Does meeting the SDGs require new macroeconomics? - BNP Paribas Asset Management

In 2015, world leaders developed 17 Sustainable Development Goals (SDGs) as part of the 2030 Agenda for Sustainable Development.

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The SDGs set forth a blueprint for fostering a healthy planet and an equitable society – both critical for a healthy economy. Achieving the SDGs and the Paris Agreement will require trillions of dollars in expenditure over the coming decade. Mobilising this capital will require a concerted effort by the public and private sectors and yet, so far, several traditional macroeconomic preconceptions are inhibiting the flow, in particular of public capital.

For his New Deal, US President Franklin D Roosevelt famously called for ‘bold, persistent experimentation’. His ideas on fiscal stimulus – revolutionary at the time – are now commonplace. Arguably, the current ‘perfect storm’ of crises – COVID, climate change, biodiversity loss and social inequality – creates a similar opportunity for revolutionary thinking.

Here, BNP Paribas Asset Management explore these themes and consider the outlook for how macroeconomic policy may evolve in the future.

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