In a compelling address at the SDG Summit 2023, President Ranil Wickremesinghe delivered a sobering assessment of the world's progress toward achieving the Sustainable Development Goals (SDGs). The President emphasized that the current state of SDG advancement globally is far from satisfactory, with just 12% of the targets on track and a troubling lack of progress in 30% of other critical targets.

President Wickremesinghe drew attention to the monumental financial challenges facing Sri Lanka, particularly in the context of its climate prosperity plan, which necessitates a substantial investment of US $26.5 billion by 2030. This formidable sum poses an increasing challenge to secure.

However, the financial crisis extends well beyond Sri Lanka's borders, affecting numerous regions in Asia and Africa. Even nations that have avoided bankruptcy find themselves grappling with the repercussions of this ongoing crisis. At the recent G20 summit, it was reaffirmed that developing nations collectively require a staggering $5.9 trillion in financing by 2030 to fulfill their nationally determined contributions. Additionally, an annual investment of $4 trillion is deemed essential for the adoption of clean energy technologies, aiming to achieve net-zero emissions by 2050.

President Wickremesinghe called for a critical examination of the feasibility of these financial requirements given the unprecedented global financial challenges. He highlighted the potential of the Paris Summit for the New Global Financing Act in addressing these issues. However, he concluded by stressing the urgent need for concrete actions to navigate this complex and daunting global financing landscape.