Emmanuel OchayiDr. Akinwumi Adesina, President of the African Development Bank Group, has underlined that to accomplish the Sustainable Development Goals (SDGs) by 2030, a sizeable yearly expenditure of $4 trillion is needed.
At the 50th anniversary celebrations of the Islamic Development Bank in Riyadh, Saudi Arabia, he said this. Adesina emphasised that the achievement of the SDGs is seriously threatened by the $4 trillion yearly gap that exists today, up from $2.5 trillion in 2015.
“The High 5s—namely; Light Up and Power Africa; Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—are not just ambitious goals but a strategic blueprint for the continent,” Adesina stated. He pointed out that achieving these High 5s would mean accomplishing nearly 90% of the Sustainable Development Goals for Africa.
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Adesina identified five critical areas that require immediate attention and innovative funding:
- Climate Change: Africa is the worst affected region, receiving only $30bn annually, despite needing $277bn per year to address climate change.
- Food Security: Africa faces significant food security challenges, and the bank is working to address this through initiatives like the Desert-to-Power program.
- Energy Access: Over 675 million people worldwide lack electricity, with 80% of them in sub-Saharan Africa.
- Health Security: The bank is working to address health security challenges, including the lingering impacts of the COVID-19 pandemic.
- Mobilising Resources for SDGs: Adesina emphasized the need for increased support from developed countries, devoting at least 0.70% of their gross national income to official development assistance.
The president of the AfDB emphasised the vital role that multilateral development banks play in meeting these demands by fostering more cooperation and creative financing solutions.
Additionally, he emphasised how crucial the business sector is to increasing SDG investments from billions to trillions.
Adesina promoted the creation of investable projects, resolving foreign exchange and currency concerns, and expanding the use of guarantees to fully utilise the $128 trillion in assets held by institutional investors worldwide.
Adesina concluded by underlining the necessity of teamwork to accomplish the SDGs, saying, “The UN Secretary-General’s call for a $500 billion annual SDG stimulus package should be fully supported.”
