Introduction The year 2015 was a landmark year in the history of international development, with the adoption of the Sustainable Development Goals (SDGs)— [a] the first global attempt to set universal goals for all countries and transform the global economic system. The SDGs’ predecessor, the Millennium Development Goals (MDGs), were largely focused on the developing and the underdeveloped world. The SDGs were intended to realign the global development pathway with pressing issues in large parts of the developing world, such as environmental degradation, climate change, scarcity of resources, and extreme poverty. However, since the outbreak of the COVID-19 pandemic in 2020 and a series of other crises, progress on SDG implementation has slowed across the globe, including in the wealthiest countries. The global average SDG index began declining in 2019, at a rate of 0.01 points per year. [1] The pandemic reversed years of progress in poverty eradication, pushing nearly 93 million additional people into extreme poverty. [2] Currently, about one in 10 people worldwide suffer from hunger, and one in three people lack regular access to food. [3] The world is also experiencing the largest number of conflicts since 1946, with nearly a quarter of the world population living in conflict zones. [4]
Authors
- Attribution
- Nilanjan Ghosh, Malancha Chakrabarty, and Swati Prabhu, “The Case for a G20 Development Bank to Resurrect the SDGs,” Issue Brief No. 751 , November 2024, Observer Research Foundation.
- Pages
- 25
- Published in
- India
Table of Contents
- Nilanjan Ghosh Malancha Chakrabarty and Swati Prabhu 2
- Introduction Introduction 3
- Introduction Introduction 4
- SDG Financing Gap 5
- Table 1 Cost and Required Growth for Achieving SDGs in LDCs 2021- 2030 5
- SDG Targets for 2021-2030 5
- Required Annual 5
- Average Fixed 5
- Investments US 5
- Required Annual 5
- GDP Growth 5
- Rate to Finance 5
- Investment 5
- Finance The Crucial Barrier Finance The Crucial Barrier 5
- Lack of Domestic Resources in Developing Countries 6
- ODA Is Not Enough 6
- Finance The Crucial Barrier Finance The Crucial Barrier 6
- Limited Private-Sector Finance 7
- A Case for Reforming the Financial Institutional Architecture 7
- Finance The Crucial Barrier Finance The Crucial Barrier 7
- Finance The Crucial Barrier Finance The Crucial Barrier 8
- A New Paradigm for Global A New Paradigm for Global 9
- Financial Governance Financial Governance 9
- G20 and the SDGs G20 and the SDGs 10
- Why is the G20 the Best Platform to Revive the SDGs 11
- G20 and the SDGs G20 and the SDGs 11
- The current financial order is not capable of implementing 12
- Developing countries have a weaker voice in international 12
- The Need for a G20 The Need for a G20 12
- Development Bank Development Bank 12
- The international financial system is unfair to developing 13
- The Need for a G20 The Need for a G20 13
- Development Bank Development Bank 13
- There is inadequate attention to environmental and climate 14
- The Need for a G20 The Need for a G20 14
- Development Bank Development Bank 14
- Efforts to reform the financial order have failed. 15
- A new development bank will promote North-South 15
- The Need for a G20 The Need for a G20 15
- Development Bank Development Bank 15
- Membership 16
- The G20 Development Bank The G20 Development Bank 16
- Objectives Nature and Structure Objectives Nature and Structure 16
- Structure 17
- Figure 1 The Structure of the G20 Development Bank 17
- The G20 Development Bank The G20 Development Bank 17
- Objectives Nature and Structure Objectives Nature and Structure 17
- Sectoral Focus Areas 18
- The G20 Development Bank The G20 Development Bank 18
- Objectives Nature and Structure Objectives Nature and Structure 18
- Conclusion Conclusion 19
- Endnotes Endnotes 20
- Endnotes Endnotes 21
- Endnotes Endnotes 22
- Endnotes Endnotes 23
- Endnotes Endnotes 24
