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

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. 

They endorsed a resolute political declaration at the summit held in New York from September 18-19, 2023, outlining their shared commitment to create a sustainable and inclusive world by 2030.

The declaration, a key outcome on the first day of the high-level event, especially acknowledged that objectives of the SDGs 2030 will not be achieved without making a quantum jump in investments to enable just and equal access to food, energy, digital transitions, a revolution in education and strong social security in developing nations.

The annual SDG funding gap has risen from $2.5 trillion before the pandemic to an estimated $4.2 trillion, stated UN Secretary-General António Guterres recently.

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. In 2015, the Addis Ababa Action Agenda had emphasised on efficient use of all financial flows, both public and private, for sustainable development and the need for integrated national financing frameworks.

The political declaration has asked for swift action to implement the UN Secretary-General's proposal for an SDG stimulus, which would significantly increase funding for SDG implementation by $500 billion annually. 

Through this, it demonstrates the unwavering support of all nations for a crucial overhaul of the international financial system to better reflect the current state of the world economy. 

“I am deeply encouraged by the detailed and wide-ranging draft political declaration under consideration here today — especially its commitment to improving developing countries’ access to the fuel required for SDG progress: Finance. This can be a game-changer in accelerating SDG progress,” stated Guterres.

Noting that 3.3 billion people live in countries that spend more on interest payments than on education or health, the leaders called for strengthening multilateral actions and coordination by all creditors. Additionally, they have urged for scaling up debt swaps for SDGs, including debt swaps for climate and nature.

Before the COVID-19 epidemic, the world was already behind schedule in attaining a majority of the SDGs, according to the declaration. It called for an emergency course correction to hasten the world's progress in achieving the SDGs.

The COVID-19 pandemic has had long-lasting, disproportionate and complex effects on the SDGs, particularly for the world’s poorest and most vulnerable nations, acknowledged the leaders. They demanded a boost in multilateral and global cooperation to aid poor nations, particularly those in Africa, the Least Developed Countries, Landlocked Poor Countries and Small Island Developing States.

By adopting the 2030 Agenda and 17 SDGs eight years ago in 2015, the leaders of the world had committed to protect everyone’s rights and well-being for the sustainable world.  

However, the SDGs are in danger at the halfway point of their implementation, stated the political declaration. 

Since 2020, tens of millions of people have become impoverished. There have been almost 110 million forced relocations. The disparities have worsened, especially for women and young girls. Many governments must decide between paying down debt and spending money on healthcare and education. 

But climate change is one of the greatest challenges, the declaration document stated. “Climate change is one of the greatest challenges of our time. We express profound alarm that emissions of greenhouse gases continue to rise globally, and remain deeply concerned that all countries, particularly developing countries, are vulnerable to the adverse impacts of climate change. We emphasise in this regard that mitigation of and adaptation to climate change represent an immediate and urgent priority.”

This is of concern since 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. 

A recent article published in the journal Nature Climate Change too had argued for stronger integration of climate action and UN Sustainable Development Goals to achieve the ambitious goals of the Paris Agreement.

In the declaration, leaders recommitted to full implementation of the Sendai Framework for Disaster Risk Reduction. 

Ahead of COP28, the leaders on the first day of the SDG summit, made a commitment to stepping up climate change efforts and work for operationalising the new finance arrangements for responding to loss and damage.

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