Hunger and food insecurity reduction has stagnated in the years after the pandemic, putting the world far off course to achieve the Sustainable Development Goal (SDG) Target 2.1. In addition, while some progress has been observed in reducing malnutrition, it is currently not enough to meet SDG Target 2.2 by 2030. More and better financing will be required to get back on track to end hunger, food insecurity, and all forms of malnutrition. Strategies to address the major drivers behind the recent trends of food insecurity and malnutrition should include repurposing existing financing flows to improve their targeting, alignment, and efficiency, and scaling-up new sources of public and private financing to mitigate structural underlying factors. Most of the countries where progress to end hunger, food insecurity, and malnutrition is stalled or backsliding have limited financing options. Concessional financing will remain critical in these countries. In addition to reaching the communities most affected, concessional financing can reduce the obstacles these countries face in accessing financing. For instance, public and private donors, multilateral and national development banks and other actors related to concessional finance must increase their risk appetite including for taking on or de-risking investments private funders are often unwilling to invest in. This also means prioritizing bottom-up financing and locally led development. Furthermore, leveraging and maximizing the impact of financing flows oriented to food security and nutrition will require much greater alignment across governments, donors, international organizations, international financial institutions, and philanthropic foundations, as well as reforms to the global financial architecture that facilitate scaling up financial flows for achieving SDG Targets 2.1 and 2.2.This Working Paper by the Agrifood Economics and Policy Division at FAO serves as background paper to Chapter 5 of the State of Food Security and Nutrition in the World 2024.