By Faridat Salifu
The United Nations (UN) has disclosed that only 15% of the Sustainable Development Goals (SDG) has been achieved as of 2023, barely six years to the 2030 deadline.
The global body noted in its latest assessment on Financing Sustainable Development that despite the ambitious targets set forth by the SDGs, progress towards their implementation has been sluggish.
The UN’s Deputy Secretary-General, Amina Mohammed, attributed this stagnation to a combination of factors, including geopolitical tensions, conflicts, climate disasters, and global economic challenges.
She noted that exponential rise in the financing deficit from $2.5 trillion in the post-Covid-19 era to $4.2 trillion in 2024 poses a significant obstacle to achieving the SDGs.
Ms. Mohammed underscored the pressing need for $4.2 trillion annually to bridge the financing gap and advance the Sustainable Development Goals (SDGs) by 2030.
According to Li Junhua, head of Economic and Social Affairs at the UN, the primary issue lies in the lack of political will and prioritization by major stakeholders.
Junhua identified systemic issues such as tax evasion, fraud, and fossil fuel subsidies, which siphon billions and trillions of dollars away from sustainable development initiatives.
He said despite the clear imperative to mobilize additional resources, concerted action remains elusive.
Outlining the specific SDGs, Junhua said the financing gap becomes starkly evident as SDG13 which focuses on combating climate change has only mobilised $89.6 billion in 2021, falling short of the $100 billion annual commitment pledged at the UN Conference of Parties (COP).
Similarly, in the realm of food security (SDG2), critical funding shortfalls persist, particularly in countries grappling with acute hunger and economic vulnerability.
The report noted that nations like Afghanistan and the Central African Republic (CAR) face significant challenges exacerbated by climate-related disasters and economic instability.
The UN’s report serves as a clarion call for practical solutions and concerted efforts to address the yawning gap in financing for sustainable development.
The report says urgent action is imperative to ensure that the SDGs remain reach and to safeguard the well-being of vulnerable populations worldwide.