Another look at achieving the United Nations Sustainable Development Goals: using extraction projects as a source for financing impact projects?

Abstract

A workable definition of a successful project is ‘a project which has achieved its pre-set objectives’. 1 1 Arent van Wassenaer, A Practical Guide to Successful Construction Projects (Routledge 2017), 6. The immediate follow-up question is: which and whose objectives? Traditionally, project objectives are (1) budget, (2) time and (3) quality, also known as the triple constraint or iron triangle. If, however, the objectives were also to include (4) completion and operation of the project to the satisfaction of all relevant stakeholders, 2 2 Kate Davis, ‘An Empirical Investigation into Different Stakeholder Groups Perception of Project Success’ (2017) 35 International Journal of Project Management 604. and (5) without disputes, it would be possible to develop objectives that are aligned for all stakeholders involved. Including stakeholder objectives with the associated environmental objectives brings such projects within the realm of the triple bottom line concept of balance or harmony among economic, social and environmental interests. 3 3 Martina Huemann and Gilbert Silvius, ‘Projects to Create the Future: Managing Projects Meets Sustainable Development’ (2017) 35 International Journal of Project Management 1066. Such stakeholders should include not only the developer or employer of projects but also, typically, the contractor(s), project team, operator, clients, users, funders, relevant authorities and affected communities. If the interests of such stakeholders – whether using Free Prior and Informed Consent processes or not – could be mediated into high-level aligned objectives, ideally, there would be no conflicting interests. Thus, a higher probability of achieving success would be within reach. For the development of successful impact projects (ie projects with a positive impact on one or more of the United Nations (UN) Sustainable Development Goals (SDGs) while generating revenue), the challenge is to identify relevant multi-stakeholder groups and to develop a joint ‘Ecosystem of Shared Value’. 4 4 Kramer, Mark R., and Marc W. Pfitzer. ‘The Ecosystem of Shared Value’ (October 2016) 94 (10) Harvard Business Review 81. Probably, such projects would be part of larger portfolios or programmes leading to the development of corridors as an umbrella for further projects combining infrastructure, energy and related sectors. It is worth further considering to what extent location-dependent projects – such as those developed by the extraction industry, water or power projects – could act as cost drivers and catalysts for sustainable economic development, social and environmental benefits, as part of a long-term vision for regions to be developed.