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Financing for Sustainable Development Report 2024
April 17 , 2024
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- Trillions of dollars are needed if the 17 Sustainable Development Goals (SDGs), agreed upon by all UN members back in 2015, are to be achieved by 2030.
- Some $4.2 trillion are needed in investments to close the development financing gap.
- This number was $2.5 trillion before the COVID-19 pandemic began.
- The Debt service will be $40 billion annually between 2023 and 2025 in the least developed countries (LDC).
- This will be more than 50 per cent from $26 billion in 2022.
- Official Development Assistance (ODA) has increased to an all-time high in 2022, reaching $211 billion, from $185.9 billion in 2021.
- If current trends continue, the UN estimates that almost 600 million people will continue to live in extreme poverty in 2030 and beyond, more than half of them women.
- The international financial system, which was set up at the 1944 Bretton Woods Conference, is no longer fit for purpose.
- The Bretton Woods Conference, held in the United States, led to the birth of institutions like the World bank and the International Monetary Fund.
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