EIB joins 11 leading multilateral development banks and IMF to launch the first joint report on financing the Sustainable Development Goals
10 December 2020
First-ever report on MDBs’ contribution to the SDGs
MDBs collectively mobilized $230 billion to reduce the impact of the pandemic
$75 billion will be directed to the world’s poorest countries by the end of 2020
The EIB joined a group of 11 multilateral development banks (MDBs) and the International Monetary Fund (IMF) today in launching a first-ever joint report on financing the Sustainable Development Goals (SDGs).
The report is released at the end of a critical year, in which the COVID-19 pandemic threatens to reverse progress on the SDGs. In response, MDBs have collectively mobilized a global response package of $230 billion between 2020 and 2021 to reduce the impact of the pandemic, of which $75 billion will be directed to the world’s poorest countries before the end of 2020.
“The COVID-19 pandemic has reinforced the relevance of the 17 SDGs as a road map for inclusive, sustainable, green, and resilient recovery. In responding to the crisis, countries and their development partners have an opportunity to refocus on the SDGs,” the joint report says.
EIB President Werner Hoyer said: “The COVID-19 pandemic has exposed the divisions, inequalities and the vulnerabilities that exist in our societies and across the globe when it comes to accessing healthcare and treatment, sanitation, digital connectivity and responding to climate change. The pandemic has derailed our efforts in meeting many SDGs. We must come back stronger and faster, working closely with our partners in national governments and with our fellow Multilateral Development Banks to make sure that SDG contributions are part of the recovery.”
The joint report highlights collective and individual MDBs efforts to support countries to achieve all 17 of the SDGs. It showcases examples of how their financing directly contributes to advancing SDGs that empower people, protect the planet, foster prosperity for all and develop sustainable quality infrastructure. The report also emphasizes the critical importance of MDBs partnerships to deliver financing, knowledge and capacity building support for the SDGs.
The EIB, after consultations with fellow MDBs and IFIs, has been developing a new mapping methodology for measuring and reporting on its SDG contributions. The approach enables the EIB to give a comprehensive account of its contribution to each of the SDGs, in financial terms as well as in terms of physical project outputs and outcomes. It also allows the bank to take into account a range of interactions and interlinkages amongst SDGs. This methodology is also meant to help the development of a principles-based, joint MDB approach to SDG reporting and underlies EIB’s contribution to this first joint report.
The report concludes that MDBs must continue their efforts to invest in people and human capital, with a deeper focus on inclusion. They will step up their efforts to protect the planet, and promote green development and ambitious climate action reflecting the goals of the Paris Agreement on Climate Change. They must also work to strengthen resilience to shocks and stresses, in order to preserve prosperity and continue to promote sustainable infrastructure, including to foster digitization to support innovation and sustainability. They will continue to deepen their partnerships for the goals, including through knowledge sharing and common reporting on the SDGs.
“The MDBs are committed to working alongside all partner countries to help them emerge from this unprecedented crisis better positioned to achieve the SDGs.”
The urgent question of how to turn the billions to trillions and deliver the SDG’s was the issue filling chairs in the World Bank’s Atrium as delegates came to hear what solutions international financial and development institutions had to offer.
The multilateral development banks (MDBs) and IMF today signaled plans to extend more than $400 billion in financing over the next three years and vowed to work more closely with private and public sector partners to help mobilize the resources needed to meet the historic challenge of achieving the Sustainable Development Goals (SDGs).
Climate financing by seven of the world’s largest multilateral development banks (MDBs) accounted for $61.6 billion in 2019, of which $41.5 billion (67%) was in low- and middle-income economies, according to the 2019 Joint Report on Multilateral Development Banks’ Climate Finance. The study expands the scope of reportingfor the first timeto all countries of operation. It now provides data on MDB climate finance commitments beyond those directed solely at developing and emerging economies, but with the focus remaining on low- and middle-income countries.