2025 年可持续发展融资全球展望（英）-225正式版

GlobalOutlookonFinancingforSustainableDevelopment2025TowardsaMoreResilientandInclusiveArchitectureGlobalOutlookonFinancingforSustainableDevelopment2025TOWARDSAMORERESILIENTANDINCLUSIVEARCHITECTUREThisworkispublishedundertheresponsibilityoftheSecretary-GeneraloftheOECD.TheopinionsexpressedandargumentsemployedhereindonotnecessarilyreflecttheofficialviewsoftheMembercountriesoftheOECD.Thisdocument,aswellasanydataandmapincludedherein,arewithoutprejudicetothestatusoforsovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundariesandtothenameofanyterritory,cityorarea.ThestatisticaldataforIsraelaresuppliedbyandundertheresponsibilityoftherelevantIsraeliauthorities.TheuseofsuchdatabytheOECDiswithoutprejudicetothestatusoftheGolanHeights,EastJerusalemandIsraelisettlementsintheWestBankunderthetermsofinternationallaw.NotebytheRepublicofTürkiyeTheinformationinthisdocumentwithreferenceto“Cyprus”relatestothesouthernpartoftheIsland.ThereisnosingleauthorityrepresentingbothTurkishandGreekCypriotpeopleontheIsland.TürkiyerecognisestheTurkishRepublicofNorthernCyprus(TRNC).UntilalastingandequitablesolutionisfoundwithinthecontextoftheUnitedNations,Türkiyeshallpreserveitspositionconcerningthe“Cyprusissue”.NotebyalltheEuropeanUnionMemberStatesoftheOECDandtheEuropeanUnionTheRepublicofCyprusisrecognisedbyallmembersoftheUnitedNationswiththeexceptionofTürkiye.TheinformationinthisdocumentrelatestotheareaundertheeffectivecontroloftheGovernmentoftheRepublicofCyprus.Pleasecitethispublicationas:OECD(2025),GlobalOutlookonFinancingforSustainableDevelopment2025:TowardsaMoreResilientandInclusiveArchitecture,OECDPublishing,Paris,/10.1787/753d5368-en.ISBN978-92-64-54906-7(print)ISBN978-92-64-83042-4(PDF)ISBN978-92-64-90428-6(HTML)GlobalOutlookonFinancingforSustainableDevelopmentISSN3079-2126(online)Photocredits:Someelementsofthecoverdesignadaptedfrom©F.CorrigendatoOECDpublicationsmaybefoundat:/en/publications/support/corrigenda.html.©OECD2025Attribution4.0International(CCBY4.0)ThisworkismadeavailableundertheCreativeCommonsAttribution4.0Internationallicence.Byusingthiswork,youaccepttobeboundbythetermsofthislicence(/licenses/by/4.0/).Attribution–youmustcitethework.Translations–youmustcitetheoriginalwork,identifychangestotheoriginalandaddthefollowingtext:Intheeventofanydiscrepancybetweentheoriginalworkandthetranslation,onlythetextoforiginalworkshouldbeconsideredvalid.Adaptations–youmustcitetheoriginalworkandaddthefollowingtext:ThisisanadaptationofanoriginalworkbytheOECD.TheopinionsexpressedandargumentsemployedinthisadaptationshouldnotbereportedasrepresentingtheofficialviewsoftheOECDorofitsMembercountries.Third-partymaterial–thelicencedoesnotapplytothird-partymaterialinthework.Ifusingsuchmaterial,youareresponsibleforobtainingpermissionfromthethirdpartyandforanyclaimsofinfringement.YoumustnotusetheOECDlogo,visualidentityorcoverimagewithoutexpresspermissionorsuggesttheOECDendorsesyouruseofthework.AnydisputearisingunderthislicenceshallbesettledbyarbitrationinaccordancewiththePermanentCourtofArbitration(PCA)ArbitrationRules2012.TheseatofarbitrationshallbeParis(France).Thenumberofarbitratorsshallbeone.

