Latest presentation United Nations report about this issue, Amina Mohammed called for a “surge in investment” and reform of the international financial system to rescue the economy Sustainable development goals (SDG) is unfortunately going off track.
World leaders adopted the 17 SDGs nearly a decade ago, and they include ending extreme poverty, ensuring clean water supply and sanitation, and reducing inequality within and between countries. family.
‘Finance is the key’
“At the current rate, we estimate that about 600 million people will still be living in extreme poverty after 2030. And as the report shows, finances are at the heart of the problem,” Ms. Mohammed said in her findings. presented at the United Nations Headquarters in New York.
The Financial report for sustainable development in 2024 said urgent steps are needed to mobilize finance on a large scale to close the development finance gap, currently estimated at $4.2 trillion annually, up from $2.5 trillion previously. there. COVID-19 pandemic.
Meanwhile, rising geopolitical tensions, climate disasters and the global cost of living crisis have hit billions of people, hindering progress on health care, education and development goals. other development.
Immersed in debt
A staggering debt burden and rising borrowing costs are big causes sustainable development crisis
It is estimated that in the least developed countries, debt obligations will be $40 billion annually between 2023 and 2025, an increase of more than 50% from $26 billion in 2022. Related disasters Stronger and more frequent climate events account for more than half of the debt spikes in these countries. vulnerable countries.
Deputy Secretary-General Mohammed said about 40% of the global population, some 3.3 billion people live in countries where governments pay more for education and health care.
Meanwhile, she noted that the global economy does not support investment and development as desired. The average growth rate gradually decreases over the past 25 years, from just over 6% before the global financial crisis more than 15 years ago to about 4% today.
Reform the outdated financial system
The report calls for increased public and private investment in the SDGs, emphasizing the importance of reforming the development banking system.
In this regard, donors also need to fulfill their commitments on Official Development Assistance (ODA) and climate finance.
Second, the current international financial structure – formed nearly 80 years ago – must also be remade to what it is today.”no longer fit for purposeAnd developing countries should have a greater say in global economic governance, she said.
Narrowing the ‘reputation gap’
Finally, world leaders must close the “credibility gap” and trust deficit. This is especially true for wealthier countries, which have made promises about global governance reforms, aid provision and domestic reforms to tackle corruption and inequality, including even gender inequality.
Arguing that the report’s message could not be clearer, Ms. Mohammed said, “Now we have to choose whether we will succeed together or we will fail together,” emphasizing that “failure is not an option.”
The report also encourages governments to make the most of the “important opportunities ahead,” she added, pointing to major conferences such as the Future Summit at the United Nations Headquarters in September and Fourth international conference on financing for development expected for next year.
The summit is described as a once-in-a-generation opportunity to strengthen cooperation on critical challenges and address gaps in global governance, while reaffirming commitments, including to the SDGs .
