B20 Summit: $4.5 trillion needed over 7-10 years to finance development goals, says Uday Kotak

Countries across the world need about USD 4.5 trillion over the next 7-10 years to finance their development goals, Uday Kotak, B20 India Task Force on Financing for Global Economic Recovery, Chair, said on Friday.

The task force in its recommendation suggested setting up of a ‘global acceleration fund’ where every business globally could contribute 0.2% of their profit as a commitment to social development goals.

“The money required in the next 7-10 years is about USD 4.5 trillion,” Kotak said at the B20 Summit India 2023 during a panel discussion on “B20 India Priorities and Recommendations: From India for the World”.


For India the task force suggested that 0.2% of the overall CSR contributions that the companies contribute should be given for the global acceleration fund.

“Out of the 2% for CSR funds that companies in India contirbute, 0.2% could be our contribution to that global fund,” he added.

The priority areas for utilising the 'global acceleration fund' could be climate change, energy, biodiversity and ocean pollution, the taskforce suggested.

“This could be a game changer. I would recommend G20 nations to find out ways by which businesses can contribute, voluntarily or through regulation, 0.2% of profit to these important transformation goals,” Kotak added.