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Incorporating financing solutions and frameworks to achieve SDGs
Objective
Identify financing solutions and frameworks, including programs and funds, which advance the achievement of the SDGs.
Overview
The institutional framework for coordinating the implementation of the 2030 Agenda in Saudi Arabia comprises several working groups, including multi-stakeholder ones. These working groups play a crucial role in developing recommendations for the government and other stakeholders on how to achieve the SDGs. One of the working groups specializes in financing sustainable development.
The Voluntary National Review 2023 of Saudi Arabia highlights financing sustainable development as an enabling and strategic element of Saudi Vision 2030, and consequently of the 2030 Agenda. In the VNR report, the financing dimension is integrated into most SDGs and identifies financing solutions, mechanisms, frameworks and key financing areas worthy of attention. The report focuses on mobilizing the private sector to contribute to achieving SDGs and includes information on the humanitarian and development aid provided by Saudi Arabia.
For example, the chapter on SDG 1 examines a wide range of financing needs, frameworks and sources. It identifies financial inclusion as a key area worthy of attention to achieve the goal. The chapter explains that the social protection system offers funding sources such as housing support, assistance for persons with disabilities and support for job seekers. It also lists social initiatives and programs that provide financial products and services to the underprivileged, local communities and small and medium enterprises.
Another example is the chapter on SDG 13, which highlights investments in green transformation projects and initiatives as part of the Saudi Green Initiative. The chapter mentions the issuance of green bonds within the Green Finance Framework, along with the Public Investment Fund’s carbon credit trading initiative. Promoting green finance is one of the main areas that deserves attention to achieve SDG 13.