Financing for Sustainable Development Report 2024: UN

GS-3 Mains : Economy

Short Notes or Revision Notes 

Question : Evaluate the recommendations provided in the Financing for Sustainable Development Report 2024 for addressing the urgent financing challenges and achieving the SDGs by 2030.

Sustainable Development Goals (SDGs)

  • Established by UN as a blueprint for global prosperity.
  • 17 goals adopted by all UN members in 2015.
  • Aim to address poverty, health, education, inequality, economic growth, climate change, and environmental protection.

The Report’s Message

  • Sustainable Development Crisis:The world faces a crisis due to financing challenges.
    • Rising geopolitical tensions, climate disasters, and global cost-of-living issues threaten progress on SDGs.
    • Nearly 600 million people could live in extreme poverty by 2030 (UN estimate).
  • The Finance Divide:Developed countries pay less interest on debt than developing countries.
    • Debt burdens and high borrowing costs hinder developing countries’ responses to crises.
    • Many lack affordable financing or are in debt distress.
  • Widening Financing Gap:The gap for development financing has grown to $4.2 trillion annually.
    • This is a 50% increase from pre-pandemic estimates.
  • Weak Enabling Environments:Policies and regulations don’t incentivize SDG investment.
    • Public spending isn’t fully aligned with SDGs.
    • Private investors lack incentives for sufficient SDG/climate action investments.
  • Closing Window:The time to achieve SDGs and prevent climate catastrophe is short.


  • Urgent Action Needed:A large-scale investment push is crucial to achieve SDGs by 2030.
  • Four Key Actions:
    • Close financing gaps (public & private) for SDGs and climate action.
    • Address policy and institutional gaps by reforming international institutions.
    • Rebuild trust and credibility gaps domestically and internationally.
    • Develop and finance new pathways for sustainable development.
  • Reforming Existing Systems:The current international financial system is outdated.
    • The report proposes a new system to handle crises, increase SDG investment, and strengthen multilateral development banks.


  • The report highlights the urgent need for increased investment in sustainable development.
  • We must close financing gaps, reform institutions, and create new development pathways.

Leave a Reply

Your email address will not be published. Required fields are marked *