In 2022, the OECD will add a human capital dimension to its fragility framework in acknowledgement of the ambition set forth in States of Fragility 2018 to “never lose sight of the end goal of delivering hope and better lives for all people in fragile contexts”. The COVID-19 pandemic and its associated fiscal, political and social shocks has brought the urgency of investment in human capital into sharper focus. With less than ten years left to go on Agenda 2030, success will mean placing further focus on the building blocks of sustainable development: health (including proper nutrition), education and financial support to those who need it through investments in social protection. This working paper builds the case for why human capital matters for fragility, and why investment in human capital can help develop more inclusive, peaceful and resilient societies.