UN 
(UNITED NATIONS) By Bünyamin Sürmeli – The United Nations (UN) has addressed the financing challenges at the heart of the global sustainable development crisis. The UN Department of Economic and Social Affairs (DESA) drew attention to the issue in its “Financing Sustainable Development 2024” report, “Financing Development at a Crossroads”.
According to the report, staggering debt burdens and very high borrowing costs are preventing developing countries from addressing the crises they face. It emphasizes that these financing challenges make it difficult to achieve the Sustainable Development Goals. It points out that achieving the Sustainable Development Goals (SDGs) will only be possible with a significant increase in financing and a reform of the international financial architecture.
The UN report calls on world leaders to make fundamental changes to the international financial system. The report stresses that urgent action is needed to close the financing gap for development. It warns that if current trends continue, millions of people will still be living in extreme poverty after 2030.
Development gains are being reversed, especially in the poorest countries. The reversal of development gains in these countries jeopardizes the achievement of the 2030 Sustainable Development Goals. In addition to the financing difficulties of developing countries, rising geopolitical tensions, climate disasters and the global cost of living crisis have exacerbated the problems faced by these countries.
The report calls for fundamental changes in the international financial system in response to the sustainable development crisis. It points out that stronger and more frequent climate-related disasters account for a significant portion of the debt growth in vulnerable countries. This further complicates their fiscal balances.
The report also notes that ODA and climate finance commitments are not being met. It emphasizes that ODA should be increased and climate finance should be used more effectively. However, investment in these areas is insufficient and more effort is needed to meet the targets.
The report calls on world leaders to do more to achieve the Sustainable Development Goals by 2030. It emphasizes that the international community must act together to overcome financing challenges and achieve sustainable development.
