As the year-end deadline for the Millennium Development Goals approaches, the international community is considering a more ambitious post-2015 development agenda. At an international conference to be held in Addis Ababa, Ethiopia, in July, top policy and decision makers, multilateral development banks, nongovernment organizations, the business sector, and other stakeholders will discuss how to finance it.
- The post-2015 development agenda, set to be launched at the United Nations Summit in New York this September, will require trillions in development resources, far surpassing current financial flows.
Source: AfDB, ADB, EBRD, EIB, IDB, World Bank Group and IMF. 2015. From Billions to Trillions – Transforming Development Finance Statement - Asia and the Pacific, home to more than half of humanity, has the money to improve its peoples’ lives and protect the planet. However, funds are in many hands, invested elsewhere, or used for varied purposes.
Source: ADB. 2015. Making Money Work: Financing a Sustainable Future in Asia and the Pacific - Achieving zero extreme poverty, defined as living on less than $1.25 a day, in Asia and the Pacific would call for $51 billion (based on a 2011 estimate). Raising the poverty standard to $2 per day would boost the sum required to $323 billion.
Source: ADB, UNESCAP, and UNDP. 2015.Making It Happen: Technology, Finance and Statistics for Sustainable Development in Asia and the Pacific - Effective use of public and private, and national and global sources of funds could fulfill current development needs in the region, estimated at around $1 trillion per year.
Source: ADB. 2015. ‘Making Every Dollar Count’ to Transform Development Finance – ADB Report - Domestic public resources remain the primary source of financing for development while international public flows, like official development assistance, while declining, remain critical for low-income and fragile countries and signal commitment to a shared development agenda.
Source: ADB. 2015. Making Money Work: Financing a Sustainable Future in Asia and the Pacific - The private sector has a big impact on sustainable development - for better, and for worse. There is enormous potential to do business differently and also channel investable resources for development-oriented investments.
Source: ADB. 2015. Making Money Work: Financing a Sustainable Future in Asia and the Pacific - In 2012, Asia and the Pacific had $6.2 trillion in domestic savings, reported $1.3 trillion in insurance funds, and received $212 billion in remittances - sums far larger than official development assistance.
Source: ADB, UNESCAP, and UNDP report. 2015.Making It Happen: Technology, Finance and Statistics for Sustainable Development in Asia and the Pacific - The First International Conference on Financing for Development held in Monterrey, Mexico in 2002 re-affirmed that 0.7% of developed countries’ gross national income should be dedicated to official development assistance to developing countries. This, however, still remains well below that target.
Source: ADB, UNESCAP, and UNDP. 2015.Making It Happen: Technology, Finance and Statistics for Sustainable Development in Asia and the Pacific - The Third International Conference on Financing for Development in Addis Ababa in July 2015 is expected to pave the way for a successful New York UN Summit and Paris Climate Change Conference later in the year by firming up finance-related commitments from the international community.
Source: United Nations. 2015.Regional dimension critical on the way to Addis Ababa and beyond - ADB is preparing to back the post-2015 development agenda through increases in both capital and capacity. ADB is combining the concessional financing operations of its Asian Development Fund with its ordinary capital resources balance sheet, boosting its total annual lending and grant approvals to as much as 50%. ADB assistance to poor countries will rise by up to 70%.
Source: ADB. 2015. Vice-President Stephen Groff’s Speech at the UN ESCAP Asia-Pacific High-Level Consultation on Financing for Development; and ADB. 2015.ADF-OCR Merger to Boost Support for Region’s Poor - Delivering on the commitment made by developed countries at the 2009 United Nations climate conference to jointly mobilize $100 billion a year by 2020 is critical to a meaningful agreement at the upcoming climate negotiations in Paris in December.
Source: ADB. 2015. Multilateral Development Banks Provided $28 Billion in Climate Finance in 2014 - ADB and five other large multilateral development banks delivered about $28 billion in climate finance in 2014 or more than $100 billion in the past 4 years to help developing countries and emerging economies mitigate and adapt to the challenges of climate change. Last year, ADB mobilized a total of $3.187 billion, 77% of which went to mitigation efforts and the rest was for adaptation work.
Source: ADB. 2015. Multilateral Development Banks Provided $28 Billion in Climate Finance in 2014; ADB infographic. 2015. Funding the Fight against Climate Change
