The geopolitical and global macroeconomic landscape has changed significantly in the past two years. Public sector debt has risen and private sector appetite for risk has arguably fallen. Against that backdrop, the funding gap for achieving the Sustainable Development Goals (SDGs) and climate goals in EMDEs has increased.

Governments must respond to growing pressure for a greater demonstration of the impact of the significant public resources still being deployed toward achieving the SDGs and climate goals. However, our premise remains that there will never be enough public money to close an annual funding gap of at least $4 trillion in EMDEs. Therefore, 2024 needs to be a pivotal year in terms of finding more effective ways to mobilize incremental percentages of the estimated $270 trillion of global financial wealth, with the goal of delivering real impact to where it is most needed.

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