The United Nations has called for an immediate increase in funding for sustainable development, Entrepreneurng report.
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The UN Secretary-General, António Guterres, announced the move on Monday, citing the global financial system’s failure to effectively cushion the impacts of current global crises on the Global South.
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“Today’s poly-crises are compounding shocks on developing countries – in large part because of an unfair global financial system that is short-term, crisis-prone, and that further exacerbates inequalities,” Guterres said at the launch of the Sustainable Development Goals Stimulus.
“We need to massively scale up affordable long-term financing by aligning all financing flows to the SDGs and improving the terms of lending of multilateral development banks.
The Secretary-General called on the G20 to agree on a $500 billion annual stimulus for the SDGs.
“The high cost of debt and increasing risks of debt distress demand decisive action to make at least 500 billion dollars available annually to developing countries and convert short-term lending into long-term debt at lower interest rates,” he said.
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Developing countries lack the resources needed to invest in recovery, climate action, and the SDGs, leaving them poised to fall even further behind when the next crisis strikes – and even less likely to benefit from future transitions, including the green transition.
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“Investing in the SDGs is both sensible and feasible: it is a win-win for the world,” he said, citing the high social and economic rates of return on sustainable development in developing countries.
Nevertheless, the united nations aim to eradicate poverty, zero hunger in all states, Improve good health and wellness, quality education, Promote gender inequality, provide clean water and a better environment, employment and economic growth, effective consumption and production, provision industry, infrastructure, and innovation, reduce inequality, enhance the sustainable city and community, life on land, life below water, climatic change, provision of peace, justice and strong institution and lastly provide affordable clean energy.
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All making 17 sustainable development goals the united nations hope to achieve in all states of the world.
In conclusion, there must be urgent political will to take concerted and coordinated steps to implement this package of interconnected proposals promptly.
