Africa: Estimated financial needs by SDG (Latest Data Year) by Mo Ibrahim Foundation Report

Mtoa Taarifa · 2024-10-07T16:42:10+00:00

World Poverty Statistics 2024 Facing the harsh reality of extreme poverty, over 700 million individuals globally survive on under $1.90 per day, a crisis that disproportionately affects children. The goal to eradicate this by 2030 underlines the vital global effort of Sustainable Development Goal 1. According to the latest poverty statistics, approximately 9.2% of the global population, or about 700 million people, live in extreme poverty. Extreme poverty is defined as living on less than $1.90 per day. This population is largely concentrated in developing countries, with about 90% of people living in extreme poverty residing in sub-Saharan Africa and South Asia. In addition to those living in extreme poverty, about 26% of the global population, or about 1.3 billion people, live in moderate poverty. Moderate poverty is defined as living on between $1.90 and $3.20 per day. Poverty disproportionately affects children, with about half of the world's poor being children under the age of 18. Poverty has serious consequences for children's health, education, and overall well-being. It can also have intergenerational impacts, as children who grow up in poverty are more likely to experience poverty as adults. Goal 1: No Poverty According to the United Nations Development Programme (UNDP) in 2023, lifting 165 million people out of poverty worldwide living on less than $3.65 a day would cost around $14 billion. Estimates to eradicate extreme poverty are are even higher, with $175 billion needed per year to eliminate all extreme poverty globally. Goal 2: Zero Hunger According to Africa Improved Foods (AIF) in 2019, to eradicate hunger in Africa would cost approximately $5 billion. According to the World Meteorological Organization (WMO) in 2023, food imports by African countries are expected to increase by approximately three times from $35 billion to $110 billion by 2025. According to the Commercial Agriculture for Smallholders and Agribusiness in 2022, there is an agricultural funding gap of $74.5 billion for agricultural small and medium-sized enterprises (SMEs) in sub-Saharan Africa. Goal 3: Good Health and Well-being According to UNECA in 2019, Africa faces a financing gap of $66 billion per year to meet growing healthcare financing needs and rising healthcare demands. According to the IMF in 2021, between 2021-2025, additional financing to all African countries of around $285 billion was needed to step up the spending response in the aftermath of the COVID-19 pandemic. Goal 4: Quality Education According to the United Nations Educational, Scientific and Cultural Organization (UNESCO) in 2023, the annual average financing gap for education between 2023 and 2030 is estimated to be $97 billion for all low- and lower-middle-income countries. African countries account for $70 billion per year on average. Goal 5: Gender Equality According to the UNDP in 2016, gender inequality is costing Africa approximately $95 billion per year. According to the African Development Bank (AfDB), bridging the gender financing gap for women-led enterprises would cost $42 billion. Goal 6: Clean Water and Sanitation According to the AU in 2023, approximately $50 billion per year is needed to achieve water security in Africa by 2030. Goal 7: Affordable and Clean Energy According to the International Institute for Sustainable Development (IISD) in 2021, an additional $73 billion on average per year is needed to achieve affordable and clean energy in Africa. According to the International Energy Agency (IEA) in 2023, it will cost $950 billion between 2026-2030 for African countries to achieve all their energy-related development goals, including universal access to energy. Goal 3: Good Health and Well-being According to UNECA in 2019, Africa faces a financing gap of $66 billion per year to meet growing healthcare financing needs and rising healthcare demands. According to the IMF in 2021, between 2021-2025, additional financing to all African countries of around $285 billion was needed to step up the spending response in the aftermath of the COVID-19 pandemic. Goal 4: Quality Education According to the United Nations Educational, Scientific and Cultural Organization (UNESCO) in 2023, the annual average financing gap for education between 2023 and 2030 is estimated to be $97 billion for all low- and lower-middle-income countries. African countries account for $70 billion per year on average. Goal 5: Gender Equality According to the UNDP in 2016, gender inequality is costing Africa approximately $95 billion per year. According to the African Development Bank (AfDB), bridging the gender financing gap for women-led enterprises would cost $42 billion. Goal 6: Clean Water and Sanitation According to the AU in 2023, approximately $50 billion per year is needed to achieve water security in Africa by 2030. Goal 7: Affordable and Clean Energy According to the International Institute for Sustainable Development (IISD) in 2021, an additional $73 billion on average per year is needed to achieve affordable and clean energy in Africa. According