3ForewordUnderstandingtheglobaltrendsaffectingtheFinancingforDevelopment(FfD)AgendaThebiennialflagshipGlobalOutlookonFinancingforSustainableDevelopmentprovidesacomprehensiveanalysisofmajortrendsimpactingtheglobalfinancialsystemandfinancingfortheSustainableDevelopmentGoals(SDGs).Thereportaddressestheinterconnectedcriseshinderingprogresstowardsthe2030Agenda,includingtheimpactsoftheCOVID-19pandemic,theclimatecrisis,risinginequalities,fragilityandthegrowingfinancialgapsindevelopingcountries.Byofferingmultidisciplinaryinsights,ithighlightstheinterdependenceofeconomicandsocialsystemsandtheurgencyofcollectiveactionforfairer,inclusiveglobalgrowth.TheOutlookservesasacriticalresourcefordevelopmentco-operationprovidersbyraisingtheimportanceofnewsystemicchallenges,fosteringpolicycoherenceforsustainabledevelopmentanddemystifyingthecomplexityofemergingco-operationactorsandfinancialmodalities.Throughitsevidence-basedrecommendations,itaimstohelptheOECDanditsmembersshapetheinternationalresponsetodevelopmentchallenges,ascustodiansofnormsandstandardsforsustainabledevelopmentfinance.FromAddisAbabatoSeville:takingstockofprogressandsetbacksTenyearsaftertheadoptionoftheAddisAbabaActionAgenda(AAAA)in2015,thiseditiontakesstockofprogressandsetbacks,analysingemergingchallengesinfinancingsustainabledevelopment.ItscomprehensivereviewoftheAAAAcommitmentsallowstheinternationalcommunitytoassesshowwelltheframeworkhasrespondedtoevolvingglobaldynamics,andwhereadjustmentsareneededtobetteralignwiththe2030AgendaandParisAgreement.ByexaminingthesevenactionareasoftheAAAA,itprovidescriticalinsightsintosystemicbarriers,highlightinginnovativesolutionsandactionablepathwaysforstrengtheningtheglobalfinancingarchitecture,andensuringitremainsfitforpurposeinthepost-2025era.Statisticalannexes,attheendofeachchapterstartingfromChaptertwo,provideaparagraph-by-paragraphassessmentoftheAAAA,withkeydatapointstrackingprogressagainstrelevantSDGtargetsandindicators.ThedatapointsaremainlydrawnfromtheUN’sSustainableDevelopmentGoalsExtendedReport2024anditsstatisticalannexes.TrenddatainareinconstantUSD2015pricesunlessotherwiseindicated.FormalinputtotheFourthInternationalConferenceonFinancingforSustainableDevelopment(FfD4)TheOECDinter-directoratetaskforce,ledbytheDevelopmentCo-operationDirectorate(DCD),preparedfactsheetsandstatisticalannexestomonitorprogressonthesevenactionareasoftheAAAAwithcriticalGLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD20254

analysisandkeydatapoints.SubmittedtotheUnitedNationsandMemberStatestoinformpreparationsfortheFfD4Elementspaper,theyalignwithinternationalprocessesandhavebeenfinalisedaschapterstwotoeightwithinthisreport.Toensureinclusivity,thedraftsweremadepubliclyavailableforfeedback,reflectingtheOECD’scommitmenttobroadconsultationandcollaborationwithstakeholders.Throughitsfactsheetsandstatisticalannexes,theOutlookenhancesaccountabilityandtransparency,equippingcountrieswithtoolstomeasureprogressandimprovetheeffectivenessoftheirfinancingstrategies.TheOECDresponsetoFfD4challengesFacedwithsignificantchallenges,includingescalatingfinancinggapsandgeopoliticaltensions,theFfD4Conferenceneedstobalanceambitionwithpracticalityinaddressingsustainabledevelopmentpriorities.Inclusivegovernanceandpolicycoherencearecriticaltoovercomingthesehurdles,asdisparitiesindecision-makingstructuresandresourceallocationundermineglobaltrustandcooperation.Inresponse,theOECD’sGlobalOutlookonFinancingforSustainableDevelopmentofferspracticalsupporttoFfD4negotiators,withevidence-basedinsightsandrecommendationstoalignpriorities,fosterequityandintegratediversestakeholderperspectives.Byemphasisinginclusivedecision-makingprocessesthatamplifythevoicesofdevelopingcountries,andleveragingitsexpertiseinpolicycoherence,theOECDaimstohelpcraftafinancingframeworkthatisresilient,actionable,andcapableofmeetingthepost-2025sustainabledevelopmentagenda.GLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD2025

