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Pandemic, Ukraine’s war and Sustainable Development Goals
The fourth edition of the OECD´s report “The Short and Winding Road to the 2030 Agenda: Measuring Distance to the SDG Targets” provides a high-level assessment of OECD Member countries’ performance across the 17 Sustainable Development Goals (SDGs) and 169 targets adopted by all UN Member States in 2015, as part of the 2030 Agenda. The report evaluates the distance that countries need to travel to meet SDGs targets and identifies areas where additional effort is needed.
Main takeaways of the report:
- Stronger policy actions are needed to fulfil the 2030 Agenda. So far, few targets have already been met. The OECD area as a whole has only met 10 targets and it is considered to be close to 18 more (mainly those related to securing basic needs and implementing policy tools and frameworks), but much remains to be done.
- There is considerable scope to strengthen countries’ efforts in several key areas: to ensure that no one is left behind, to restore trust in institutions and to limit pressures on the natural environment:
- One in eight OECD residents is income poor, and over the past decades most OECD countries have not made progress towards poverty reduction.
- While the pandemic has underscored the importance of trust for democracies, OECD countries remain far from achieving related targets that are critical for trust, including accessibility, accountability, transparency and diversity in public institutions.
- Environmental pressures are rising. Despite some progress in the decoupling of greenhouse gas emissions from population and GDP growth, emissions are still rising in some countries, and despite a pledge by G20 countries to phase out inefficient fossil fuel subsidies, major economies still support their production and consumption. Regarding biodiversity targets none of the 21 Aichi Biodiversity Targets that should have been fulfilled by 2020 have been met by all OECD countries.
- OECD countries’ progress towards the targets of the 2030 Agenda has been significantly affected by the covid-19 pandemic. The pandemic however brought some positive developments such as the recovery packages deployed by most OECD governments which provide an opportunity to “build back better” and strengthen systemic resilience to cope with future shocks.
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According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.
According to Ramón Casilda Béjar, Spain, in today’s complex geopolitical landscape, has the opportunity to strengthen its role as a bridge and connecting country between Ibero-America and the European Union, revitalizing investment flows in both directions.
According to @ECB, in moments of acute stress, the public often turns to physical currency as a reliable store of value and a resilient means of payment, underscoring the crucial role it plays above and beyond everyday transactional convenience
According to Juan S. Mora-Sanguinetti, in Spain a 10% increase in regulatory volume leads to a 0.5% drop in employment in companies with fewer than 10 employees.
According to Hélène Rey “In a world where stablecoins, particularly those pegged to the dollar, become an important global payment tool, we must brace ourselves for substantial consequences”.
@judith_arnal proposes reforms for the EU to advance regulatory simplification, starting with consensus on its meaning, with competitiveness as a pillar, plus coordination mechanisms and a governance rethink.
According to @iee_org, Spain has one of the most demanding tax environments for businesses within the European and international context, which may have significant implications for competitiveness, foreign investment attraction, and business expansion.
According to Christine Lagarde for the euro to gain in status, Europe must take decisive steps by completing the single market, reducing regulatory burdens and building a robust capital markets union.
According to the Bank of Spain, in a context of strong growth in transactions and prices, the conditions under which new mortgage loans are granted currently show no signs of easing in lending standards.
McKinsey notes that European private capital is half the size of the U.S. and must play a key role in boosting competitiveness, by driving innovation, scaling firms, and mobilizing the investment needed to close the gap with other regions.
IMF states that global financial stability risks have grown significantly, driven by tighter financial conditions and heightened trade and geopolitical uncertainty.