{"id":1627,"date":"2024-04-18T21:19:09","date_gmt":"2024-04-18T21:19:09","guid":{"rendered":"https:\/\/sdgnews.com\/?p=1627"},"modified":"2024-04-18T21:19:11","modified_gmt":"2024-04-18T21:19:11","slug":"urgent-money-and-reform-needed-to-achieve-sdgs","status":"publish","type":"post","link":"https:\/\/sdgnews.com\/ar\/urgent-money-and-reform-needed-to-achieve-sdgs\/","title":{"rendered":"Urgent: Money and Reform Needed to Achieve SDGs"},"content":{"rendered":"<p>Presenting the latest\u00a0<a href=\"https:\/\/financing.desa.un.org\/iatf\/report\/financing-sustainable-development-report-2024\" target=\"_blank\" rel=\"noreferrer noopener\"><u>UN report<\/u><\/a>\u00a0on the issue,\u00a0<a href=\"https:\/\/www.un.org\/sg\/en\/dsg\/index.shtml\" target=\"_blank\" rel=\"noreferrer noopener\"><u>Amina Mohammed<\/u><\/a>\u00a0called for \u201c<em>a surge in investment\u201d <\/em>and reform of the international financial system to rescue the\u00a0<a href=\"https:\/\/www.un.org\/sustainabledevelopment\/sustainable-development-goals\/\">Sustainable Development Goals<\/a>\u00a0(SDGs) which are woefully offtrack.\u00a0<\/p>\n\n\n\n<p>World leaders adopted the 17 SDGs nearly a decade ago and they include ending extreme poverty and hunger, ensuring availability to clean water and sanitation, and reducing inequality within and among countries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-finance-is-the-crux\"><em>\u2018Finance is the crux\u2019\u00a0<\/em><\/h3>\n\n\n\n<p><em>\u201cAt our current rates, we estimate some 600 million people will still be living in extreme poverty beyond 2030. And as the report shows, finance is the crux of the problem,\u201d<\/em> Ms. Mohammed said, speaking at UN Headquarters in New York.<\/p>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/financing.desa.un.org\/iatf\/report\/financing-sustainable-development-report-2024\" target=\"_blank\" rel=\"noreferrer noopener\"><u>2024 Financing for Sustainable Development Report<\/u><\/a>&nbsp;says urgent steps are needed to mobilise financing at scale to close the development financing gap, now estimated at $4.2 trillion annually, up from $ 2.5 trillion before the&nbsp;<a href=\"https:\/\/www.un.org\/coronavirus\">COVID-19<\/a>&nbsp;pandemic.<\/p>\n\n\n\n<p>Meanwhile, rising geopolitical tensions, climate disasters and a global cost-of-living crisis have hit billions of people, battering progress on healthcare, education, and other development targets.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-drowning-in-debt\">Drowning in debt\u00a0<\/h3>\n\n\n\n<p>taggering debt burdens and rising borrowing costs are large contributors to&nbsp;<strong>the sustainable development crisis.<\/strong>&nbsp;<\/p>\n\n\n\n<p>Estimates are that in the least developed countries, debt service will 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 account for more than half of the debt upsurge in vulnerable countries.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Deputy Secretary-General Mohammed said roughly 40 per cent of the global population, some&nbsp;<strong>3.3 billion people, live in countries where governments now spend more on interest payments than on education or health<\/strong>.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Meanwhile, the global economy is not supporting investment and development as it should, she noted.\u00a0<strong>Average growth rates have steadily declined<\/strong>\u00a0over the last 25 years, from over six per cent before the global financial crisis more than 15 years ago to around four per cent today.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-reform-outdated-financial-system\">Reform outdated financial system<\/h3>\n\n\n\n<p>The report calls for scaling up public and private investment in the SDGs, highlighting the importance of reform of the development bank system.&nbsp; &nbsp;<\/p>\n\n\n\n<p>In this regard, donors also need to make good on commitments on Official Development Assistance (ODA) and climate finance.&nbsp;<\/p>\n\n\n\n<p>Secondly, the current international financial architecture \u2013 established nearly 80 years ago \u2013 must also be remade as it is <em>\u201c<strong>no longer fit for purpose<\/strong>\u201d<\/em>, she said, and developing countries should have a greater voice in global economic governance.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-close-credibility-gaps\">Close <em>\u2018credibility gaps\u2019\u00a0<\/em><\/h3>\n\n\n\n<p>Finally, world leaders must close <em>\u201ccredibility gaps\u201d<\/em> and trust deficits. This is especially the case for wealthier nations, which have made promises on global governance reform, aid delivery, and domestic reforms to tackle corruption and inequality, including gender inequality.\u00a0<\/p>\n\n\n\n<p>Stating that the report\u2019s message could not be clearer, Ms. Mohammed said <em>\u201c<strong>we must choose now either to succeed together or we will fail together<\/strong>,\u201d<\/em> stressing that \u201cfailure is not an option.\u201d\u00a0<\/p>\n\n\n\n<p>The report also encourages governments to make the most of <em>\u201csignificant opportunities ahead\u201d,<\/em> she added, pointing to major conferences such as the\u00a0<a href=\"https:\/\/www.un.org\/en\/common-agenda\/summit-of-the-future?_gl=1*1l3mueu*_ga*MTA1MzAzOTkzOC4xNjQzMDUxOTU1*_ga_S5EKZKSB78*MTcxMjY4OTkyOS4xNTEyLjEuMTcxMjY5MjMzNS4yMS4wLjA.*_ga_TK9BQL5X7Z*MTcxMjY4OTkyNy4xNDk4LjEuMTcxMjY5MjMyNi4wLjAuMA..\" target=\"_blank\" rel=\"noreferrer noopener\"><u>Summit of the Future<\/u><\/a>\u00a0at UN Headquarters in September and the\u00a0<a href=\"https:\/\/financing.desa.un.org\/ffd4\">Fourth International Conference on Financing for Development<\/a>\u00a0scheduled for next year.\u00a0<\/p>\n\n\n\n<p>The Summit has been described as a once-in-a-generation opportunity to enhance cooperation on critical challenges and address gaps in global governance, and to reaffirm commitments, including to the SDGs.&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Presenting the latest\u00a0UN report\u00a0on the issue,\u00a0Amina Mohammed\u00a0called for \u201ca surge in investment\u201d and reform of the international financial system to rescue the\u00a0Sustainable Development Goals\u00a0(SDGs) which are woefully offtrack.\u00a0 World leaders adopted the 17 SDGs nearly a decade ago and they include ending extreme poverty and hunger, ensuring availability to clean water and sanitation, and reducing [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[64,29],"tags":[61,66,60,67,73],"class_list":["post-1627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-sustainable-finance","tag-sdg-news","tag-sdgs","tag-sustainable-development-goals","tag-un-sdgs","tag-united-nations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v27.3) - 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