The annual financing gap for the implementation of the Sustainable Development Goals (SDGs) globally amounts to approximately $4 trillion, Huseyn Huseynov, Advisor to the Minister of Economy, said during the session titled “8th SDG Dialogue: Innovative Financing for Sustainable Development – Beyond Aid and Traditional Official Development Assistance (ODA)” held as part of the Islamic Development Bank (IsDB) Annual Meetings in Baku, APA-Economics reports.
According to him, this figure demonstrates a significant global shortfall in SDG financing, and financing needs have become particularly acute in areas such as sustainable infrastructure, clean energy, water systems, digital transformation and climate adaptation.
“Rising debt risks, geopolitical tensions, inflationary pressures and limited fiscal space are restricting the ability of many countries to finance the SDGs. Against this backdrop, traditional financing mechanisms are no longer sufficient, and there is a need to transition to innovative financing instruments for the implementation of the Sustainable Development Goals.”
He also noted that mechanisms such as blended finance, green finance, Islamic finance, digital finance and public-private partnerships are playing an increasingly important role in financing the SDGs.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
