UN canvasses $500b SDGs stimulus for developing countries

Worried by challenges confronting developing countries, United Nations has called for Sustainable Development Goals (SDGs) stimulus of at least $500 billion yearly to scale-up affordable long-term financing for countries, alongside series of structural reforms to institutions and rules that make up the international financial architecture.

The Deputy Secretary-General of the United Nations (UN), Mrs Amina Muhammed, led call at the ongoing 10th Session of the Africa Regional Forum on Sustainable Development 2024, holding in Ethiopia.

She said Africa’s leadership and collective voice were essential to make the SDGs stimulus a reality, take decisive steps towards a global financial architecture more equitable, resilient, responsive and accessible to everyone.

According to her, political declaration is only the first step, but it must be followed by concrete, ambitious and transformative action that will put the continent on the path to deliver on the SDG by 2030.

Muhammed said it was essential that leaders scaled up action on key transitions and investment pathways that could accelerate progress across the goals, adding that both regionally and nationally, there were opportunities for critical transitions that can boost progress.

“First, inclusive and sustainable energy powers sustainable development. African countries are making tangible progress in securing access to all sustainable energy. Access to electricity rose by nearly 10 per cent in the last six years. Africa is also home to 60 per cent of the world’s most coveted solar resources but the continent only attracted two per cent of global investments in renewable energy over the last two decades,” she said.

This underinvestment, she explained, meant a continent with the potential to be a renewable energy superpower lagging with just one per cent of installed solar capacity.

Muhammed noted that finance was also vital to rolling out renewables more widely, but countries would need to take a systematic approach at home.

On digital divide, the UN Chief said the divide between and within African countries remained significant, while internet access and mobile penetration gaps were persisting between poor and well-off, rural and urban areas, male and female users.

However, she said more must be done to scale-up investments in technology and digital infrastructure to bridge the digital divide.

Executive Secretary, Economic Commission for Africa (ECA), Claver Gatete, urged leaders to leverage Africa’s vast natural resources, particularly critical minerals, which are essential for the global transition to green economies. He added that renewable energy stood as a backbone for sustainable development with untapped opportunities to drive investments and promote energy security across the continent.