Financing sustainable development

Narinder Kakar and Joseph C. Morreale

Chapter 3 in Pathways To Sustainable Development, 2025, pp 36-53 from Edward Elgar Publishing

Abstract: As the global community approaches the deadline for achieving the UN 2030 Agenda and its 17 Sustainable Development Goals, many countries are falling behind. One of the main reasons behind this slow progress toward sustainable development is inadequate financing, especially in developing countries. The Covid-19 pandemic exacerbated the financing gaps. This chapter argues that high sovereign borrowing costs limit financing options for developing countries, with many African countries being in the worst position due to weak governments, political unrest, and macroeconomic instability. To achieve sustainable development, a mix of private and public financing is vital. Designed to support climate action and sustainable development projects, green finance, such as the Green Climate Fund and green bonds, has been growing in popularity. The chapter suggests several important pathways toward bridging the financial gap, stressing that developed countries must provide substantial financial support to developing countries.

Keywords: SDG 17; SDG financing and investment gaps; Financing for sustainable development; Mobilizing domestic resources; International aid; Multilateral development banks; Climate finance; Green Climate Fund; Green bonds; Carbon markets (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035356331
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