The global goals are an extraordinary concept that emerged through the collaboration of the United Nations. It represents a determination to address the world’s most pressing issues and provides a framework to measure progress in achieving them. These 17 goals encompass ambitious commitments such as eradicating extreme poverty and hunger, combating climate change and inequality, and tackling corruption. Although the global goals have resulted in positive changes, we are currently falling short on nearly all fronts as we approach the midpoint between their inception in 2016 and the targeted accomplishment in 2030. Therefore, it is crucial to assess the global goals, identify what is working, acknowledge what is not, and refine our approach to maximize the benefits for those in dire need.
One significant advantage of the goals is that they compel the global community to agree on priority areas and establish indicators of progress. These agreements drive action, as governments, foundations, and other funders use the goals as a guide to allocate resources to support the world’s poorest. As the saying goes, “What gets measured gets managed.” However, we must address a significant challenge posed by the global goals. While the 17 commitments are commendable, they come with an overwhelming number of targets—169 precisely. It wouldn’t be an issue if we were effectively funding all these targets. Unfortunately, that is not the case. Despite substantial commitments from donors, a recent report reveals that the funding required to achieve the goals will fall short by at least $10-$15 trillion annually for the remainder of this decade. To put it into perspective, this amount is equivalent to the total taxes collected by every government worldwide. This enormous funding gap necessitates a two-pronged approach.
Firstly, we must do everything within our power to narrow this gap. Donors must fulfill and even exceed their commitments to meet the goals effectively. Although overall foreign aid has increased for the fourth consecutive year in 2022, the majority of this increase is attributed to refugee and humanitarian aid associated with Russia’s war on Ukraine. Unfortunately, assistance for the least well-off countries has actually declined. However, there are some notable exceptions, such as France, the Netherlands, the United States, and China, who have recently increased their funding for health initiatives in low-income countries. The Gates Foundation is also on track to increase its total giving by 50% ($9 billion per year by 2026), with a specific focus on health and development. We hope other potential funders follow their lead.
Secondly, while donors step up their efforts, we must also acknowledge that governments are already stretched to the limit by inflation and rising interest rates. In reality, it is unrealistic to expect the world to generate an additional $10 trillion annually to fund the global goals. Consequently, we must identify the most impactful investments in development—the ones that will yield the greatest benefits with the available funding. Fortunately, we do not have to rely on guesswork to make these decisions. Decades of research have provided us with valuable data to determine the most effective interventions. For instance, recent research led by Bjorn and featured in his book “Best Things First” identified 12 highly efficient policies that deliver substantial benefits at relatively low costs. These policies include simple interventions during childbirth that could save the lives of 166,000 mothers and 1.2 million newborns annually, costing less than $5 billion per year. Additionally, allocating an extra $5.5 billion per year towards agricultural research and development for the poor could alleviate malnutrition, help farmers adapt to a changing climate, and reduce food costs. These efforts would generate long-term benefits worth $184 billion annually. Other recommendations include initiatives to prevent tuberculosis and malaria, increase childhood immunization rates, improve education, and strengthen land ownership rights. According to the research, implementing these 12 policies by 2030 would save over four million lives annually and generate $1.1 trillion in economic benefits for low- and lower-middle-income countries. With an investment of approximately $35 billion per year (in 2023 dollars), this represents a return of approximately 52 times the initial investment. However, it is important to remember that the principles guiding these policies are just as crucial as the policies themselves.
First and foremost, we must recommit ourselves to the funding of global goals, as it is a life-saving and poverty-alleviating endeavor. Secondly, we must acknowledge that the need for funding surpasses the available resources, necessitating a focus on initiatives that will generate the most impact. By adhering to these principles, we can ensure that the global goals accomplish the greatest good for the world.
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Bill Gates is the co-chair of the Bill & Melinda Gates Foundation, while Bjorn Lomborg serves as the president of the Copenhagen Consensus.
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