- A new report from Force for Good - “Capital as a Force for Good: Shifting the Global Order Through the Mass Mobilization of Solutions” - finds urgent action is needed now to unlock progress and achieve the SDGs
- It identifies ‘Nine Big Ideas’ that, if scaled globally, have the potential to unlock SDG progress from less than 66% today, to nearly 90% by the end of the decade, helping correct the annual SDG funding gap of US$14-17 trillion
- Ideas include climate transition frameworks, AI-enabled connectivity, and universal digital financial services, through coordinated action across governments, the private sector and multi-lateral institutions, proposing a high-impact roll-out across the world
LONDON, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Force For Good: The world is failing to meet the Sustainable Development Goals (SDGs) and urgent action is needed to unlock progress and overcome the growing annual SDG funding gap, which now stands at US$14-17 trillion, a new report from Force for Good finds, US$112-136 trillion in total, up 10%, due to the costs of global climate transition and development needs in the Global South.
Today, only 16% of the goal’s 169 underlying targets are on track to be met by 2030, with 50% falling behind, and 30% regressing below their 2015 levels when the SDGs were kicked off, the report finds.
Nine ‘Big Ideas’, including climate transition frameworks, AI-enabled connectivity, and universal digital financial services, if scaled globally, have the cumulative potential to progress SDG achievement to nearly 90%, from less than 66% today, reigniting exponential progress.
“This report shows how the global order and the systems itself can be transformed by delivering solutions en masse across the planet, engaging everyone in this endeavour ... By leveraging the strengths of governments, private companies, NGOS and mobilising the individual as an agent of change, we can create a sustainable, secure, and prosperous future,” said Ketan Patel, Chair of the Advisory Council.
The world’s failure to meet the goals is being driven by a series of interrelated economic, political, geopolitical and environmental shocks - including the COVID-19 pandemic, the war in Ukraine and Gaza, the energy, cost-of-living and climate crises – interacting with one another to create a ‘polycrisis’ that is diverting attention and resources away from sustainable development.
A mass and fast roll out of the ‘Nine Big Ideas’, sponsored by appropriate champions across government, private sector or multi-lateral institutions, working with the United Nations, can make a transformative impact on developing countries, while benefitting the global economy.
While the mass mobilisation of solutions will take a global effort, the largest developing countries, particularly India, China, and Brazil, account for two-thirds of the world’s sustainable development potential. These countries represent the first wave of opportunity in a multi-wave project to realize the future faster.
Meeting the SDGs is a crucial step for the world in the transition to the next era of human civilization, building a platform on which further breakthroughs and technologies can create a sustainable, secure and superior future.
About Force for Good
Force for Good's mission is to mobilize capital, resources, and ideas as a force for good in the world at a time of profound change. The organization's Capital as a Force for Good Initiative engages the world's leading financial institutions and other stakeholders, to promote sustainable development through the deployment of capital and solutions to address global issues and enable the transition to a better future.
The annual Capital as a Force for Good report, now in its fourth edition, is the result of collaboration with the United Nations and major global financial institutions, assessing the role of capital in addressing the world's most pressing issues.
Institutions actively engaged include Bank of America, BlackRock, Bridgewater Associates, Citi, Credit Suisse, Fidelity Investments, First Abu Dhabi Bank, GIC Singapore, Goldman Sachs, Great-West Lifeco, HDFC Bank, HSBC, Investec Group, Japan Post Holdings, JPMorgan Chase, Liberty Mutual Insurance Group, Lloyds Banking Group, Morgan Stanley, Nomura, Nordea, Northern Trust, OMERS, Putnam Investments, Schroders, State Street, UBS, Wellington, and others.
For further details, please visit www.forcegood.org
CONTACTS
Force For Good Contact:
Lesley Whittle
Lesley.whittle@forcegood.org
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