The entire planet strives to meet the Sustainable Development Goals (SDGs). However, the latest United Nations report indicates that countries are not moving well enough towards the 2030 Agenda for Sustainable Development. More precisely, about half of the 140 SDGs for which there is sufficient data deviate from the planned trajectory.
The 2024 Financing for Sustainable Development Report shows that the world is facing a sustainable development crisis. Financial shortfalls are cited as one of the key reasons for this crisis, as they are already large and will grow further. Estimates by various international organizations indicate that an additional $4.2 billion per year is needed to close the funding gap. For instance, current estimates show that almost 600 million people will still live in extreme poverty by 2030.
According to Li Junhua, UN Under-Secretary-General for Economic and Social Affairs, resources are needed, and the money for them does exist.
“Billions of dollars are lost annually due to tax avoidance and evasion, while fossil fuel subsidies amount to billions. Globally, there isn’t a lack of money, but a lack of will and commitment”, Li Junhua said in a statement.
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The statement went on to say that debt service in the least developed countries is estimated to be $40 billion annually between 2023 and 2025, up more than 50 per cent from $26 billion in 2022.
Stronger and more frequent climate-related disasters contribute to debt growth in vulnerable countries. At the same time, about 40 per cent of the world’s population lives in countries where governments spend more on interest payments than on education or health.
The UN Summit of the Future, which will be held in September of this year, provides a key opportunity to change the current situation regarding achieving the SDGs.
The Fourth International Conference on Financing for Development (FfD4), which will be held in 2025 in Spain, is being held at a critical moment and offers a unique opportunity for financing reform at all levels to reduce the gap between aspirations and financing.
This event will provide a unique opportunity to close the significant financing and investment gap and improve spending efficiency. FfD4 can also help to restore confidence in global partnership and multilateralism. Furthermore, it can help formulate new development trajectories to achieve the Sustainable Development Goals and ensure no one is left behind.
The fourth international conference on development financing will bring together representatives of UN Member States, international organizations, the private sector, civil society and other relevant stakeholders. As stated, the conference aims to identify key challenges in development financing and agree on strategies and action plans to boost financial support for achieving sustainable development goals, especially those established by the 2030 Sustainable Development Agenda and the Sustainable Development Goals.
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