Global crises further threaten progress towards SDGs: ADB-UN Report

The convergence of multiple global crises is further jeopardizing the ability of Asia and the Pacific to achieve the Sustainable Development Goals (SDGs) by 2030, according to a report published by the Economic and Social Commission for Asia and the Pacific (ESCAP). , the Asian Development Bank (ADB) and the United Nations Development Program (UNDP).

The polycrisis – referring to the main economic and social crises, including severe climate change, the repercussions of the COVID-19 pandemic and the effects of the Russian invasion of Ukraine – has caused serious disruptions in the energy, food and financial in the region.

According to the report Delivering on the Sustainable Development Goals through Solutions at the Energy, Food and Finance Nexus (Meeting the Sustainable Development Goals through solutions at the energy, food and finance nexus), these crises have introduced new disruptions and tensions that have intensified, especially for the most vulnerable groups.

“These crises created a perfect storm that has derailed the global economy, the livelihoods of millions of people in Asia and the Pacific, and progress towards the SDGs,” ADB Managing Director Woochong Um said.

“However, this could be a historic turning point towards a more secure future, igniting a renewed drive to transform food and energy systems, emerging from polycrisis and building systemic resilience will require countries to respond to these immediate vulnerabilities, maintaining at the same time the focus on longer-term development goals.”

ADB and SAEL Industries sign an agreement to promote biomass generation in India

The report notes that without substantial progress in climate change mitigation, weather-related catastrophes will become more frequent and extreme.

Preparing Asia and the Pacific to deal with current and future crises will require coordinated efforts by governments and non-state actors at the regional, subregional, national, subnational and local levels, to achieve an inclusive transformation of energy systems, food and financial

To build more sustainable and inclusive energy and food systems, the report calls for scaling up technology, policy frameworks and social innovations to increase efficiency and yield, reduce environmental degradation and add value for farmers and consumers.

Amid fiscal constraints, innovative financing solutions will be critical. To boost investments in the SDGs, governments need to recalibrate public financial management by aligning the SDGs with national budget processes and exploring new sources of revenue, according to the report.

It is crucial to increase private sector financing for the SDGs, including by promoting the use of the SDG framework to measure the impact of investments. Regional and subregional initiatives, such as lowering trade barriers, will also promote food and energy security.