UNESCAP Proposes up to $1.5 Trillion Investment Per Year in Asia Pacific to Achieve SDG 2030
The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and the Economic Research Institute for ASEAN and East Asia (ERIA) held a Joint Policy Dialogue on UNESCAP’s flagship publication, The Economic and Social Survey of Asia and the Pacific 2019: Ambitions beyond growth (Survey 2019), to discuss and exchange views on policy issues raised in the report. It took place at ERIA’s office on 20 June 2019.
Ms Lydia Ruddy, Director of Communication of ERIA, opened the policy dialogue noting the importance of making development inclusive and sustainable.
Mr Zheng Jian, Economic Affairs Officer in the Macroeconomic Policy and Financing for Development Division of UNESCAP, was the main speaker. He presented the key findings of the Survey 2019 including an estimated need of $1.5 trillion per year to achieve the Sustainable Development Goals (SDGs) in the Asia Pacific region by 2030. $1.5 trillion is equivalent to approximately 5 percent of the region’s GDP in 2018. That $1.5 trillion includes $669 billion for people, $196 billion for prosperity and $590 billion for the planet. The amount is equal to $1 per person per day in the region.
Dr Fauziah Zen, Senior Economist of ERIA, expressed concern that $1 per person per day was too much for some countries in the Asia Pacific, especially the Least Developed Countries (LDCs). The intersection between several SDGs goals and the investment gap in LDCs was also cause for concern. Mr Jian acknowledged these challenges, noting the need to achieve balance between national priorities and SDGs.
The event was attended by representatives from the US, Singapore, and Korean Missions to ASEAN, the US-ASEAN Business Council, the Japan International Cooperation (JICA), the Indonesian Institute for Energy Economics (IIEE), the Center for Indonesian Policy Studies (CIPS), The Jakarta Post, the United Nations Development Programme (UNDP), the Indonesian Ministry of National Development Planning (BAPPENAS), and researchers from Jakarta-based organizations.