G20 urged to leverage 1% of global wealth towards SDGs

The Global South Impact Community (GSIC), a group convened by The Rockefeller Foundation and International Venture Philanthropy Center (IVPC), has asked the G20 leadership to leverage at least 1% of total global wealth for impactful and inclusive deployment to the developing countries.

The GSIC consists of global leaders from the public, private and philanthropic sectors. The GSIC’s official Statement to G20 leaders was presented at the Think20 Summit in Bali, Indonesia on September 6.

Investing in needs-driven, institutional capacity development as a critical means for lowering the costs of achieving United Nation’s Sustainable Development Goals (SDGs) and mainstreaming of decarbonisation by creating a global framework for ‘development towards prosperity with decarbonisation’ that can be accelerated through south-south collaboration platform were also proposed. The GSIC also wanted G20 to support a stronger response to global health crisis by enabling investments in infrastructure and capabilities that strengthen local health systems.

“The vision behind The Rockefeller Foundation and the IVPC convening to bring about the GSIC was to build dialogue and action around greater inclusivity in the global economy. Be it through the building of the GSIC Statement, or the call to add more member countries to the G20 from the Global South – the objective has always been to increase representation and allow for newer perspectives. We urge G20 leaders to take immediate action towards the GSIC’s Statement and enable the deployment of large-scale catalytic capital to tackle the SDGs. We, at The Rockefeller Foundation, in alignment to the GSIC, strongly believe that innovative financing will help developing countries unlock transformative change to make opportunity universal and sustainable for communities to flourish”, Deepali Khanna, Vice President, Asia Regional Office, Rockefeller Foundation stated.

GSIC is a group of impact leaders, predominantly from the Global South, who gathered at The Rockefeller Foundation's Bellagio Center in July 2022 to generate new ways of thinking about development in the Global South in a post-pandemic world. Representing public, private and philanthropic sectors from 16 countries across five continents, this group claims to be committed to taking action on the recommendations in the statement. Representing a collective 1100+ social investors across 70 countries IVPC is a catalytic platform to advance and strengthen social investment globally to deliver sustainable, high-impact solutions to pressing social challenges. IVPC has catalysed some of the most prominent regional social investment networks in Europe (EVPA), Asia (AVPN), Africa (AVPA), and Latin America (Latimpacto).