Accounting for Climate Risks in Costing the Sustainable Development Goals

Author: Rimjhim Aggarwal, Piergiorgio M Carapella, Ms. Tewodaj Mogues, and Julieth C Pico-Mejia

Volume/Issue: Volume 2024 Issue 049

Publication date: March 2024

ISBN: 9798400264061

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Topics covered in this book

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Economics- Macroeconomics , Economics / General , Environmental Economics , Natural Disasters , Sustainable Development Goals , Climate change , Spending , Expenditure , Health , Education , Water and sanitation , Electricity , Roads , , expenditure Needs , sanitation infrastructure Improvement , wash infrastructure improvement , road infrastructure , water infrastructure Improvement , Sustainable Development Goals (SDG) , Infrastructure , Natural disasters , Global

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Summary

This paper evaluates the additional spending needed to meet core targets of selected Sustainable Development Goals (SDGs) while accounting for the associated cost to address climate risks. The SDGs under study are those related to human and physical capital development. An additional 3.8 percent of global GDP, or US$3.4 trillion, of public and private spending will be required by 2030 to achieve a strong performance in the selected SDGs while addressing associated climate risks. This includes an increase of 0.4 percent of global GDP (US$358 billion) compared to estimates that do not account for mitigation and adaptation needs within these sectors. LIDCs and SSA experience the highest climate-related cost augmentation relative to GDP, while EMEs (driven by large Asian emerging economies) bear the largest cost in absolute terms.