Even before the outbreak of COVID‑19, it was estimated that achieving the Sustainable Development Goals (SDGs) would require investments of USD 2.5 trillion per year. This gap may since have increased by as much as 70%. Fulfilling the commitments made in the Paris Agreement and curbing climate change will require that investment in renewable energy triple by 2030. Foreign direct investment (FDI) is rapidly shifting out of fossil fuels and into renewables, accounting for 30% of global new investments in renewable energy in 2020, but more investment is needed. FDI is an important source of finance for sustainable development, creating approximately 180 000 jobs every month worldwide. Foreign firms are known to be more productive than domestic firms, pay higher wages and offer women greater opportunities for career advancement. Yet, as the FDI Qualities Indicators reveal, the sustainable development effects of FDI are not always positive, with some countries benefitting more than others and, within countries, some segments of the population being left behind. Impacts can also differ across different areas of the SDGs as some sustainability objectives are mutually reinforcing while others present trade‑offs.