UN Calls for G20 to Allocate $500B Annual Stimulus for SDGs

The UN Secretary-General António Guterres called for a significant increase to the tune of $500 billion each year in extra financing from the world’s most developed nations, to meet the crucial 2030 Agenda for Sustainable Development.

In a press release, Guterres stressed: "We need to massively scale up affordable long-term financing by aligning all financing flows to the SDGs and improving the terms of lending of multilateral development banks.”

The SDG Stimulus aims to offset unfavorable market conditions faced by developing countries through investments in renewable energy, universal social protection, decent job creation, healthcare, quality education, sustainable food systems, urban infrastructure and a transformation to working digitally.

Increasing financing by $500 billion per year is possible through a combination of concessional and non-concessional finance in a mutually reinforcing way, the UN says.

“The high cost of debt and increasing risks of debt distress demand decisive action to make at least $500 billion dollars available annually to developing countries and convert short-term lending into long-term debt at lower interest rates,” hed noted.