5AcknowledgementsThis2025editionoftheGlobalOutlookonFinancingforSustainableDevelopmentwaspreparedundertheoverallleadershipofPilarGarrido,OECDDirectorforDevelopmentCo-operation(DCD).OlivierCattaneo,HeadofthePolicyAnalysisandStrategyUnitinDCD,andRachelMorris,PolicyAnalyst,ledthedraftingofthereport.ContributingauthorswereClemenceDecisy,JieunKim,withvaluableresearchsupportbyApollineGreiveldingerandadditionalsupportprovidedbyGabrieleCristofaro.TheOECD’sinter-directorateTaskForceonFinancingforDevelopment(FfD),undertheguidanceofDeputySecretary-GeneralMaryBethGoodman,advancedtechnicalandhigh-levelmeetingstopreparestrategicguidanceoninputsfortheFourthInternationalConferenceonFinancingforDevelopment(FfD4),ledbyPilarGarridowithCarmineDiNoia,DirectorforFinancialandEnterpriseAffairs(DAF),RagnheiðurElínÁrnadóttir,DirectoroftheDevelopmentCentre(DEV),ManalCorwin,DirectoroftheCentreforTaxPolicyandAdministration(CTPA),AlvaroPereira,ChiefEconomisttotheEconomicsDepartment(ECO),JoTyndall,DirectorfortheEnvironmentDirectorate(ENV),ElsaPilichowski,DirectorforPublicGovernance(GOV),AndreasSchaal,DirectorforGlobalRelationsandCooperation(GRC),JerrySheehan,DirectorforScience,TechnologyandInnovation(STI),DominicO'Shea,DirectorfortheResourceManagementandPartnershipsUnit(SWAC),MarionJansen,DirectorforTradeandAgriculture(TAD),RominaBoarini,DirectorfortheCentreonWell-Being,Inclusion,SustainabilityandEqualOpportunity(WISE)ImportantcommentsandanalysiswereprovidedbymembersoftheOECDinter-directorateTaskForceonFinancingforDevelopment(FfD),includingYasminAhmad,FaresAlHussami,BriléAnderson,CatherineAnderson,GeraldineAng,SilviaAppelt,JoseAntonioArdavin,WiebkeBartz-Zuccala,,AussamaBejraoui,EricBensel,MarisaBerbegalIbanez,ElenaBernaldodeQuiros,FrancescaBertolino,ThomasBoehler,AlexanderBohmer,EmilyBosch,JoaoPauloBraga,MonicaBrezzi,JuanCasadoAsensio,RaffaellaCenturelli,MarioCervantes,CibeleCesca,TeaCimini,CarlosConde,WouterCoussement,RitaDaCosta,PietrangeloDeBiase,CaioDeOliveira,MarcDeTollenaere,AntoineDechezlepretre,HarshDesai,EliseDesplanques,BenDickinson,JohnDrummond,KerriElgar,MartaEncinas-Martin,AbdoulayeFabregas,MargheritaFadda,ChiaraFalduto,SamFoxall,CamiloGambaGamba,ValérieGaveau,CarolinaGuerra,AnibalGuerreroAguilar,AlejandroGuerrero-Ruiz,LauraGutierrez,MichelleHarding,JennyHedman,JamesHermanson,PaulHorrocks,TomasHos,RenwickIrvine,RaphaelJachnik,JulianKath,GeorginaKelly,MeganGraceKennedy-Chouane,AnthonyKiernan,AnitaKing,FatosKoc,EmilieKothe,BenjaminKumpf,HirofumiKyunai,MartinaLejtreger,IrisMantovani,VirginieMarchal,VasilikiMavroeidi,LauraMcDonald,IdaMcDonnell,LouiseMenard,SebastianNietoParra,JoseRenéOrozco,JulianPaisey,CeciliaPiemonte,JanRielaender,CécileSangare,NejlaSaula,RachelSberro-Kessler,KerstinSchopohl,RolfSchwarz,JensSedemund,VincentSiegerink,ErnestoSoriaMorales,TomaszKozluk,JosephStead,HectorTajonardeLara,OzlemTaskin,TatyanaTeplova,HarryToninoandJacquelineWood.Additionally,JoelleBassoul,CatherineBremer,KarenaGarnier,MasatoHayashikawa,OlaKasneci,Henri-BernardSolignac-Lecomte,YumikoSugayaandLuciaZaramaassistedintheproductionprocess.SusanSachsprovidededitorialreview.Memberstatesprovidedvaluableinputsandcomments,includingtheUnitedStatesAgencyforInternationalDevelopment(USAID),thePermanentDelegationofItalytotheInternationalOrganizationsinParis,theNewZealandDelegationtotheOECDandthePermanentMissionofAustriatotheOECD.GLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD20256

