Financing sustainable development goals: A review of challenges and mitigation strategies

Abstract Sustainable development goal (SDG) implementation is still at an early stage globally. Implementation of the SDGs in developing countries particularly appears very complex and challenging. A key challenge encountered by policymakers at the national and international levels is the prevailing huge financing gap. The current level of SDG‐related financing and investing is far less than what is needed, and there is a growing concern on how to close this gap. This paper explores the key challenges in SDG financing and potential way‐out to mitigate them, particularly in the context of developing countries. The paper reviews the existing literature and practitioner documents, identifies the key challenges, and provides a suggestive mapping of potential strategies to overcome those. The paper argues that given the current level of SDG progress and financing, the world needs immediate action to mobilize adequate financing to achieve the SDGs by the set time line of 2030.