HAMBURG: With the least developed countries in the Global South facing the wrath of the climate change without much contributions in fossil fuel emissions and desperately needing money to achieve its Sustainable Development Goals (SDGs), the world powers too feel that enough money is not pouring out to finance the needs of those nations. The conflicts on the various parts of the world are also increasing the words on achievement of the SDGs.
World Bank President Ajaypal Singh @ Ajay Banga said the world is far away in finances from achieving the Sustainable Development Goals (SDGs). The world needs 400 trillion dollars to achieve the SDGs but the world bank with multilateral development banks (MDBs) has access to nearly 300 trillion dollars and shortfall is big. To fill the gap the private sector needs to come up, Banga said on Monday while speaking to Times of India on the sidelines of Hamburg Sustainability Conference at Hamburg.
Public money is falling short to achieve the goals and in that scenario only the private sector is the option and we have approached the corporate sector. Recently the world bank met 15 top CEOs from the world who have committed to finance and it is time to wait for their pledges to come forth.
Banga said the World Bank is making various efforts so that the poor nations from Global South get the finances to achieve their goals which the world desperately needs. Many more meeting are lined up including the serious talks at the upcoming COP 27 at Baku in Azerbaijan.
Banga said along with achieving the goals for SDGs, the sincere efforts on sustainability too are badly needed. The world need to sustain its resources without emitting more emissions.
In the meanwhile, Achim Steiner, Administrator United Nations Development Programme (UNDP) speaking to TOI said surely we are lagging in achieving the targets of Sustainable Development Goals (SDGs) on various parameters but the world is inching towards achieving that. The finances are coming in the way of achieving those goals and the conflicts in certain parts of world too has put a spanner. May be the world could take more time but the ultimately the goals will be achieved. On being asked about the another conference of parties COP29 fast approaching where the focus is expected to remain on climate finance as the rich nations had pledged to pay and the poor nations in the Global South are desperately waiting for it, he said it is the issue where certain may know the status of climate finance there and also the nations could elaborate about the status of SDGs
German Federal minister Shena Schulze speaking to TOI said that Germany is working overtime towards achieving energy transition. we are hopeful to phase out coal plants in phased manner by 2035 and gas may be by 2043 and as per Nationally Determined Contributions (NDCs) we have committed to turn towards net zero by 2045. She also said that Germany is doing a lot on renewable energy and we are ahead of others in achieving the goals of producing hydrogen which could replace the fossil fuels.
World Bank President Ajaypal Singh @ Ajay Banga said the world is far away in finances from achieving the Sustainable Development Goals (SDGs). The world needs 400 trillion dollars to achieve the SDGs but the world bank with multilateral development banks (MDBs) has access to nearly 300 trillion dollars and shortfall is big. To fill the gap the private sector needs to come up, Banga said on Monday while speaking to Times of India on the sidelines of Hamburg Sustainability Conference at Hamburg.
Public money is falling short to achieve the goals and in that scenario only the private sector is the option and we have approached the corporate sector. Recently the world bank met 15 top CEOs from the world who have committed to finance and it is time to wait for their pledges to come forth.
Banga said the World Bank is making various efforts so that the poor nations from Global South get the finances to achieve their goals which the world desperately needs. Many more meeting are lined up including the serious talks at the upcoming COP 27 at Baku in Azerbaijan.
Banga said along with achieving the goals for SDGs, the sincere efforts on sustainability too are badly needed. The world need to sustain its resources without emitting more emissions.
In the meanwhile, Achim Steiner, Administrator United Nations Development Programme (UNDP) speaking to TOI said surely we are lagging in achieving the targets of Sustainable Development Goals (SDGs) on various parameters but the world is inching towards achieving that. The finances are coming in the way of achieving those goals and the conflicts in certain parts of world too has put a spanner. May be the world could take more time but the ultimately the goals will be achieved. On being asked about the another conference of parties COP29 fast approaching where the focus is expected to remain on climate finance as the rich nations had pledged to pay and the poor nations in the Global South are desperately waiting for it, he said it is the issue where certain may know the status of climate finance there and also the nations could elaborate about the status of SDGs
German Federal minister Shena Schulze speaking to TOI said that Germany is working overtime towards achieving energy transition. we are hopeful to phase out coal plants in phased manner by 2035 and gas may be by 2043 and as per Nationally Determined Contributions (NDCs) we have committed to turn towards net zero by 2045. She also said that Germany is doing a lot on renewable energy and we are ahead of others in achieving the goals of producing hydrogen which could replace the fossil fuels.