EditorialThe4thInternationalConferenceonFinancingforDevelopmentinSevilleon30June-3July2025offersarareopportunitytorenewtheglobalfinancingframeworkforachievingtheSustainableDevelopmentGoals(SDGs)andtoaddressthegrowingSDGfinancinggap.TotalfinancingforsustainabledevelopmentgrewfromUSD4.31trillionin2015toUSD5.24trillionin2022,anincreaseof22%.However,annualfinancingneedstoachievetheSDGsby2030surgedby36%overthesameperiod,fromUSD6.81trillionin2015to9.24trillionin2022,drivenbyclimatechallenges,theCOVID-19pandemic,supplychaindisruptionsandrisingfoodandenergyprices.IftheSDGfinancinggapcontinuestogrowatits2015-2023rate,itwillreachUSD6.4trillionby2030.ThecurrentUSD4.0trillionSDGfinancinggaphassignificantimplications,particularlyforlow-incomecountries(LICs).Whiletheearly2000ssawLICsnarrowthegapintheirGDPpercapitawithhigh-incomenationsatarateof0.5%peryear,thetrendhasreversedsince2015,withLICsfallingfurtherbehindby1.1%annually.Compoundingthis,risingdebtburdensnowputpressureoncriticalinvestmentsinhealth,education,andclimateresilience.In2024,24countriesfacedhighriskofdebtdistress,upfrom16in2015.The4thInternationalConferenceonFinancingforDevelopmentisanopportunitytodeveloppracticalstrategiestobridgethefinancinggap.Innovationinfinancialandpolicytoolsisessential.ThisincludespolicyandincentivereformsinOECDcountriestobetteralignfinancewiththeSDGs,improvingtheinvestmentclimateindevelopingcountries,andareformofmultilateraldevelopmentbanks,whichisunderway.Strengtheningdomesticresourcemobilisationisacornerstoneofsustainabledevelopmentfinancing.At11%in2022,thetax-to-GDPratioinLICsremainsbelowthe15%thresholdthatisnecessaryforprovidingkeypublicservices.Effortstoincreasetaxrevenues,improvetransparency,enhancecomplianceandbuildtaxationcapacitymustcontinue,whichtheOECDwillcontinuetosupportthroughourjointinitiativewiththeUnitedNationsDevelopmentProgramme(UNDP),TaxInspectorsWithoutBorders.Officialdevelopmentassistance(ODA)remainsanessentialsourceofsustainabledevelopmentfinancing.In2023,ODAreachedanall-timehighofUSD223billionincurrentpricesorUSD194billionin2015constantprices,upby48%fromUSD131billionin2015forOECDDevelopmentAssistanceCommitteemembercountries.Furthersupportisneededtostrengthencorecapacitiesandinstitutionsindevelopingcountriesthroughcountry-programmableaid,budgetsupport,technicalassistanceandcapacitybuilding.Equallyimportantisthequalityoffinancing:resourcesmustalignwiththeprinciplesofdevelopmenteffectivenesstoensuretheydrivemeaningfuloutcomes,supportedbytheGlobalPartnershiponEffectiveDevelopmentCo-operationco-hostedbytheOECDandUNDP.Remittanceshavegrownsteadilysince2015,reachingUSD476billionin2023,buttransfercostsremainhighat6.4%,morethandoubletheSDGtargetof3%,leadingtoUSD16billioninlossesfordevelopingcountryhouseholdsannually.Increasedaccesstobankingservices,enhancedmarketcompetitionandwideraccesstonewpaymentstechnologycanhelpreduceremittancecosts.Foreigndirectinvestment(FDI)inflowstoODA-eligiblecountriesreachedUSD335billionin2022,similartoUSD338billionin2015.GLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD2025

