Beyond Pledges
Adopting the SDG Club Model for Transformative Global Action
Adopting the SDG Club Model for Transformative Global Action
The global community has defined ambitious goals for the attainment of economic, social and environmental objectives, the 17 Sustainable Development Goals (SDGs), with a focus on Emerging Market and Development Countries (EMDC). Achieving these objectives requires extensive funding in the coming decades: a study has estimated a total annual need of $ 5.4 trillion by 2030 compared to a current level of $ 3 trillion. The bulk of the funding will have to be provided by domestic resources by raising effective rates of taxation and mobilizing private investments in the EMDC countries themselves. Economic reforms that stimulate economic growth and expand the tax base will be essential. At the same time, Advanced Economies (AE) will also have to chip in to provide sizeable transfers to countries suffering from the impact of climate change – loss and damage along with adaptation financing – and to provide instruments that de-risk private investments, particularly in mitigation.