Financing of Sustainable Development Goals (SDGs)

The economic and social impact of Covid-19 pandemic both on developing and developed countries has been significant. In addition to the impact of the pandemic, the current Ukraine war has also led to severe supply chain disruptions leading to a sharp increase in food and commodity prices globally. Due to a combination of external shocks and the impact of the pandemic, global economic growth slowed down and is projected to continue to decline. The above factors have led to a sharp increase in government expenditure constraining both developed and developing countries' fiscal capacity. This has further implications for the achievement of SDGs, especially for low-income countries. The challenge for developing countries in the current scenario is to mobilize adequate resources both from domestic and international sources, not just for the achievement of SDGs as such, but also to sustain the livelihoods, health, and welfare of people. This book aims to examine some of these issues in the context of developing countries.Foreword to Financing of the Sustainable Development Goals (SDGs): Challenges and OpportunitiesSaleem H. AliAs we approach the 2030 milestone that was set forth by the United Nations to attain seventeen key development goals, financing remains the ultimate challenge to their attainment. International conflicts have further stretched public sector discretionary spending on development and global uncertainty on economic growth has stymied private sector investment in a range of key infrastructure projects. At this pivotal moment, Arora and Sarker have assembled a timely anthology of leading experts from both the Global North and South to both evaluate past performance as well as project possible solutions to address the financing gap.The twelve contributing chapters span a range of geographies as well as themes around the SDGs. An impressive feature of this volume is its willingness to engage with multidimensional aspects of the SDG agenda beyond just the usual multilateral donor’s space. They also cover key aspects of development from climate financing to fintech and methodologies for evaluating impact. This panoramic coverage makes the book particularly well suited for courses on sustainable development as well as for practitioners to educate themselves about ways to mobilize finance.Having served on the Scientific and Technical Advisory Panel (STAP) of the Global Environment Facility (GEF) for four years I had a chance to review a range of large proposals with multiple financing sources submitted to the GEF Trust Fund administered by the World Bank. I had a chance to observe the ways in which financing was patched together for many projects to allow for upscaling. Yet often there were still major gaps or synergies could not be realized across sectors because of the way the funding was delineated.This book will help to address many of these challenges with fresh ideas from experienced academics and practitioners. It has the potential for making a lasting impact on the global development agenda.Saleem H. AliMember of the United Nations International Resource PanelChair and Distinguished Professor, Department of Geography, University of Delaware, USA