False Economy: Financial wizardry won't pay the bill for a fair and sustainable future
2023 could be a turning point. A year when the world emerges from unprecedented crises, and governments deliver progressive reforms that build a brighter future for all, and for the planet.
But despite the dire economic situation facing the poorest countries today, and much political discussion of the trillions needed to tackle poverty, inequality and climate change, there is no indication that rich countries are willing to pay the true price of a fair and sustainable future.
In fact, there is a risk that rich-country Finance Ministers meeting in Washington this week will celebrate progress on reforms that deliver just 0.1% of the climate and social spending gap in low- and middle-income countries (LICs and MICs) between now and 2030. And that they will do so through financial wizardry that doesn’t cost them a cent.
This briefing spells out the dire reality and the true scale of the financing needed in low- and middle-income countries, the inadequacy of the solutions currently under discussion, and the action rich countries could be taking to raise the trillions of dollars that are truly needed.