7InitiativessuchasthejointOECD-AfricanUnionCommissionAfricanVirtualInvestmentPlatformortheFDIQualitiesPolicyToolkitcanhelpleverageFDIandoptimiseitsquality.ThisspecialeditionoftheOECDGlobalOutlookonFinancingforSustainableDevelopmentprovidespolicymakersandnegotiatorswithkeyevidence,dataandanalysistoinformtheircountrypositionsaheadoftheforthcoming4thInternationalConferenceonFinancingforDevelopment,andultimatelytohelpoptimisetheimpactofanewfinancialframeworkfordevelopment.TheOECDwillcontinuetosupportcountriesinscalingupsustainabledevelopmentfinancing,includingbyprovidingsounddataandanalysisfortheConference,andbeyond.MathiasCormann,OECDSecretary-GeneralGLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD2025

11AbbreviationsandacronymsAAAAAIAddisAbabaActionAgendaArtificialIntelligenceBEPSCOP29CPIBaseErosionandProfitShifting29thConferenceoftheParties(UNClimateChangeConference)ClimatePolicyInitiativeCOVID-19DACCoronavirusDisease2019DevelopmentAssistanceCommitteeDebtServiceSuspensionInitiativeEmergingMarketsandDevelopingCountriesFoodandAgricultureOrganizationForeignDirectInvestmentDSSIEMDCsFAOFDIFfD4GDPG20FourthInternationalConferenceonFinancingforDevelopmentGrossDomesticProductGroupofTwentyGFCFGNIGrossFixedCapitalFormationGrossNationalIncomeGPEDCHICsIFFsGlobalPartnershipforEffectiveDevelopmentCo-operationHigh-IncomeCountriesIllicitFinancialFlowsIMFInternationalMonetaryFundGLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD202512

INFFsIntegratednationalfinancingframeworksJustenergytransitionpartnershipsLeastDevelopedCountriesJETPsLDCsLICsLow-IncomeCountriesLMICsMDBsMICsLower-Middle-IncomeCountriesMultilateralDevelopmentBanksMiddle-IncomeCountriesNBFIsNDCsNon-BankFinancialInstitutionsNationallyDeterminedContributionsNetworkofCentralBanksandSupervisorsforGreeningtheFinancialSystemNGFSODAOfficialdevelopmentassistanceOrganisationforEconomicCo-operationandDevelopmentPublicandPubliclyGuaranteedSustainableDevelopmentSolutionsSustainableDevelopmentGoalOECDPPGSDSSDGSIDSTOSSDUNSmallIslandDevelopingStatesTotalofficialsupportforsustainabledevelopmentUnitedNationsUNCTADUNDPWHOWMOUNTradeandDevelopmentUnitedNationsDevelopmentProgrammeWorldHealthOrganizationWorldMeteorologicalOrganizationGLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD2025

