This new UN report says financing challenges are at the heart of the world’s sustainable development crisis – as staggering debt burdens and sky-high borrowing costs prevent developing countries from responding to the confluence of crises they face. Only a massive surge of financing, and a reform of the international financial architecture can rescue the Sustainable Development Goals. The 2024 Financing for Sustainable Development Report: Financing for Development at a Crossroads (FSDR 2024) says urgent steps are needed to mobilise financing at scale to close the development financing gap, now estimated at USD 4.2 trillion annually, up from USD 2.5 trillion before the COVID-19 pandemic. Meanwhile, rising geopolitical tensions, climate disasters and a global cost-of-living crisis have hit billions of people, battering progress on healthcare, education, and other development targets.
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