to the International Energy Agency (IEA) in 2023, it will cost $950 billion between 2026-2030 for African countries to achieve all their energy-related development goals, including universal access to energy. Goal 8: Decent Work and Economic Growth According to the OECD in 2014, $13.5 billion is needed to eradicate modern slavery worldwide. Goal 9: Industry, Innovation and Infrastructure According to the AfDB in 2022, the continent’s infrastructure financing needs are around $170 billion a year up to 2030. Solving Africa’s housing backlog will require $200 billion over ten years over the same period. According to UNECA in 2020, Africa’s ICT funding needs are around $4-7 billion annually. Goal 10: Reduced Inequality According to the UN in 2023, to boost social protection schemes and expand old-age pensions across all low-income countries would cost approximately 1.6% of GDP or $49.6 billion. Goal 11: Sustainable Cities and Communities According to UN Habitat in 2020, in developing countries globally, each small city may require $20-50 million per year, each medium-sized city $140 million to over $500 million, and each large developing city $600 million to over $5 billion per year. Goal 12: Responsible Consumption and Production According to the United Nations Environment Programme (UNEP) in 2022, Africa would need between $6 and $42 billion in the short term and up to $125 billion by 2040 to roll out large-scale recycling and recovery technology to reduce waste. Goal 13: Climate Action According to the AU and Climate Policy Initiative (CPI) in 2023, Africa may need as much as $1.7 trillion for climate adaptation from 2023 to 2035. According to UNECA in 2020, between $18 billion and $30 billion will be needed annually over the next two decades to mitigate and adapt to climate change in Africa, with nearly $1 trillion in investments and projects ready to be financed. Goal 14: Life Below Water According to UNCTAD in 2019, $175 billion per year is needed worldwide to achieve SDG 14 by 2030. Goal 15: Life on Land According to the World Economic Forum (WEF) 2023, biodiversity needs worldwide amount to approximately $300 billion. This would serve SDGs 13, 14 and 15. Goal 16: Peace, Justice and Strong Institutions According to the OECD and the IISD in 2020, the funding gap for data capacity related to strong institutions stands at approximately $200 million per year. According to the new Finance for Peace Initiative and Interpeace, peacebuilding programmes are estimated between $1.6-$2 million over 18 months. Goal 17: Partnerships to achieve the Goal According to the UN in 2023, the estimated funding requirement for uninterrupted implementation of the African Continental Free Trade Area (AfCFTA) is at $10 billion over the next six to ten years. Infrastructure development in Africa: $360 billion needed by 2040 under the Programme for Infrastructure Development in Africa (PIDA) Designed and agreed by the AU in 2012, PIDA is a joint initiative of the African Union Commission (AUC), the New Partnership for Africa’s Development Planning and Coordination Agency (NPCA), and the African Development Bank (AfDB). PIDA aims to advance important infrastructure projects in Africa and is crucial for increased regional trade, integration, and the realisation of Africa’s long-term vision outlined in Agenda 2063 and the AfCFTA. The total estimated cost of implementing all the projects identified in PIDA to address projected infrastructure needs by 2040 is $360 billion. Currently in its Second Priority Action Plan (PIDA PAP 2), projects focus on transnational transport corridors and telecommunications networks to improve regional integration. The UN's SDGs: where do we stand two-thirds through to 2030? SPOTLIGHT World countries: SDG Index overall score (2023) Two thirds of the way to 2030, more progress is needed for Africa to reach the SDG deadline According to the 2023 Sustainable Development Report, only six of the 17 SDGs have been met by at least one African country. Of these six, the two best performing SDGs are climate-related: SDG 13 Climate Action and SDG 12 Responsible Consumption and Production, with 34 and 30 out of 54 countries already achieving them respectively. • SDG 13 Climate Action: 34 countries achieved • SDG 12 Responsible Consumption and Production: 30 countries achieved The remaining four SDGs have already been met by at least one country: • SDG 1 No Poverty: Algeria, Mauritius, Tunisia • SDG 4 Quality Education: Seychelles • SDG 5 Gender Equality: Namibia • SDG 10 Reduced Inequalities: Algeria The UN's SDGs: where do we stand two-thirds through to 2030? SPOTLIGHT World countries: SDG Index overall score (2023) Source: MIF based on SDSN Score (out of 100.0) 18 countries in subSaharan Africa are, on average, less than halfway towards meeting the expected outcomes on all SDGs. SOURCE: MO IBRAHIM FOUNDATION,

Thread starter Mtoa Taarifa
Start date Oct 7, 2024
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Mtoa Taarifa

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Africa: Estimated financial needs by SDG (Latest Data Year) by Mo Ibrahim Foundation Report

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