profitdriven approaches for achieving sustainability; and • support entrepreneurs who are working for sustainable development.

A range of partnerships that mobilize private sector finance and expertise has evolved in the international sustainability space. For instance, the Land Degradation Neutrality Fund of the UN Convention to Combat Desertification (UNCCD), managed by the investment firm Mirova, blends resources from public, private, and philanthropic spaces for private sector sustainable land management and land restoration projects.

The Global Environment Facility has engaged in blended finance since its inception in 1992 to reduce risks for private finance to engage in sustainable development through non-grant instruments such as debt, guarantees, and equity. Cumulatively the GEF has invested over USD 800 million in 98 blended finance projects that have mobilized co-financing of USD 8 billion. One such example is the GEF-International Finance Corporation Greener Shipping Investment Platform, which aims to accelerate private sector investment into greener shipping that improves efficiency, reduces operating costs, increases fuel savings and provides significant carbon savings through blended finance.

These examples operate within the confines of existing socio-economic systems and focus on reducing harm and negative impacts of private sector activities. Greening existing systems is important and valuable and reducing harm is essential, but the question is whether it is enough to truly tackle issues like climate change and social inequality.