Sustainable development goals

Sustainable Development Goals and their Economic Impact 

The following article explores the economic targets of the Sustainable Development Goals and reviews their fulfilment.

What are Sustainable Development Goals?

At the heart of the 2030 Agenda for Sustainable Development are the 17 Sustainable Development Goals (SDGs), which are an urgent call for action by all countries - developed and developing - in a global partnership. It is a shared concoction of the United Nations Member States to further peace and prosperity for people and the planet, now and into the future. Replacing the Millennium Development Goals, this is a much stronger approach adopted in 2015, which recognizes that ending poverty and other deprivations must go together with strategies that improve health and education, reduce inequality, and prompts  economic growth – all while tackling climate change and preserving our oceans and forests. 

The 17 sustainable development goals (SDGs) for world transformation: 

 No Poverty

 Zero Hunger

 Good Health and Well-being

 Quality Education

 Gender Equality

 Clean Water and Sanitation

 Affordable and Clean Energy

 Decent Work and Economic Growth

 Industry, Innovation and Infrastructure

 Reduced Inequality

 Sustainable Cities and Communities

 Responsible Consumption and Production

 Climate Action

 Life Below Water

 Life on Land

 Peace and Justice Strong Institutions

 Partnerships to achieve the Goal

The Global Economic targets as undertaken by The United Nations Development Programme are as follows:

 Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 %  GDP growth per annum in the least developed countries

Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, with a focus on high-value added and labour-intensive sectors

Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro, small and medium enterprises, including accesses to financial services

Through 2030, progressively improve global resource efficiency in consumption and production and separate economic growth from environmental degradation, in accordance with the 10-year framework of programmes on sustainable consumption and production, with developed countries taking the lead

By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value

By 2020, substantially reduce the proportion of youth not in employment, education or training

Take immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labour, including recruitment and use of child soldiers, and by 2025 end child labour in all its forms

Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment

By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products

Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all

Increase Aid for Trade support for developing countries, in particular least developed countries, including through the Enhanced Integrated Framework for Trade-Related Technical Assistance to LDCs

By 2020, develop and operationalise a global strategy for youth employment and implement the Global Jobs Pact of the International Labour Org.

Four years since the adoption of the Sustainable Development Goals, the 2019 Report shows progress in some areas, such as on extreme poverty reduction, widespread immunization, decrease in child mortality rates and increase in people’s access to electricity, but warns that the response has not been ambitious enough globally, leaving the most vulnerable people and countries at stake.

Although the decline of extreme poverty continues, the pace has slowed, and the world is not on track to achieving the target of ending poverty by 2030. Extreme poverty today is concentrated and it overwhelmingly affects rural populations. It is increasingly inflamed by violent conflicts and climate change. Due to their persistence and complexity, tackling the remaining pockets of extreme poverty will be challenging. This often involves the interplay of social, political and economic factors. Effective social protection schemes and policies, along with government spending on key services, can help those left behind get back on their feet and find a way out of poverty.

Despite earlier extended progress, the number of people suffering from hunger has been increasing since 2014. Stunting affects the growth and cognitive development of millions of children, while the prevalence of overweight—the other face of malnutrition— is on the rise in all age groups. Concrete efforts are needed, in the aftermath of conflicts, climate shocks and economic slowdowns worldwide, to implement and scale up interventions to improve access to safe, nutritious and sufficient food for all. Specifically, attention needs to be given to increasing the agricultural productivity and incomes of small-scale food producers, implementing resilient agricultural practices, and ensuring the proper functioning of markets. Finally, in ensuring that no one is left behind on the road towards zero hunger, the intergenerational cycle of malnutrition must be broken.

Unequal educational opportunities and outcomes are found across regions, and sub-Saharan Africa and parts of Central and Southern Asia are also falling behind. Consequently, students are not fully equipped to engage in a highly complex global economy. That gap should provide the incentive for policymakers to refocus their efforts to ensure better, quality and all-encompassing education, with better access to people of all ages along with methods to incentivize people to learn and have knowledge.

Sustained and inclusive economic growth can drive progress, create job opportunities all and improve living standards. Real per capita GDP and labour productivity have increased worldwide, and unemployment has dropped back to pre-financial-crisis levels. However, sluggish growth overall has induced to rethink  the economic and social policies to achieve the transformational objectives of Goal 8 (Decent Work and Economic Growth) so as to meet economic growth targets in LDCs; increase employment with focus on young people; reduce inequalities across regions, age groups and genders; decrease informal employment; and promote safe and secure working environments for all workers

Inclusive and sustainable industrialization, along with innovation and infrastructure, is capable of bringing about dynamic and competitive economic forces that generate employment and income. They play a key role in introducing and promoting new technologies, facilitating international trade and enabling the efficient use of resources. However, the world still has to traverse a long way to fully utilize this potential.To meet the 2030 target, LDCs, in particular, need to accelerate the development of their manufacturing sector and scale up investment in scientific research and innovation. On a positive note, the carbon intensity of manufacturing industries declined at an annual rate of almost 3 per cent from 2010 and 2016, showing a general decoupling of CO2 emissions and GDP growth. Total official flows for economic infrastructure in developing countries reached $59 billion in 2017, an increase of 32.5 per cent in real terms since 2010. Further, impressive gains have been made in mobile connectivity.

Discrepancies within and across countries is remaining a concern persistently, in spite of progress in some areas. Even as the poorest 40 % of the population in most countries experience income growth, the distribution is not equitable and the scenario is the same worldwide. There must be greater focus to reduce income and other inequalities, including those related to labour market access and trade. Additional efforts are needed to further increase zero-tariff access for exports from poorer countries, and to provide technical assistance to LDCs and developing States of small islands seeking to benefit from preferential trade status.

Major challenges remain, although support for SDG implementation is acquiring impetus. A growing share of the global population has access to the Internet, and a Technology Bank for LDCs has been established, yet the digital divide remains. Personal remittances are always high, but Official Development Assistance is declining, and private investment flows are not in line with sustainable development very often. Moreover, global growth has slowed due to ongoing trade tensions, and some governments have withdrawn from multilateral action. Strong international cooperation is needed now more than ever to ensure that countries have the means to achieve the SDGs.

“It is abundantly clear that a much deeper, faster and more ambitious response is needed to unleash the social and economic transformation, needed to achieve our 2030 goals. The coming years will be a vital period to save the planet and to achieve sustainable and inclusive human development.” – writes António Guterres, UN Secretary General.

Source: Internet, SDG Report 2019

AARSHIYA BASU