Funding challenges lie at the heart of the global sustainability crisis, preventing developing countries fr om responding to the combination of crises they face.

This is according to a new report from the UN Department of Economic and Social Affairs (UNDESA) on financing sustainable development in 2024. The organization estimates that the financing gap for sustainable development is US$4.2 trillion per year (US$2.5 trillion). before the start of the COVID-19 pandemic).

Growing geopolitical tensions, climate disasters, high level of government. Debt and the global cost of living crisis have undermined progress in health care, education and other sectors. Between 2023 and 2025. Debt servicing for least developed countries will be $40 billion annually, 50% of 2022 levels. Approximately 40% of the world's population lives in countries where governments spend more than that on education or health care. If current trends continue, more than 600 million people will live in extreme poverty in 2030. As experts note, increased investment in sustainable projects and reform of the international financial architecture are necessary to achieve the Sustainable Development Goals.