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Advancing Sustainable Development: Addressing Inequality and Remittance Fees



Barb & Anya Maynard, El Salvador, 2015.


In a world that is becoming increasingly interconnected, addressing inequalities is paramount for sustainable development. United Nations Sustainable Development Goal 10 (SDG 10) aims to reduce inequality within and among countries, recognizing the pervasive impact it has on social and economic well-being. This blog post delves into the importance of reducing inequalities, explores examples of inequality, discusses the interconnected nature of global challenges, and introduces the significance of remittance fees in achieving SDG 10.

 

Why Reduce Inequalities?

Inequality, whether based on income, gender, age, or other factors, poses a threat to long-term social and economic development. It hampers poverty reduction efforts and erodes individuals' sense of fulfillment and self-worth, potentially leading to negative consequences such as crime, disease, and environmental degradation. Achieving sustainable development requires inclusive policies that address discrimination and provide equal opportunities for all.

 

Examples of Inequality

Disparities persist across the world, affecting women, children, older persons, migrants, and refugees. Discrimination, in various forms such as religion, ethnicity, gender, and sexual preference, underscores the urgent need for measures to combat discriminatory practices and hate speech. One in six people worldwide experiences discrimination, with women and people with disabilities disproportionately affected.

 

Tackling Discrimination

Global interconnectedness means that challenges like poverty, climate change, and economic crises are not confined to one region. Tackling discrimination requires universal political, economic, and social policies that pay special attention to the needs of disadvantaged and marginalized communities. Achieving equality necessitates transformative change, eradicating extreme poverty, investing in health and education, and promoting inclusive economic growth.

 

Addressing Remittance Fees

One often overlooked aspect of inequality is the exorbitant fees associated with remittances. Nearly $700 billion is transferred annually by individuals in the US to family and friends in low- to middle-income countries. However, the high average fees of 6.2%, with some banks charging up to 12%, disproportionately affect developing countries. SDG 10.C calls for remittance fees to be reduced to 3% by 2030, a move that could save remittance families $20 billion annually.

 

Conclusion

Reducing inequality requires a multifaceted approach that spans social, economic, and political realms. By addressing discriminatory practices, promoting inclusive growth, and advocating for fair remittance fees, we can contribute to the realization of United Nations SDG 10. The urgency of these actions cannot be overstated – achieving equality is not only desirable but essential for a sustainable and equitable future for all.

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