联合国贸易发展委员会-加强各国可持续资助其发展目标的政策选择

Enhancing policy optionsfor countries to finance theirdevelopment goals sustainably Clearance Centre at copyright.com.All other queries on rights and licences, including subsidiary rights, should be addressed to: 405 East 42nd StreetNew York, New York 10017United States of AmericaEmail: publications@un.org the expression of any opinion whatsoever on the part of the United Nations concerning the legalstatus of any country, territory, city or area or of its authorities, or concerning the delimitation of This publication has not been formally edited. Conference on Trade and Development UNCTAD/GDS/2025/1 ISBN: 978-92-1-157559-0eISBN: 978-92-1-154638-5Sales No. E.26.II.D.3 Acknowledgements by a team consisting of Penelope Hawkins, Daniela Magalhães Prates, Keith Lockwood, KristineFitzpatrick, and Marco Cereghetti under the project titled “Mobilizing external financial resourcesbeyond COVID-19 for greener, more equal and sustainable development in selected vulnerableSIDS in Africa and Latin America and the Caribbean”. as contributions from Guilherme Magacho. Abstract Development Finance Assessment (SDFA) Framework as a tool for policymakers to assess theircountry’s development finance needs to achieve the most relevant sustainable developmentgoals (SDGs 1 to 4) while simultaneously ensuring the sustainability of their external and publicsector financial positions. This report extends this framework to also consider SDG 13 — climate of payments acts as the most important economic constraint to growth and development.Developing countries are likely to have a greater external constraint on growth than developedcountries because of their position within the global economy, which is typically characterisedby recurring trade deficits that arise from their productive-technological backwardness andsubordinated international monetary-financial position. Consequently, developing countries are financial sustainability that considers the cost of servicing a country’s net external liabilitiesand the growth in its capacity to generate foreign currency; b) an assessment of public sectorfinancial sustainability that reflects the relationship between changes in public sector net liabilitiesand the capacity to service them; and c) an integrated financial sustainability assessment transforms it into a multisectoral model, allowing for the simulation of possible scenarios fora country’s zero-carbon transition.It accommodates shifts in the production structure of theeconomy towards greener economic activities alongside investments in climate adaptation. Itallows users to analyze the interactions between spending on climate mitigation and adaptation(referred to as Climate Action Policies or CAP), the production structure of the economy, the Table of contents 1.Introduction....................................................................................2.UNCTAD SDFA Mark II: Financial sustainabilityof the external sector.................................................................... External financial sustainability: Extended equation..................... of the public sector......................................................................17 23 List of Figures Figure 1Mechanisms behind the impact of CAP on externalfinancial sustainability................................................................................7Figure 2Area of external financial sustainability......................................................12Figure 3External financial sustainability with a maximum levelof net external debt over augmented exports...........................................13Figure 4External financial sustainability with a maximum levelof net external debt over augmented exports...........................................14Figure 5Mechanisms behind CAP impact on public sector sustainability...............18Figure 6Public sector financial sustainability..........................................................21Figure 7The dynamics of public sector financial sustainability................................22Figure 8Actual growth rate compatible with an external constraintand the impact of climate action policies..................................................25Figure 9Policy implications and the vicious cycle of an unsustainableexternal and public sector finance trajectory.............................................28Figure 10Effect of CAP project with constant investment for several years..............33 variables of the model..............................................................................35 1.Introduction as a tool for policymakers1to assess their country’s development finance needs to accomplish themost relevant SDGs2while simultaneously ensuring the sustainability of the external and publicsector financial positions (UNCTAD, 2022). This report extends this framework to additionallyconsider SDG 13 – Climate action – and the climate-related aspects of other SDGs. of payments (BoP) is the mo