UN DESA Report: $4.2 Trillion Investment Gap for Sustainable Development

Tags: Reports

On April 9, 2024, the United Nations Department of Economic and Social Affairs (UN DESA) issued the 9th edition of the 'Financing for Sustainable Development Report 2024 (FSDR 2024)'.

An Overview of the News

• The report, developed by the Inter-agency Task Force on Financing for Development, centers on the theme 'Financing for Development at a Crossroads'.

• An estimated USD 4.2 trillion in investments is now deemed necessary to address the development financing gap, compared to the pre-COVID-19 estimate of USD 2.5 trillion.

Significance of Economic Transitions:

• The report underscores the critical role of economic transitions in realizing Sustainable Development Goals (SDGs), emphasizing the need for unprecedented investment levels.

Collaborative Production:

• 'FSDR 2024' is a collaborative endeavor involving the Inter-agency Task Force on Financing for Development (IATF), comprising various UN agencies and international organizations.

Debt Servicing Expenses for LDCs:

• Between 2023 and 2025, Least Developed Countries (LDCs) are projected to face debt servicing costs amounting to USD 40 billion, representing a notable increase of over 50% (USD 26 billion) from 2022.

About UN DESA:

• The head of UN DESA is the Under-Secretary-General (USG) for Economic and Social Affairs, currently held by Li Junhua.

• Its headquarters are situated in New York, United States (US), established in 1948.