Financing Sustainable Development: The Role of the European Union

Objective – Sustainable development is a multidimensional concept and therefore requires a varied, nonetheless integrative approach to decision making, creation of policies and fundraising. The aim of this paper is to bring about the main sources of financing sustainable development, as well as to analyze the role of the European Union in supporting global sustainable development goals. Although the EU has welcomed the new global development agenda, and has an important role as a leading global donor of development aid, in order to meet miscellaneous expectations for development effectiveness, within the region and globally, it will need to further its efforts and make more concrete actions and changes towards the path of sustainability. Methodology/Technique – In investigating possible implication for financing sustainable development, authors refer to previous studies and EU reports. Findings – The findings presented implications that need to be done in order to achieve Sustainable Development Goals. Foremost, it depends on successful development of national policies, their synergy and coherence. Public and private, domestic and international sources have an important role in financing development. While a certain level of government involvement is needed in terms of its strategic role and ensuring appropriate public funds, the existence of a healthy and stable economic and political system in the country is more important for attracting private investors. Novelty – The study provides clear implications to finance sustainable development and role of EU in this. Type of Paper: Review