An internally displaced woman from a drought hit area carries a jerrycan of water as she walks towards her shelter at a makeshift settlement zone in Dollow, Somalia April 4, 2017. REUTERS Zohra Bensemra File Photo:
LONDON, Sept. 17 Reuters - Global goals for poverty, inequality, injustice and climate change face a $100 trillion shortfall funding to be missed unless 10 % of global economic output is directed to the U.N. targets every year to 2030, a report on Friday said.
The U.N. s Sustainable Development Goals set objectives on everything from the environment to health and equality and have the support of all member states, yet they lack the support of governments, investors, banks and companies to help meet them has consistently fallen short.
Hampered by the impact of the coronavirus pandemic, the annual shortfall is now up to 10 trillion a year, the landmark report by the United Nations and the Force for Good Initiative, shown with Reuters by the finance industry, showed.
Humanity is at the crossroads. The United Nations Conference on Trade and Development is now more than ever the end of a New York City office of the Secretary-General. All stakeholders must partner to ensure this crisis is the beginning of a new economics for sustainable development with prosperity for all, said Chantal Line Carpentier, Chief, UN conference on trade and development.
Added the costs of financing the global transition to a low-carbon economy to limit global warming, and total funding out to 2050 comes in at $200 - $220 trillion, the report said.
The SDGs are a global to-do list addressing such issues as war, hunger, land degradation, gender equality and climate.
Although more than 1.1 billion people have been lifted from poverty since 1990, failure to accelerate efforts in relation to SDGs risked fuelling conflict and crises, they said.
After a slow start the world's finance industry has started to do more, with $9.5 trillion in 2030 and a new record $2.1 trillion be deployed in 2020. However there are imbalances in the way money is invested, the report said.
While climate change related goals represented 20% of the funding gap, the theme was currently driving 44% of the commitment capital, said the report. In contrast, human-economic and social-related goals took more than half of the funding gap, but made up just 32% of current funding.
However, with less than ten years to go, there is a pressing need to explore even bigger and more radical solutions than those being deployed today. Among other leading financial companies that did the initiative include BlackRock BLK.N JPMorgan JPM.N Bridgewater Associates and Schroders SDR.L according to the report.