Filling a financial gap in SDG3 achievement: Investments vs. budget funds

Abstract

This paper delves into the challenge of financing Sustainable Development Goal 3 “Ensure healthy lives and promote well-being for all at all ages” (SDG 3). Despite its ambitious nature, the achievement of this goal has been hindered by a substantial lack of funding. The study aims to investigate potential sources to bridge the investment gap in SDG 3, analyzing data from 28 European countries. This includes factors such as the index and progress in sustainable development, sources of investment resources, and healthcare costs for 2020. Logit and probit regression models are employed for the analysis. The results indicate the absence of a statistically significant relationship between the volume of investments from the state, businesses, and households of countries and their level of SDG 3 achievement. However, an interesting finding emerges regarding healthcare expenditures under state insurance programs among European countries, which show a greater extent of progress in achieving SDGs compared to voluntary insurance programs. The paper emphasizes the importance of a balanced approach that uses multiple funding sources and the need for focused policies and partnerships to mobilize resources to ensure healthy lives and promote well-being for all at all ages. AcknowledgmentAlex Plastun gratefully acknowledges support from the Ministry of Education and Science of Ukraine (№ 0121U113830).