Bringing the 2030 Agenda on track has never been more urgent. Our experience of the COVID-19 pandemic, the economic fallout of the war in Ukraine, and the increased frequency and severity of climate-related disasters in Indonesia are three persistent reminders that no one is safe until we’re all safe; that no country can do it alone. While these crises touch all of us, everywhere, their burdens have repeatedly landed heaviest on those most at risk of being left behind.
In the face of these mounting, complex crises, global solidarity, and a multilateral approach are needed more than ever. The Sustainable Development Goals (SDGs) give us a blueprint to achieve a better and more sustainable future for all, and to protect society’s most vulnerable. But even as emergencies like COVID-19, the war in Ukraine, and climate-related disasters underscore the imperative to achieve the SDGs, they divert funds away from our development efforts.
To bring those efforts back on track, we must mobilize tremendous resources and capital. Indeed, Indonesia’s SDGs Roadmap 2019 indicated that an estimated USD 4.7 trillion of funding was required to achieve the country’s 2030 SDG targets—and that’s before we factor in COVID-19’s economic impact.
The mobilization of capital we saw from governments in response to COVID-19 proves the funds are there. The key to mobilizing capital for SDG achievement rests both in leveraging existing financing and unlocking new financing sources. Innovative financing instruments such as thematic bonds, SDGs-linked loans, and impact investing can be key pieces in the puzzle.
Indonesia has proven itself a pioneer of innovative financing. As part of efforts to address the funding gap and to move towards a sustainable post-COVID-19 economic recovery, Indonesia’s government is seeking to boost investment for the SDGs through innovative instruments like last year’s SDG Bond, the first such bond from any country in Southeast Asia. The ASSIST Joint Programme is the UN’s strategic framework to support the Government of Indonesia in significantly increasing public and private capital mobilization towards the SDGs.
Indeed, the ASSIST is a prime example of the way UN agencies work together to address barriers and challenges efficiently, avoiding duplication or wasted resources. In the spirit of global solidarity and strengthened multilateralism, our work with the government and public and private sector partners shows that together we are committed to building a nation that is prosperous, democratic, and just, where development benefits all people, and where the rights of future generations are protected.