Abstract
Given the challenges presented by climate change and related environmental pressure, a sustainable, investment-led development model, i.e., aligning investment with social and sustainability objectives, is needed to ensure long-term prosperity and generate sustainable growth. The UN’s Sustainable Development Goals (SDGs) was released to guide nations towards green and sustainable development and address governance deficits. The Belt and Road Initiative (BRI) launched by China, a development strategy involving investment in infrastructure development, intends to enhance regional connectivity, integration, and stimulate economic growth. These two agendas share the notion of ‘sustainable development’ and are growing increasingly relevant. Although various studies have analysed the sustainability of the BRI, the implementation of SDGs and the similarities and complementarities between the two initiatives, few of them touched on the possibility of the BRI to be a green and sustainable investment-led model by aligning the SDGs. This paper, thus, aims to contribute to the ongoing debate on sustainable development and infrastructure investment by exploring the possibilities and challenges of the BRI to be a sustainable, investment-led development model. By comparing these two agendas and seeking the linkages between them, this article recognises the potential of the BRI to play such a role while there are issues and risks of BRI that hinder the achievement of infrastructure development and sustainable investment. The paper recommends that, to exert the synergies from aligning the BRI and SDGs to seize substantial development benefits, it is necessary to enhance the sustainability of BRI projects, provide effective cooperation and communication with stakeholders, and adapt BRI to the national development policies of each partner country. Joint efforts taken by both state and non-state actors are indispensable.
Highlights
Sustainable development is increasingly becoming a mainstream concept on international policy agendas
This paper aims to explore the possibility and challenge of the Belt and Road Initiative (BRI) to be a green and sustainable investment-led model via integrating Sustainable Development Goals (SDGs)
This paper argues that, by aligning SDGs and the BRI, the potential of the BRI to be a sustainable investment-led model can be realised theoretically
Summary
Sustainable development is increasingly becoming a mainstream concept on international policy agendas. The infrastructure gap and its corresponding financing are huge and cannot be met by current national donors, private finance, and international aid In this regard, the Belt and Road Initiative (BRI) launched by China seems a possible new approach or a potential model for solving the most pressing sustainable development challenges of the world. It discusses the challenges of the BRI as a sustainable model, the difficulties in integrating SDGs, the sustainability of BRI projects, e.g., environmental risks and finance problems, among others It deals with the actions adopted by China at both national and international level to integrate SDGs into the BRI or promote green and sustainable BRI. The synergy between SDGs and the BRI helps the two initiatives achieve their goals or aims in their own field and works on shared objectives and adjacent areas
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