Financing for Sustainable Development Report 2024 released by United Nations Department of Economic and Social Affairs | Current Affairs | Vision IAS
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    Financing for Sustainable Development Report 2024 released by United Nations Department of Economic and Social Affairs

    Posted 11 Apr 2024

    1 min read

     

    • Key Highlights
      • High financing gap for developing countries, ranging between $2.5 trillion and $4 trillion annually.
      • Finance divides: Developing countries face significantly worse terms of access to both long-term and contingency financing.
      • Weak enabling environment: Policy, regulatory and tax frameworks are not sufficiently aligned with SDGs.

     

    • Reasons for low financing of SDGs
      • Rise in systemic risks have put National financing frameworks under severe stress.
        • E.g., Covid 19 pandemic, Rise in frequency of disasters etc.
      • Average GDP growth rates in developing countries fell to just over 4% annually (between 2021 and 2025).
      • Median debt service burden for Least Developed countries (LDCs) rose to 12% in 2023.
      • Other concerns: Digitization induced risks, Rising geopolitical tensions.

     

    • Recommendations
      • Building tax capacity to improve tax revenue for delivering on SDGs.
      • International Development cooperation to mobilizing other financial resources.
        •  E.g., new approach to blended finance focused on support for sustainable trade and responsible business conduct
      • Intensified action to address debt challenges of developing countries.
      • Enhancing coherence between trade, investment and sustainable development.
      • Funding for data and statistical systems to focus on producing actionable insights for advancing SDGs.

     

    • Tags :
    • SDG Report
    • UNDESA
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