Developing countries are facing a growing funding gap as they strive to put their societies and economies on a pathway towards long-term sustainability.
According to the data from UNCTAD, the annual investment gap for achieving the Sustainable Development Goals (SDGs) by 2030 has soared to US$ 4 trillion per year, a significant increase from the US$ 2.5 trillion estimated in 2015 when the 17 Global Goals were adopted. Bridging this gap far surpasses the capacity of public resources alone.
To spur larger investments in the SDGs and long-term sustainability, the United Nations System has been a leading voice in advocating for and mobilizing more investment for sustainable development. Particularly, it has been instrumental in convening – and engaging – asset owners, financial institutions, and others in the sector to align their financial investments and flows with the SDGs. While progress has been made in recent years, the pace and scale of investments remain inadequate. Furthermore, fostering deeper collaboration among financial providers, companies, and governments is required to identify opportunities to generate positive impact alongside competitive financial returns.
In September 2019, the Beyond Lab (previously known as the SDG Lab) and partners convened the first-ever Building Bridges Week, aiming to kickstart genuine collaboration between the finance and international development communities in Geneva and beyond. This event marked a significant milestone in bridging the gap between these sectors, facilitated by the Beyond Lab’s expertise in translating ideas to actionable initiatives and bringing together diverse actors, especially through its Geneva network of sustainability experts.
Through its nuanced approach, the Lab brought diverse perspectives to the forefront, including advocating for investments in the social dimension of sustainability, a perspective often overlooked in discussions largely centred on climate-related investments. Recognizing the importance of the 'S' (Social) in ESG, the Beyond Lab emphasized the need for a holistic approach to sustainable finance, urging greater consideration of social impacts alongside ‘E’ (environmental) and ‘G’ (governance) factors.
Since its launch, Building Bridges is now a fully established and globally recognized platform for sustainable finance. It has carved out a distinct niche and occupies a well-defined space within the sustainable finance landscape. Significantly, Building Bridges serves as a key convening moment.
The Beyond Lab remains an active contributor, advisor and thought leader to Building Bridges. Through its engagement in governance, policy orientations, and outreach, it advocates for greater inclusion of emerging issues, such as intergenerational equity, values-based financing and future generations, into sustainable finance.
Looking beyond Building Bridges, we are using our learnings from helping incubate this movement to 'build bridges' for long-term sustainability, between evidence and policymaking, as well as among various actors, including governments, the private sector, and civil society.
Following the conclusion of Building Bridges 2022, the Beyond Lab (formerly SDG Lab) has compiled a summary of its engagements during this event.
Read Article.png)
.png)
