RIYADH: Achieving the global sustainable development goals will necessitate annual investments ranging from $5.4 trillion to $6.4 trillion until 2030, according to a report by the UN Conference on Trade and Development.
The study, which considered 50 SDG indicators across 90 countries covering three-quarters of the world’s population, highlighted the enormous financial challenges ahead, especially in developing economies.
Among these 48 developing economies, there is an annual funding gap of about $337 billion required to implement essential measures addressing climate change, biodiversity loss, and pollution, the report added.
The per-person annual cost of achieving the SDGs is estimated to be between $1,179 and $1,383.
“Merely increasing funds won’t guarantee success. Governments, companies, investors, and institutions need to strategically allocate their resources. They don’t have to stretch every dollar to cover every goal,” said UNCTAD Statistics Head Anu Peltola in a statement.
According to UNCTAD’s analysis, the most affluent economies globally are projected to contribute almost 80 percent of SDG expenditures until 2030.
These nations not only have the highest per capita costs annually but also contend with the most substantial financing shortfalls.
However, it’s not just wealthier nations facing significant costs. Small island developing states are confronted with particularly high expenditures, with an estimated $3,724 per person required for gender equality, nearly three times the global average.
The UNCTAD analysis also highlighted significant shortfalls in national spending trends on sustainability.
The most significant gap is identified in inclusive digitization, requiring an additional annual investment of $468 billion to plug the hole. Closing this gap would necessitate a 9 percent increase in annual spending.
The UN’s call for increased investment in sustainable development aligns with Saudi Arabia’s Vision 2030, which aims to collaborate with the international community in addressing global challenges.
The report provided a roadmap for sustainable development by providing social protection and decent jobs, transforming education and food systems, addressing climate change, tackling biodiversity loss and pollution, facilitating an energy transition and promoting inclusive digitization.
These paths encompass various indicators, from reducing greenhouse gas emissions to promoting literacy, combating hunger and reducing mortality.
As the international community grapples with the financial demands of sustainable development, it becomes increasingly evident that innovative and strategic resource allocation will be imperative to transform these ambitious goals into tangible global progress.