The SDGs and the sustainability assessment of private-sector projects: theoretical conceptualisation and comparison with current practice using the case study of the Asian Development Bank

The Sustainable Development Goals (SDGs) are receiving increasing attention in the private sector; however ex post assessment of operational sustainability performance remains well in advance of ex ante sustainability assessment of capital projects. It is also not yet commonplace to structure emergent forms of sustainability assessment to support the SDGs explicitly. This article reviews theoretical frameworks that aim to conceptualise sustainability assessment, and then explores the potential to develop SDG-focussed forms for use at the project-level. The extent of enhancement needed to current practice is illustrated using the case study of the Asian Development Bank. This analysis reveals that sustainability is being presented as a goal of project-level assessment and there has been progress towards delivering on this by, in particular, extending the thematic coverage. Amongst the key challenges remaining are how to address trade-offs (typically unavoidable for projects) and how to connect the SDGs, set at a global level, to the local-level where projects are considered. These findings, which reveal the gap between theory and practice, can inform efforts to develop SDG-focussed sustainability assessment.