In 2015, the Sustainable Development Goals were adopted as a global action plan to combat the climate crisis, extreme poverty, and social inequality by 2030. However, we are falling behind the targets set. According to the 2022 Sustainable Development Report, there has been no progress in the last two years.
The momentum towards sustainable development was initially hindered by the COVID-19 pandemic. In this third year of the pandemic, responses to urgent issues such as the climate crisis, pollution, and biodiversity loss remain inadequate.
Inter-country inequality is also increasing. While developed countries can finance recovery from the economic crisis caused by the pandemic, the situation remains bleak for poor, vulnerable, and developing countries.
In one in five developing countries, GDP per capita is expected to remain below 2019 levels by the end of 2023. Moreover, these forecasts did not account for the war in Ukraine. By 2021, an additional 77 million people were living in extreme poverty, leading to a striking increase in inequality.
Developing and poor countries continue to face increasingly high credit costs, forcing them to cut budgets for education, healthcare, and other SDG investments. This not only hampers their recovery but also obstructs their medium- and long-term development prospects.
It is estimated that developing countries will need an additional $4 trillion in annual financing to achieve the Sustainable Development Goals by 2030..
As inequality continues to rise, another critical issue alarming for the SDGs is escalating geopolitical tensions and uncertainties. In addition to the setbacks caused by COVID-19, the ongoing war in Ukraine this year is creating global devastation through its impacts on food security and energy markets.
The world is under growing stress, and current efforts to address this are insufficient.
"Leave No One Behind"
The motto set for the Sustainable Development Goals, “leave no one behind,” becomes even more crucial during these times of crisis.
We see the need for innovative rules to build a more sustainable, inclusive, and resilient global economy for all. Now is the time to develop more inclusive, effective, and fair systems.
Is a New Economic Model Possible?
The economic activities that have persisted so far have led to significant risks and damage to all the resources that sustain life. Practices that view humans as separate from—and superior to—nature prevent us from overcoming greenhouse gas emissions, the destruction of natural habitats, and social inequality.
We also find that alternative sustainable models are inadequate for goals such as preventing climate change and preserving biodiversity.
At this point, it is possible to discuss Regenerative Finance (ReFi). This system practice views humans as an integral part of their ecosystem, focusing on the repair and protection of all these resources, and believes that human “well-being” is intertwined with nature.
“You didn’t come into this world. You came out of it, like a wave from the ocean. You are not a stranger here.”
― Alan W. Watts