SDG Summit 2023: Political declaration for massive increase in investments to attain SDGs adopted

SDG Summit 2023: Political declaration for massive increase in investments to attain SDGs adopted

Subject: Environment

Section: International Conventions

Context:

• Leaders from around the world gathered on September 18, 2023 for the High-level Sustainable Development Goals (SDG) Summit and agreed to intensify their efforts to deliver SDGs by 2030.

High-level Sustainable Development Goals (SDG) Summit:

• Held in New York, USA
• Outcome: They endorsed a resolute political declaration outlining their shared commitment to create a sustainable and inclusive world by 2030.
• The annual SDG funding gap has risen from $2.5 trillion before the pandemic to an estimated $4.2 trillion.
• In the declaration, leaders recommitted to full implementation of the Sendai Framework for Disaster Risk Reduction.
• To address the finance for SDGs, the leaders in the declaration reiterated that the Addis Ababa Action Agenda is a crucial component of the 2030 Agenda.
• Addis Ababa Action agenda:
  • In 2015, the Addis Ababa Action Agenda had emphasized on efficient use of all financial flows, both public and private, for sustainable development and the need for integrated national financing frameworks.
• An SDG stimulus is proposed by the UN Secretary- General that would significantly increase funding for SDG implementation by $500 billion annually.
• The summit has urged for scaling up debt swaps for SDGs, including debt swaps for climate and nature.
• What is the Debt-for-nature swaps deal?
  • Debt-for-nature swaps allow heavily indebted developing countries to seek help from financial institutions in the developed world with paying off their debt if they agree to spend on conservation of natural resources.
  • Usually banks in developed countries buy the debts of such countries and replace them with new loans which mature later. These have lower interest rates.

There is now enough scientific evidence that establishes linkages between the climate impacts and SDGs.

• For instance, midway to 2030, climate change and extreme weather events threaten the achievement of SDGs, the WMO warned recently.
• Recent research had argued for stronger integration of climate action and UN Sustainable Development Goals to achieve the ambitious goals of the Paris Agreement.

Sendai Framework for Disaster Risk Reduction (DRR): 2015-2030

• It was the first major international agreement post-2015 and is the next step from Hyogo Framework (2005-15) for concrete steps for protecting development gains from disasters. It talks of 4 priorities for actions and 7 global targets.