The 2030 Agenda, with its 17 Sustainable Development Goals (SDGs) and the Paris Agreement on climate change provide a pathway for a more prosperous, equitable and sustainable future. This year, 2019, is a defining year for the next, bolder and more urgent phase of implementation of the SDGs and the Paris Agreement. The upcoming ‘decade of action’ (2020 – 2030) requires significant public and private investment to bring the SDGs and goals of the Paris Agreement to life for all people, everywhere.
Financing for sustainable development is available, given the size, scale and level of sophistication of the global financial system — with gross world product and global gross financial assets estimated at over US$ 80 trillion and US$ 200 trillion respectively. However, available finance is not channeled towards sustainable development at the scale and speed required to achieve the SDGs and goals of the Paris Agreement.
Investments in sustainable development are growing in some areas and countries, and there is evidence that investing in the SDGs makes economic sense, with estimates highlighting that achieving the SDGs could open up US$ 12 trillion of market opportunities and create 380 million new jobs, and that action on climate change would result in savings of about US$ 26 trillion by 2030.
In order to enhance the UN’s critical role in supporting and accelerating finance for sustainable development, the Secretary-General released his Strategy for Financing the 2030 Agenda for Sustainable Development in September 2018. The Strategy is designed to transform the financial system from global to local levels in support of the 2030 Agenda by addressing the barriers that constrain channeling finance towards sustainable development, and leveraging opportunities to increase investments in the SDGs at scale. The Strategy focuses on three objectives, namely:
- Aligning global economic policies and financial systems with the 2030 Agenda.
Enhancing sustainable financing strategies and investments at regional and country levels.
Seizing the potential of financial innovations, new technologies and digitalization to provide equitable access to finance.
In his Financing Strategy, the Secretary-General commits to providing a three-year Roadmap of actions and initiatives to mobilize investment and support for financing the 2030 Agenda. Based on consultations across the UN system and with other stakeholders, the Secretary-General’s Roadmap for Financing the 2030 Agenda has been developed with the following three parts:
- Specific actions and ‘key asks’ championed by the Secretary-General, where his leadership can galvanise the required change.
- Priority areas highlighted by the Secretary-General to enhance the work of the UN system to accelerate financing for sustainable development.
- Detailed mapping of activities by the UN system itself, offering for the first time, a comprehensive overview of the UN’s approach and value addition in financing for sustainable development.
Across the 6 action areas, the Secretary-General has 15 ‘key asks’ for policy-makers and regulators, the financial industry, shareholders and citizens, IFIs, and the UN system. Positive change in response to these key asks will both address systemic impediments and leverage high impact opportunities to increase financing sustainable development.
For more information, please see the full report attached below.
The original content was published here.
Photo credit: Asian Development Bank
The views expressed in the article and report are the author's own and do not necessarily reflect those of the SDG Philanthropy Platform. The SDG Philanthropy Platform is a global initiative that connects philanthropy with knowledge and networks that can deepen collaboration, leverage resources and sustain impact, driving SDG delivery within national development planning. It is led by the United Nations Development Programme (UNDP) and Rockefeller Philanthropy Advisors (RPA), and supported by the Conrad N. Hilton Foundation, Ford Foundation, Oak Foundation, Brach Family Charitable Foundation, and many others.