Considering the rapidly approaching deadline for the achievement of the Sustainable Development Goals (SDGs), Bangladesh is one of the pioneering countries to have undertaken a study on assessing additional financing needs for SDG implementation. The study determined that Bangladesh needs an additional US$928.48 billion to implement the SDGs between 2017 and 2030. Of the estimated total additional cost, 85.1 per cent will be mobilized from domestic sources. On average, the public sector will account for 33.5 per cent and the private sector would contribute 42.1 per cent. However, investment from the private sector is one of the key bottlenecks for Bangladesh. It has been stagnant at around 23.3 per cent of Gross Domestic Product for the fiscal years 2016-2020.

The country’s low score in the World Bank’s ease of doing business index points toward an environment that does not favour investment. There is low awareness of the SDGs among private investors as well.

With support from the UNDP–UNEP Poverty-Environment Action for Sustainable Development Goals, the UNDP Strengthening Institutional Capacity for SDGs Achievement in Bangladesh (SC4SDG) project is supporting a review of the SDG Financing Strategy for Bangladesh.

Considering the country’s aspirations for graduating from least-developed status, its 8th five-year plan, and the challenges created by the ongoing Covid-19 pandemic, this review is a necessary step towards improved resource mobilization for the SDGs.

The Poverty-Environment Action for SDGs has already supported the inclusion of SDGs in Bangladesh’s 8th Five-Year Plan providing an enabling environment for realization of 2030 Agenda goals. The project is assisting in updating the SDG Financing Strategy with an emphasis on three critical areas of financing – climate action, renewable energy, and water and sanitation. The Bangladesh Planning Commission’s General Economics Division is evolving its policy strategies to meet the additional financing requirement for SDG implementation. A concerted effort from the public and private sectors is key to reaching the 2030 deadline for the global goals.

The revision of the SDG Financing Strategy is expected to be completed by the third quarter of 2021. This timely intervention will guide the government in identifying bankable projects to encourage SDG-focused investments from the private sector in the three critical areas mentioned above.

The SC4SDG project in Bangladesh is supported by the General Economic Division, SDG Monitoring and Implementation Committee, Local Government Departments, Bangladesh Parliament, key Upazilas and the National Board of Revenue.

For further information on Climate Public Expenditure and Institutional Review in Bangladesh (CPEIR), please visit https://youtu.be/q_tn1dwa6OE.