The SDG are a global moonshot for the creation of a fair and sustainable future for mankind. To reach them it becomes crucial to redirect significant shares of the global financial streams to sustainable courses. A gigantic global investment is needed to finance the fulfilment of the SDG. In our next BLOCKCHANCE Online LIVE show, we want to discuss how blockchain can be used to finance the SDG with Professor Stefan Brunnhuber, member of Club of Rome and spokesman of the committee “Financing our Future” at the World Academy of Science and Arts. Join live on YouTube on June 16, 5 PM CEST.
Global resources for the fulfillment of the SDG
Financing the SDG is calculated to cost around 5 trillion US-Dollars per year in the next 15-20 years. That is a significantly higher amount than the current 500 billion dollars spent by the world on public goods. While the SDG can partly be financed by private investments, most public goods can only be financed by the public sector. But is the world capable of reallocating these gigantic sums of money? Probably not. Redirecting the financial streams with tax or even philanthropy would lead to a global recession which would end all endeavours to fulfil the SDG immediately. As the time to heal the planet runs up, we won’t have a second chance. So is there another possibility?
Our financial system is not resilient
The financial sector itself is a barrier for sustainable finance and development. Within the last 40 years, 425 bank- or currency crises occurred. The stability of our financial system decreased substantially during that period. And with every crisis the amount of debt and public spending increased, leaving less money for financing the sustainable development goals. We currently spend too many resources on repairing, stabilizing and regulating the current financial system, just to keep up with the status quo. Those instabilities systematically inhibit all improvements in the technical and political sector for a more fair, positive, sustainable and human future.
Blockchain-based currencies to finance the SDG
Blockchain-based currencies can play a major role in building a parallel currency as a complementary system. This system would allow the re-allocation of the sums needed to actually finance the SDG. A parallel system offers incredible opportunities for sustainable growth, innovations and new technologies, stability, public income and the regulation of the so-called informal sector of illegal activities. There are three known options: CBDC, private cryptocurrencies and common currencies.
How blockchain technology can lead us into a future where financial flows are directed to where they have the highest positive impact instead of the highest return of investment, how we can create a resilient global economy and why a paradigm shift is necessary to create a new system instead of keeping the old one alive will be discussed in BLOCKCHANCE Online LIVE.
Blockchance live with Professor Brunnhuber of World Academy of Science & Arts
Join us when Professor Stefan Brunnhuber, member of the Club of Rome and spokesman of the committee “Financing our Future” at the World Academy of Art & Science discusses how blockchain technology can build the foundation for new architecture of our financial system, that inherently supports financing the good cause. Live on YouTube, June 16, 5 PM CEST.