Capital as Force For Good Report 2023 (Download)
Funding shortfall for UN Sustainable Development Goals keeps rising, but clear solutions pathway shows deadline can be achieved, new research finds.
Progress on the United Nations Sustainable Development Goals (SDGs) has stalled and in some cases reversed, exacerbated by a funding shortfall of up to US$137 trillion, raising the risk of failure by the 2030 deadline, the latest Capital as a Force for Good annual report finds.
Despite a global spend of around $5 trillion in 2022 towards delivering the goals, the funding shortfall has remained stubbornly high and roughly constant compared to last year’s shortfall of up to $135 trillion, but with one year less to achieve the goals. Whilst ongoing challenges including the Russian war in Ukraine and rampant global inflation have played a part, the key headwind remains chronic underfunding of the SDGs which is being outpaced by the escalating scale of the issues needing to be addressed.
With only seven years now remaining to the 2030 deadline, meeting the goals will require a massive global effort to mobilize capital, resources and stakeholders on a scale never seen before, the report finds. However, a range of proven solutions already being deployed across the public and private sector have the potential to deliver the majority of each of the 17 goals.
The full report, based on extensive analysis and engagement with stakeholders including some of the world’s leading financial institutions, was published ahead of the high-level General Debate at this year’s UN General Assembly and can act as a blueprint for renewed efforts to tackle the SDG funding shortfall most effectively.
“Because of the global challenges shaking the world over the past few years, we’ve been running to stand still in terms of making progress on the SDGs. But fundamentally the solutions exist to deliver the goals, and achieving the goals is within reach. Now we need to target efforts and resources to where the impact is greatest,” said Ketan Patel, Chairman of Force for Good and CEO of Greater Pacific Capital.
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