Where will Global South find its SDG funding?
The Statesman|September 25, 2023
The global financial system is in a real bind, because interest rates may be peaking, global debts are at record highs, and geopolitical and climate disaster risks are looming.
ANDREW SHENG
Where will Global South find its SDG funding?

The United Nations have been complaining that the funding gap for meeting their 2030 Sustainable Development Goals (SDG) is around US$4 trillion per year, or roughly around 4 per cent of world GDP. In their August 2023 study on lifting economies out of poverty and deal with net zero transformation, McKinsey Global Institute estimated that to empower the underprivileged out of poverty and tackle net zero, the world would need investment to the order of 8 per cent of global GDP annually.

Although these numbers look horrendously high, McKinsey’s own estimates of the global balance sheet showed that funding for change is possible, provided the political will is there. Between 2000 to 2021, “the global balance sheet grew 1.3 times faster than GDP. It quadrupled to reach $1.6 quintillion in assets, consisting of $610 trillion in real assets, $520 trillion in financial assets outside the financial sector, and $500 trillion within the financial sector.”

The global financial system with roughly $500 billion assets ($486.6 billion according to Financial Stability Board estimates) should not find funding of $4 to 8 trillion or 0.8-1.6 per cent growth annually impossible to achieve. The banks alone have $183 trillion in assets, the non-bank financial intermediaries $239 trillion, whilst central banks have $44 trillion.

Diese Geschichte stammt aus der September 25, 2023-Ausgabe von The Statesman.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der September 25, 2023-Ausgabe von The Statesman.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS THE STATESMANAlle anzeigen
The Statesman

IT department raids Jharkhand CM Hemant Soren's close aide

Ahead of the Jharkhand assembly elections, the Income Tax (IT) department on Saturday conducted raids at the residence of Sunil Srivastava, personal secretary to Jharkhand Chief Minister Hemant Soren, in Ranchi.

time-read
1 min  |
November 10, 2024
The Statesman

Nitish Kumar to campaign for BJP candidates in Tarari, Ramgarh

Chief Minister Nitish Kumar on Saturday kicked off campaigning for the upcoming Assembly by-elections in Bihar, scheduled for November 13, focusing on the Tarari and Ramgarh constituencies.

time-read
1 min  |
November 10, 2024
BJP's top leadership campaigning in Maharashtra, Jharkhand on J&K's resolution for restoration of Article 370
The Statesman

BJP's top leadership campaigning in Maharashtra, Jharkhand on J&K's resolution for restoration of Article 370

The 5-day fiery session of the Jammu and Kashmir Assembly has ended in Srinagar, but its deliberations are echoing in the crucial poll bound Maharashtra and Jharkhand where the top BJP leadership is utilizing the Article 370 restoration resolution as an election issue to pin down its rival INDIA alliance.

time-read
2 Minuten  |
November 10, 2024
The Statesman

Congress playing fraud in name of caste census: Rajnath Singh

Condemning Congress' politics of falsehood, Defence Minister Rajnath Singh on Saturday accused the Grand Old Party of misleading people on the issue of caste census and asked why the party did not conduct such an exercise during the 50 years of its rule in the country.

time-read
2 Minuten  |
November 10, 2024
The Statesman

Pralhad Joshi confident of BJP's win in K'taka bypolls

Union Minister Pralhad Joshi and former Chief Minister B. S. Yediyurappa on Saturday expressed confidence that NDA candidates will win in all three Assembly segments in the by-elections in Karnataka.

time-read
1 min  |
November 10, 2024
J&K CM Omar Abdullah takes stock of winter preparedness of administration
The Statesman

J&K CM Omar Abdullah takes stock of winter preparedness of administration

Chief Minister Omar Abdullah, while chairing a high-level meeting in Srinagar on Saturday to review winter preparedness in the Kashmir Valley and snow zones of Jammu division, underscored the critical importance of effective execution of the strategy to maintain normal functioning during the harsh winter.

time-read
2 Minuten  |
November 10, 2024
The Statesman

Rahul Gandhi should feel ashamed, his ancestors did nothing for tribals: Marandi

Ahead of the Assembly elections in Jharkhand, Bharatiya Janata Party (BJP) state president Babulal Marandi launched a scathing attack on Rahul Gandhi and previous Congress governments, saying that the state's laggardness was because of years of 'misrule' by the grand old party & its allies.

time-read
1 min  |
November 10, 2024
Shah blames Cong, JMM for cross-border infiltration
The Statesman

Shah blames Cong, JMM for cross-border infiltration

The Home Minister attacked Congress over the recent recovery of over Rs 300 crore from a Congress MP's house and the seizure of Rs 30 crore from the house of an aide of a Jharkhand minister

time-read
2 Minuten  |
November 10, 2024
Ladakh's new mountaineering policy directed towards protecting ecosystem of fragile region
The Statesman

Ladakh's new mountaineering policy directed towards protecting ecosystem of fragile region

The Ladakh administration has introduced its Mountaineering Policy to promote sustainable and safe high-altitude mountain expeditions to protect the ecosystem of the fragile cold desert frontier region.

time-read
2 Minuten  |
November 10, 2024
The Statesman

Three killed in road accident in Malda

Three people were killed on Saturday after being hit by a pickup van at Tulshihata in West Bengal's Malda district.

time-read
1 min  |
November 10, 2024