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© Reuters. FILEPHOTO: A Somalian woman, who was internally displaced due to the drought in her area, walks towards shelter at Dollow’s makeshift settlement. April 4, 2017. REUTERS/Zohra Bensemra/File Photo

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By Simon Jessop

LONDON (Reuters) – Global goals tackling poverty, inequality, injustice and climate change face a $100 trillion funding shortfall and are likely to be missed unless 10% of global economic output is directed to the U.N. targets every year to 2030, a report on Friday said.

The Sustainable Development Goals of the United Nations set goals on all aspects of the environment, health, equality, and other issues. They have been supported by every member state, but the financial supply from investors, governments, banks, and companies has always fallen short.

The impact of the coronavirus panademic has made it difficult to meet the global financial needs.

The human race is at an important crossroads. Chantal Line Carpentier is Chief of UN Conference on Trade and Development at the New York Office. “Humanity must work together more than ever to make this crisis a turning point for sustainable economic development and prosperity for all.”

Add to that, the cost of global climate change financing, which amounts to $200-$220 billion, was also reported in the report.

SDGs refer to a list of global priorities that address issues such as climate change, war and hunger.

Although more than 1 billion people have been freed from poverty in the past 90 years, failing to intensify efforts for the SDGs will only fuel conflict and create crises.

Even though it was slow to get going, the finance sector has started to move faster, with $9.5 billion committed for 2030 and record-breaking $2.1 trillion being deployed by 2020. According to the report, there is a problem with the investment of the money.

The report stated that while climate change goals accounted for 20% of the funding gap but were currently receiving 44% of committed capital. The report found that human, social, and economic-related goals were responsible for over half the funding gap. However, they received only 32% current funding.

Ketan Patel (Chairman of Force for Good, CEO, and Co-Founder Greater Pacific Capital) stated that the financial sector plays a growing role in funding the SDGs as well as the transition to a more sustainable digital future.

There are still a lot of years before we can find more drastic and bigger solutions.

Among other leading financial companies involved in the initiative include BlackRock (NYSE:), JPMorgan (NYSE:), Bridgewater Associates and Schroders (LON:), the report said.

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