Political Economy Futures Forum

Abstract: This in-progress paper examines the United Nations Development Programme’s (UNDP) evolving role as a broker of private finance within global development. Traditionally focused on policy advice and technical assistance, UNDP has undergone a strategic transformation since the adoption of the 2030 Agenda and Sustainable Development Goals (SDGs), positioning itself as market-maker for sustainable development investments. Drawing on the social science concept of brokerage as systems of connection and mediation, the paper traces UNDP’s shift from engaging businesses in development partnerships during the 1990s to actively mobilising private capital through initiatives such as the Sustainable Finance Hub and SDG Impact Platform. These mechanisms aim to embed the SDGs into financial decision-making, standardise impact measurement, and provide investor intelligence and matchmaking services. We argue that UNDP has engaged in development brokerage for several decades but that these activities have become increasingly prominent, overt and now financialised, as the organisation responds to a combination of internal and external pressures and incentives by leveraging influence through its ability to mediate across geography, scale and sector. These changes raise critical questions about governance, equity, and the narrowing of policy space for developing countries.

First published: 4 March 2026