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This report finds that the world is facing a sustainable development crisis, and that financing challenges are at the heart of the crisis and imperil the SDGs and climate action. It notes that the Fourth International Conference on Financing for Development in 2025 will be a last chance to correct course if we want to achieve the SDGs by the 2030 deadline. It calls for urgently closing financing gaps through an investment push, for closing policy and architecture gaps to make the international financial architecture fit for purpose in a crisis-prone world, and for closing credibility gaps, translating rhetoric into action to rebuild trust in multilateralism.