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Financing for global goals under threat just when most needed, says OECD head
(Reuters, 12 Nov 2020) The COVID-19 pandemic is handicapping efforts to reach the Sustainable Development Goals as cash runs short and recessions take hold.
The COVID-19 crisis has pushed to $4 trillion this year's shortfall in funding needed for developing nations to meet global goals to end poverty and hunger by 2030, throwing them further off track, a summit of public banks heard on Thursday.
Angel Gurría, secretary-general of the Organisation for Economic Co-operation and Development (OECD), noted that 90 out of 122 developing countries had entered recession as shutdowns to curb coronavirus hit sectors like tourism and manufacturing.
Developing nations have seen a $700-billion drop in external private finance this year due to a decline in foreign investment and remittances, he added.
Meanwhile, the pandemic has boosted by about $1 trillion their need for funding for health, social and economic recovery measures, with many governments unable to borrow enough to cover those due to high indebtedness and poor credit ratings.
The energy sufficiency library
eceee's energy sufficiency library contains all concept papers, workshop reports and presentations from the Energy Sufficiency project. It also highlights relevant reports from other sources to help you dig deeper and better understand what sufficiency might mean for you and our society.