Financing Sustainable Development
The 2030 Agenda for Sustainable Development and the Paris Agreement represent the most ambitious multilateral goals ever set. These goals require an unprecedented mobilization of both public and private finance – some US$90 trillion over the next 15 years.
Momentum is also growing to align at a more fundamental level the financial system with sustainable development. Despite this positive momentum, progress remains inadequate, with an accelerating decline in all major ecosystems, and growing economic inequality and social challenges.
Five steps are proposed to embed financing for sustainable development at the heart of tomorrow’s global financial system and deliver the much-needed transformation.
1. National financial market reform and development plans to embrace consideration of the Sustainable Development Goals and Paris climate commitments, and vice versa.
2. Financial technology mobilized to support the accelerated alignment of the financial system with sustainable development, particularly for developing countries.
3. Public finance to undergo a disciplined analysis and, as required, redeployment to align to the Sustainable Development Goals and Paris
4. Investing in awareness-raising and building key capabilities, so that the financial community can effectively implement new approaches and plans.
5. Development of common methods, tools and standards to enable sustainable development priorities to be measured and incorporated into financial practice.