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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?
Using publicly available information, we describe all seven DIBs, and evaluate the three “health DIBs” in more detail, comparing their stakeholders, implementation, and outcome structures. We offer three recommendations to improve evaluation and inform development of DIBs in the future.
The world, as they say, is moving “beyond aid.” As true as that may be in aggregate, however, the trend doesn’t apply evenly across groups of countries. While fairly significant data gaps prevent a complete and unbiased picture, the available data show that ODA remains a comparatively prominent source of external financing for fragile states.