Over $500 billion needed to achieve SDGs

AS Barbados and Caribbean countries look to tap into funding for the United Nations Sustainable Development Goals (SDGs), they are being reminded that at least $500 billion is necessary to achieve those goals.

News of this has come from Dr. Jan Yves Remy, head of the Shridath Ramphal Centre for International Trade Law and Services (SRC), at The University of the West Indies, Cave Hill.

She said that at the end of the day the central question that must be answered is, how to finance a project of the magnitude of the SDGs by 2030.

The SRC Director told a recent webinar that before the onset of COVID-19, rich countries had promised to assist developing and small states with financing through grants, loans, and even concessionary funding.

“Now with COVID, the case for financing is $500 billion a year for achieving the SDGs is even more critical,” the SRC official reasoned.

Arguing that there will be a need as well for government support, Dr. Remy indicated that what is very clear to her is the fact that new sources of financing are also required.

She told the session that some very creative thoughts were expected from the discussions on how the Caribbean private sector can help out.

Remy said the discussion was very important since perhaps it was overlooked by regional policymakers.

The webinar was one of the direct output of the SRC policy brief authored by Ms. Alicia Nicholls, on investment facilitation and financing the UN-backed SDGs.