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Reality is not yet matching rhetoric in moving from “billions to trillions” to finance the SDGs—how can we accelerate sustainable development finance?
To meet the Sustainable Development Goals, the world must ramp up development financing from billions to trillions. We must think beyond aid, to private finance and unlocking developing countries’ own resources. How development financing is mobilized and allocated must also change. Shared problems like climate change and the threat of pandemics can only be addressed through international cooperation. In addition, the rise of China as a major bilateral development partner and the emergence of new development agencies raise the question of whether the existing multilateral financing system is fit for purpose.
Our research focuses on four questions: How can international finance produce sufficient funding for development? How should it be allocated to meet both ongoing needs and future challenges, such as climate change and pandemics? How can financing most effectively mobilize private capital, safeguard public monies, and keep debt levels sustainable? And how should existing institutions be changed to best assist?
With Jim Kim’s abrupt departure from the World Bank, there has been a swirl of commentary on questions of legacy, the best of which aim to answer the question, “how is the bank doing?” For large multilateral institutions like the World Bank, that’s a frustratingly difficult question to answer. Seemingly objective measures like volume of financing or sectoral targets are simplistic and bring their own value judgements about what the institution should be doing. Annual reports give us a narrative about institutional performance, but a heavily biased one.
In 2019/2020 donor governments are anticipated to pledge up to $170 billion to various multilateral organisations as part of their replenishment cycles. This unusual bunching of replenishments of some of the largest organisations in 2019 provides an opportunity to think more coherently about multilateral funding and to address key systemic problems, such as overlapping mandates and under-funding of some parts of the system.