13ExecutivesummaryTheFourthInternationalConferenceonFinancingforDevelopment(FfD4),settotakeplaceinSevillein2025,marksapivotalmomentfortheglobalcommunity.Inacontextofwideningfinancinggapsanddebtpressure,escalatingclimateandothercrises,andtheurgentneedtodeliverontheSustainableDevelopmentGoals(SDGs),FfD4offersacriticalchancetorenewtheglobalfinancingframework,aligningambitionswithactionablesolutionstothechallengesofourtime.Astheclocktickstoward2030,thisisthemomenttorevitalisecollectiveefforts,ensuringnocountryisleftbehindinthetransitiontoasustainableandresilientfuture.TheglobaleconomyhasshownresiliencesincetheCOVID-19pandemic,withgrowthreboundingfroma3.4%contractionin2020to3.2%in2024,butlong-termgrowthprospectsremainweak,withforecastsfor2029at3.1%,thelowestindecades.Low-incomecountries(LICs)facestagnantgrowth,andthegapbetweenthemandhigh-incomecountries(HICs)haswidened.Geopoliticalshifts,tradefragmentationandeconomicsanctionshaveworsenedconditions.Despitea22%increaseinfinancialflowstodevelopingcountriessince2015,theSDGfinancinggaphasgrownby60%toreachUSD4trillionin2022,andresourcesremaininsufficienttomeetrisingneeds.Additionally,risinginterestratesandincreasingdebtindevelopingcountriesarecrowdingoutcriticalinvestmentsinhealth,education,andclimategoals.Inthatcontext,thereportidentifiesthreeprioritiesfornegotiatorsseekingtorenewthefinancingframeworkandactionplaninSeville,andaccelerateprogresstowardtheSDGs:1.AimforameaningfulandpoliticallyfeasibleFfD4outcome.Restoringtrustamongnationsiscriticaltoachievingconsensusonrenewingthefinancingframework.•Reformexistinginternationaldevelopmentco-operationplatformstopromoteinclusivityandcollaboration.Institutionsinheritedfromthemid-twentiethCenturyneedtoadapttheirgovernancetothenewgeoeconomiccontextandembracenewchallengesinamoreinclusiveandcollaborativeway.Therenewedframeworkshouldbetterarticulatetheactionsofestablishedplatformsinchargeofdesigning,measuring,monitoringandaccountingfordevelopmentcooperationresults.Thisincludes:articulatingIntegratedNationalFinancingFrameworks(INFFs)withcountryplatforms;clarifyingandringfencingthedefinitionofofficialdevelopmentassistance(ODA)andstrengtheningcollaborationbetweeninternationalforumsonfinancingfordevelopmentandtheOECDDevelopmentAssistanceCommittee(DAC);furtherpromotingparticipationbyallcountriesintheInternationalForumonTotalOfficialSupportforSustainableDevelopment(TOSSD);orutilisingtheupdatedGlobalPartnershipforEffectiveDevelopmentCooperation(GPEDC)monitoringframeworktoempowercountriestotaketheleadindesigningandimplementingdevelopmentstrategies.•Reaffirmcoredevelopmentco-operationeffectivenessprinciples.TheFfD4intendstoplacedevelopingcountriesinthedriver’sseat.Long-standingeffectivenessprincipleswillthereforerequiremorethoroughimplementationandmonitoring.Countryownershipandbettercoordinationamongstakeholdersareessentialtoreducingthefragmentationofdonorpoliciesthatgeneratehightransactioncostsforpartners.High-impactinvestmentsrequirebetteraligningfinancingflowswithdevelopmentprioritiesandimprovingcoordinationmechanisms.AnupdatedGPEDCGLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD202514

monitoringframeworkcouldadvanceinclusivity,transparency,andalignmentwithcountrysystems.•Improvepolicycoherenceforsustainabledevelopment(PCSD).ActorsliketheOECDcouldaccelerateeffortstoimprovethemeasurementofthetransboundaryimpactsofpoliciesthatexacerbateglobalinequalities,andhelpgovernmentsmakethemmorecoherentwiththeobjectiveofglobal,sustainabledevelopment.Forexample,reformingfiscalpolicies,taxsystemsandsubsidiesinhigh-incomecountriescanbetteralignfinancialflowswithSDGandParisAgreementtargets.2.UpdatetheFfD4frameworktowalkthecrestlinetowardsaboldyetpragmaticpost-2025agenda.SincetheadoptionoftheAddisAbabaActionAgenda(AAAA)in2015,theCOVID-19pandemic,climatechange,shrinkingfiscalspaceandotherchallengeshaveshiftedfinancingneedsandpriorities.ToaccelerateprogresstowardstheSDGs,negotiatorsneedtostrikeadelicateandsustainablebalancebetweenambitionandpracticality.•Close“negativefeedbackloops”.Unlessadequatefinancingisprovidedtotacklethem,negativetrendssuchasclimatechange,reducedhumancapitalorexcessivedebtaccumulationwillself-perpetuate.Thehighshort-termcostsofinvestmentsineducation,cleanenergyorinfrastructurearenecessarytoyieldlong-termeconomicbenefitsandbreakthoseviciouscircles.•Acceleratethe“alignmentofthetrillions”.Globalassets–worthUSD461trillionin2022–

