SDG Summit 2023

SDG Summit 2023

News: Recently, the Global leaders expressed apprehension regarding the slow progress in achieving Sustainable Development Goals (SDGs) during the SDG Summit in New York, the US.

Key Highlights:
• The annual SDG funding gap, which was USD 2.5 trillion before the pandemic, has now increased to an estimated USD 4.2 trillion.
• Emphases on scaling up Debt Swaps for SDGs, including climate and nature-related debt swaps.
• The declaration acknowledged that the Covid-19 Pandemic has disproportionately impacted the SDGs, particularly in the world's poorest and most vulnerable nations. It highlighted the need for an emergency course correction to accelerate progress in achieving the SDGs.
• Leaders recommitted to fully implementing the Sendai Framework for Disaster Risk Reduction and pledged to step up efforts to combat climate change.
• The leaders stressed the importance of the Addis Ababa Action Agenda (AAAA) in achieving the 2030 Agenda. They called for swift implementation of the UN Secretary-General's proposal for an SDG stimulus, a significant increase in funding by USD 500 billion annually.

About Adidis Ababa Action Agenda
• The Addis Ababa Action Agenda is a set of policy actions to finance sustainable development including social protection, hunger and nutrition, infrastructure, international cooperation, employment and enterprise, ecosystems and peace.
• The agreement is a follow-up to the 2002 Monterrey Consensus and the 2008 Doha Declaration on Financing for Development1. It entered implementation in 2016.

Concerns related to SDG progress:
• Despite commitments, the progress towards meeting the 169 targets comprising the 17 SDGs is just 15%, with some areas regressing.
• The investment gap in achieving the SDGs in developing countries is estimated to be over USD 4 trillion, significantly higher than earlier estimates, especially with a substantial portion required for the energy transition.
• Climate change is identified as a significant challenge, threatening the achievement of SDG targets.