The UN Conference on Trade and Development (UNCTAD) has published an estimate of how much it would cost to achieve the SDGs. To help guide policymakers in their investment and spending choices, UNCTAD has analyzed nearly 50 SDG indicators across 90 countries, including 48 developing economies, covering three-quarters of the global population.
Underscoring the need for swift and targeted action, the analysis shows that “countries can make the most of their spending by capitalizing on synergies among the SDGs.” Focusing on the 48 developing economies covered in the analysis, UNCTAD presents six transformative “pathways” for sustainable development and counts the cost of achieving each. It also estimates the financial burden these countries face in terms of their collective gross domestic product (GDP), along with the spending gap in USD.
According to the data, achieving social protection and decent jobs would cost USD 5.4 trillion annually, or USD 1,179 per person. The required spending sits at 17% of the 48 developing economies’ collective GDP. The spending gap is USD 294 billion per year.
Education transformation requires the annual spending of USD 5.9 trillion, or USD 1,300 per person. The 48 developing countries’ financial burden is estimated at 19% of their collective GDP, with the spending gap of USD 275 billion per year. The six least developed countries (LDCs) and the 19 low- and lower-middle-income countries (LICs and LMICs), the data show, face the largest gaps relative to the total annual costs.
USD 6.1 trillion annually is needed to enable these countries to transition to sustainable food systems, which, the analysis shows, translates to USD 1,342 per person. The financial burden sits at one-fifth of the 48 developing countries’ collective GDP, and the annual spending gap is estimated at USD 328 billion.
To fight climate change, halt biodiversity loss, and tackle pollution, the 48 developing countries need USD 5.5 trillion every year, or USD 1,213 per person. The financial burden is assessed at 18% of their collective GDP, and the annual spending gap is USD 337 billion.
The annual cost of energy transition is estimated at USD 5.8 trillion, with the spending gap of USD 286 billion per year. It will cost USD 5.6 trillion per year to achieve inclusive digitalization, and annual spending is USD 469 billion short.
Gender equality commands the highest cost – USD 6.4 trillion annually. At USD 286 billion per year, the spending gap is among the lowest.
Relative to the total annual costs, the 29 upper-middle-income and high-income developing economies covered in the study face the largest gap in terms of enabling sustainable food systems, achieving environmental goals and the energy transition, and ushering in inclusive digitalization. The eight small island developing States (SIDS) in the study face the largest gap relative to the total annual costs of achieving social protection and decent jobs, and gender equality.
The data were published on 18 September, as global leaders met in New York, US, for the 2023 SDG Summit. The findings come amidst calls for reform of the global financial architecture and debt relief.
According to a news release, “[t]he study reiterates UNCTAD’s call to increase the availability of key official statistics on government expenditure and to improve reporting on SDG indicators in all countries.” [Publication: The Costs of Achieving the Sustainable Development Goals] [UNCTAD News Release] [UN News Story]
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