Who will finance the South’s next transition?

The real issue is whether Hong Kong (pic) and Singapore have the right set of financial institutions to intermediate the supply and demand for funding of the structural transformation of the global South. — AFP

THE global financial system is in a real bind, because interest rates may be peaking, global debts are at record highs, and geopolitical and climate disaster risks are at looming.

The United Nations have been complaining that the funding gap for meeting their 2030 Sustainable Development Goals (SDG) is around US$4 trillion per year, or roughly around 4% of world gross domestic product (GDP).