Uday Kotak Estimates $4.5 Trillion Spending Over 7-10 Years To Finance Development Goals

Countries globally would need about $4.5 trillion over the next 7-10 years to finance their development goals, B20 India Task Force on Financing for Global Economic Recovery, Chair, Uday Kotak said on Friday.

The task force in its recommendation also suggested ways for businesses to finance it. It suggested setting up of a 'global acceleration fund' where every business globally contributes 0.2 per cent of profit to social development goals.

"The money required in the next 7-10 years is about $4.5 trillion (to meet the priorities of development goals)," Kotak said at the B20 Summit India 2023.

"What we are proposing is every business contributes 0.2% of profit to social development goals which are priority for the world," Kotak said.

He said in India every company contributes 2% of their profit towards Corporate Social Responsibility.

"Out of the 2% for CSR, 0.2% could be our contribution to that global fund which every country should find a way to contribute to from businesses," he added.

The priority areas for utilising the 'global acceleration fund' could be climate change, energy, biodiversity and ocean pollution.

"This could be a game changer. I would recommend G20 nations to find out ways by which businesses can contribute, voluntarily or through regulation, 0.2% of profit to these important transformation goals," Kotak added.