Financing Gender Equality: A Critical Step Towards Achieving the Sustainable Development Goals

The Fourth International Conference on Financing for Development (FfD4) represents a pivotal opportunity to generate lasting momentum for financing gender equality. Gender equality is now widely acknowledged as essential for sustainable development and the creation of strong, inclusive economies. To achieve this, a decade of consistent and targeted investment is required to close gender gaps, unlock opportunities, and ensure that no one is left behind, in alignment with the 2030 Agenda for Sustainable Development.

Current Challenges in Financing Gender Equality

1. Underfunding of Women’s Rights and Services: There is a chronic and deep underfunding of women’s rights and services globally, highlighting the urgent need for governments and financial institutions to reallocate resources effectively.
2. Unequal Distribution of Global Financing: Most global financing bypasses the poorest countries, where the majority of low-income women reside and where investment is most urgently needed.
3. Lack of Gender-Responsive Budgeting Systems: Despite increased adoption, only one in four countries has systems to track public fund allocation to gender equality, impeding effective planning and delivery of national development goals.

UN Women’s Call to Action

Nyaradzayi Gumbonzvanda, Deputy Executive Director of UN Women, emphasized the necessity of integrating a gender lens into budgets: “Governments must back their commitments with real investment and track how money is spent and what it achieves. Gender equality must move from the margins of budget lines to the heart of public policy.”

Recommendations to Accelerate Progress Towards the SDGs

• Expand and Scale Up Gender-Responsive Budgeting: Align national priorities with gender equality goals to ensure funding addresses the specific needs and rights of women and girls across all sectors. Strengthening institutions and political will to implement and monitor these budgets is essential for systemic and lasting change.
• Implement Urgent Debt Relief and Fairer Financing Rules: Adopt progressive, gender-responsive tax reforms and fair global financing regulations to end austerity and generate revenues for public investment in essential services such as health, education, and care.
• Rebalance Public Spending Towards Human Development: Prioritize long-term goals including gender equality, peacebuilding, and inclusive social development. While addressing security concerns, governments must increase investments in care, inclusion, and resilience.
• Invest in Public Care Systems: Develop infrastructure for childcare and eldercare to enable women’s full participation in the workforce and society. Investing 10% of national income in care services can reduce poverty, increase household incomes, and create millions of decent jobs.

Implications for Sustainable Development Goals

Continued underinvestment in gender equality undermines progress towards multiple Sustainable Development Goals, including:

• SDG 1: No Poverty
• SDG 3: Good Health and Well-being
• SDG 4: Quality Education
• SDG 5: Gender Equality
• SDG 8: Decent Work and Economic Growth
• SDG 10: Reduced Inequalities
• SDG 16: Peace, Justice, and Strong Institutions

UN Women highlights that the persistent financing gap of USD 420 billion must be addressed to fulfill the rights and empowerment of women and girls, advance the Beijing Platform for Action, and achieve the goals of the 2030 Agenda.

Conclusion

As FfD4 concludes, UN Women urges world leaders to translate political commitments into sustained, transparent, and accountable financing. Closing the financing gap is imperative to deliver on promises made to half of the world’s population and to realize the Sustainable Development Goals by 2030.

1. Sustainable Development Goals (SDGs) Addressed or Connected

1. SDG 5: Gender Equality – The article focuses extensively on financing gender equality, closing gender gaps, and empowering women and girls.
2. SDG 1: No Poverty – Investment in care services and public spending to reduce poverty and increase household incomes is highlighted.
3. SDG 3: Good Health and Well-being – Emphasis on public investment in essential services such as health.
4. SDG 4: Quality Education – Mention of investment in education as part of public services.
5. SDG 8: Decent Work and Economic Growth – The article discusses creating millions of decent jobs through investment in care services.
6. SDG 10: Reduced Inequalities – Focus on fairer global financing rules and rebalancing public spending to promote inclusion.
7. SDG 16: Peace, Justice and Strong Institutions – The need for strengthened institutions and political will to implement and monitor gender-responsive budgeting.

2. Specific Targets Under Those SDGs Identified

1. SDG 5 Targets:
   • 5.1 End all forms of discrimination against all women and girls everywhere.
   • 5.5 Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making.
   • 5.c Adopt and strengthen sound policies and enforceable legislation for gender equality.
2. SDG 1 Targets:
   • 1.2 Reduce at least by half the proportion of men, women and children living in poverty in all its dimensions.
3. SDG 3 Targets:
   • 3.8 Achieve universal health coverage, including financial risk protection and access to quality essential health-care services.
4. SDG 4 Targets:
   • 4.5 Eliminate gender disparities in education and ensure equal access to all levels of education.
5. SDG 8 Targets:
   • 8.5 Achieve full and productive employment and decent work for all women and men.
6. SDG 10 Targets:
   • 10.2 Empower and promote the social, economic and political inclusion of all.
7. SDG 16 Targets:
   • 16.6 Develop effective, accountable and transparent institutions at all levels.

3. Indicators Mentioned or Implied to Measure Progress

1. Gender-Responsive Budgeting Systems: The article states only one in four countries have systems to track public funds allocated to gender equality, implying an indicator measuring the proportion of countries with gender-responsive budgeting mechanisms.
2. Financing Gap for Gender Equality: The USD 420 billion financing gap is a measurable indicator of investment needed versus actual investment in gender equality.
3. Investment in Public Care Services: The proportion of national income invested in care services (e.g., childcare and eldercare) is an indicator of progress.
4. Allocation of Public Spending: The extent to which public spending is rebalanced to reflect human development goals including gender equality.
5. Debt Relief and Tax Reform Implementation: Indicators related to the implementation of debt relief measures and gender-responsive tax reforms.
6. Access to Essential Services: Indicators measuring access to health, education, and care services for women and girls.

4. Table: SDGs, Targets and Indicators

Source: unwomen.org