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As the world’s finance ministers, business leaders, fund managers, and foundations convene in Spain for the fourth UN Conference on Financing for Development (FFD), a harsh reality looms large: We are alarmingly off-track, to the tune of $4 trillion, to meet the sustainable development goals (SDGs). Official development assistance (ODA) has been stagnant, and there have been body blows like the reduction by about 80 per cent of the American ODA budget, and the recent withdrawal by the Trump administration from the FFD4 process itself. In this environment, mobilising private capital at scale is essential to achieve the SDGs.
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