Unlocking funding for well-being, equity and healthy societies: primer

Countries across the WHO European Region face severe financial constraints and major challenges, ranging from ageing populations and the rising cost of living to the green and digital transitions, that put pressure on their ability to invest in health, well‑being and health equity. The well‑being economy approach is introduced as a framework for addressing these challenges. This paper identifies a range of innovative financial instruments, contracting mechanisms and fiscal approaches as potential solutions to fund the transition to healthier societies. Taxation policy can play various roles from raising revenue to addressing the determinants of health and shaping economic activity to promote health and well‑being. Governments may also choose to look to private and philanthropic capital for investment in health and the determinants of health. With an estimated US$ 1.57 trillion of assets under management globally in impact investment in 2024, there is a significant opportunity to use these investments for improving health and well‑being. Impact investments can be made using novel instruments and contracting mechanisms, such as social outcomes contracts. An appropriate mix of investment instruments can create a recipe for funding high-quality, accessible public services and enable a shift to investment in the social determinants of health and prevention.