Policy on financing for sustainable development supports the achievement of UN goals
In the Foreign Service, this policy is related to support for financing sustainable development through trade policy, development policy and development cooperation.
The UN Sustainable Development Goals (SDGs) and their financing were agreed globally in 2015. In the Addis Ababa Action Agenda, UN Member States committed to enhance financing for sustainable development through national, international, private and public channels.
Before the COVID-19 pandemic, the Organisation for Economic Co-operation and Development (OECD) estimated that USD 2.5 trillion of private and public funding per year would be needed to reach the SDGs by 2030. However, as a result of the pandemic, the estimated deficit has grown to USD 4.2 trillion.
For the current government term, Finland has set eight objectives through which it wants to contribute to safeguarding funding for global sustainable development. They include advocacy work in international organisations and other cooperation forums as well as the allocation of Finnish funding and measures related to development cooperation programmes.
This means, for example, influencing discussions on development effectiveness in the OECD, the Investment Framework for Development in the WTO and EU financial instruments. Finland aims to steer development policy investments in accordance with the objectives and to support partnerships between public and private actors. The policy also highlights measures related to gender equality and tax issues.
All financing must be economically, socially and environmentally sustainable.