mustberedirectedtowardsmendingSDGfinancinggaps.Eliminatingharmfulpracticeslikefossilfuelsubsidies(USD1.53trillionin2022),fosteringfinancialtransparency,andadvancingsustainabilitytaxonomiescandriveimpactfulinvestments.Targetingfinancialleakageslikehighremittancefeesandillicitflowscanunlockbillionsannually.Reformingmultilateraldevelopmentbanks(MDBs)totriplelendingby2030injustandsustainabletransitionsiscrucial.•Identifynewfinancingresourcesandleversfortransition.Justtransitionstrategies,carbonpricingandgreenfinancereformscanmobiliseresourcesforSDGswhileaddressingdifferentiatedresponsibilitiesandneeds.Toolslikedebt-for-natureswapsandoceanandbioeconomyinitiativescanunlockadditionalresources.Strongernationallyownedstrategiescanchartclearpathwaystowardstheinterlinkedgoalswithoutunderminingenvironmental,socialandeconomicprogress.3.ReinforcethemonitoringoftheFfD4frameworkforheightenedaccountabilityandtransparency,withclearandactionabledeliverables.Thisreportidentifiesatleast70relevantSDGtargetsandproxyindicatorstotrackfinancingprogressandadaptstrategies.•Agreetoclearandactionabledeliverablesaccompaniedbywell-definedtargetsandindicators.Focusingonmeasurableoutcomesalignedwithglobalgoalsiskeytomaximisingtheimpactofallsourcesoffinancingfordevelopment.Thisreportdemonstratesthepotentialofnewmetricsandsafeguardstomakeresourceallocationmoreequitable,enhanceaccountabilityandeffectivelytrackcontributionstowardsachievingSDGs.•EncouragetailoredFfD4commitments.Sevilleshouldnotbetheend,butthebeginningofaprocess.ThenewframeworkshouldcalltodevelopacompanionimplementationplanwithsuggestedactionsbydifferentactorssuchastheOECDDAC,theFinanceinCommonSummit,groupsofmultilateraldevelopmentbanks,theUN-ledGlobalInvestorsforSustainableDevelopmentAllianceandphilanthropies,amongothers.Theseactionscouldbecontinuouslymonitored,andprogressreportedtotheUNonaregularbasis.•Fosteradaptivelearning,drivingcontinuousimprovementsinhowfinancingcontributestotheSDGsandbeyond.DrawingfromprocesseslikeVoluntaryNationalReviews(VNRs)andIntegratedNationalFinancingFrameworks(INFFs),FfD4shouldfacilitatedata-drivendecision-makingandcapacity-building.Forexample,improvedreportingsystemsandtechnicalassistanceforstatisticalcapacitycanstrengthenglobalmonitoringefforts,ensuringreal-worldimpactsandmaximisingaccountability.GLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD2025

151Preparingpost-2025:Transformationamidgeo-economictensionsThe2025FourthInternationalConferenceonFinancingforDevelopment(FfD4)inSeville,Spain,willhavetotacklecomplexchallenges.Thischapterpresentsasnapshotofthegeo-economiclandscapeinwhichthesenegotiationswillunfoldandexploresprospectsforacceleratingthetransitiontowardssustainabledevelopment.Ithighlightsthekeytakeawaysfromaten-yearstocktakeofeachofthesevenactionareasoftheAddisAbabaActionAgenda(AAAA),tostrengthenpreparationsfortheFfD4agreementandcontributetoestablishingarobustfinancingframeworkforthe2030Agenda.GLOBALOUTLOOKONFINANCINGFORSUSTAINABLEDEVELOPMENT2025©OECD2025

19Figure1.3.The