OPEC Fund Quarterly - 2023 Q3

In 2030, an estimated 575 million people will still be living in extreme poverty – less than US$1.25 per day

US$6 trillion in climate financing by 2030 in order to hope to complete SDG 13 – Climate Action. On the environmental front, the situation is serious. Due to deforestation, land degradation, pollution and other forms of environmental destruction the world is facing the largest species extinction event since the dinosaur age. The world’s temperature increase is expected to exceed the 1.5°C tipping point by 2035 unless “deep, rapid and sustained” greenhouse gas emission reductions are made. ...but it’s not all bad news That’s not to say there haven’t been bright spots. Global electricity access has risen from 85 percent in 2015 (the launch of the SDGs) to 91 percent in 2021 and renewables account for 30 percent of energy consumption. Over that same time period, governments are spending proportionally more on essential services such as education, health and social protection. SDG 3 – Good Health and Well-being has seen several positive outcomes so far. One hundred forty-six countries or areas have already met or are on track to reduce the under-5 years mortality

The statistics on food security are equally stark. With a projected 600 million plus worldwide facing hunger in 2030, hitting the target for SDG 2 – End Hunger is not hopeful. Following a spike in 2020, food prices have come down but are still above the average from previous years. Increased demand; rising energy, fertilizer and transport costs; supply chain disruptions and trade policy changes have all contributed to sustained price increases. Additionally, sub-Saharan Africa and least developed

One hundred forty- six countries or areas have already met or are on track to reduce the under-5 years mortality target to a minimum of 25 deaths per 1,000 live births.

target to a minimum of 25 deaths per 1,000 live births.

E ff ective HIV treatment has cut global AIDS-related deaths by 52 percent since 2010. Also, 47 countries have eliminated at least one neglected tropical disease.

countries (LDCs) face additional challenges of worsening security

conditions, macroeconomic di ffi culties and a high dependency on imports. While the report’s data ends in 2021, the start of the war in Ukraine in 2022 led to a new price hike and further global food insecurity with dramatic consequences especially for the most vulnerable countries. Elsewhere, many goals require closing a steep financing gap in order to enable completion. Seventy-nine low and lower-middle income countries need an average of US$97 billion for SDG 4 – Quality Education. International public financing for clean energy for developing countries (a component of the energy- themed SDG 7) has further declined to US$10.8 billion, down by more than half since 2017’s level of US$26.4 billion. Developing countries will need nearly

Renewables account for 30 percent of energy consumption and governments are spending proportionally more on essential services such as education, health and social protection.

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