Social Justice in Global Development

Achieving the SDGs is threatened by costs of climate change - a solution lies in innovative finance

by David Hillman/ Stampout Poverty and Eva Hanfstaengl/ SocDevJustice

After the recent report of the Intergovernmental Panel on Climate Change and other important dialogues by both Governments and NGOs it has become apparent that costs of Climate Change Adaptation and Mitigation will run into tens of billions of dollars each year. At present these costs threaten to swallow development budgets. Unprecedented choices now need to be made between, for example, protecting forests or building schools. Both are necessary - we must protect the environment and we have to develop the skills of future generations. Additional sources of finance derived from Innovative Instruments are a relatively recent phenomenon. They have been on the sidelines boosting ODA in certain strategic areas such as Immunisation and HIV/AIDS treatments. They now need to move to centre-stage. Years of research into various initiatives has set the scene for the introduction of powerful untapped income streams worth billions of dollars. With the new budgetary pressure of Climate Change, Innovative Finance Instruments need to be introduced. Additional budgetary demands require additional resources. Without them, how can the Sustainable Development Goals possibly be met?

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Stamp Out Poverty campaigns for additional sources of finance to bridge the massive funding gap required to bring the world’s poorest people out of poverty. It is a network of more than 40 UK organisations, including Oxfam, Save the Children, Christian Aid and War on Want, pioneering initiatives such as UNITAID, which has already raised $1 billion for healthcare in developing countries. Additional, long-term finance is needed to pay for the millennium development goals to provide clean water, healthcare and education to the poorest parts of the world. A situation compounded by the financial crisis squeezing traditional aid budgets. Stamp Out Poverty is a leading member of the Robin Hood tax campaign.

Check out the Campaign's film written by Richard Curtis and starring Bill Nighy:

On the Financial Transaction Tax