2016 was the first full year of implementation of the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda on Financing for Development. 2016 also marked the entry into force of the Paris Agreement on climate change. Together, these agreements show the way we can create a more inclusive global economy that brings opportunities to billions of people, and a healthier planet for future generations.
Despite a challenging global environment, efforts have begun at all levels to mobilize resources and align financing flows and policies with the economic, social and environmental priorities that have been set by Member States. The G24 countries have made important efforts in the early stages of implementation of these agendas, and the world looks to your continued leadership.
World economic situation and prospectsThe United Nations estimates that the world economy grew by 2.3 per cent in 2016 cent, the slowest rate of growth since the Great Recession of 2009. World gross product is forecast to expand by 2.7 per cent in 2017 and 2.9 per cent in 2018, with this modest recovery more an indication of economic stabilization than a signal of a robust and sustained revival of global demand. Underpinning the sluggish global economy are weak global investment and slow world trade and productivity growth, which have been exacerbated by low commodity prices and geopolitical tensions.
Growth in developing economies slowed to 3.6 per cent in 2016, the lowest pace of expansion since the global financial crisis. Average growth is expected to pick up to 4.2 per cent in 2017 and 4.7 per cent in 2018 on the back of a moderate recovery in many commodity exporting economies as commodity prices trend higher. Aggregate growth in the least developed countries (LDCs) is expected to rise modestly from an estimated 4.5 per cent in 2016, but is expected to remain well below the SDG target of 7 per cent.
Overall, and despite improvements projected for 2017 and 2018, the current global economic growth trajectory is not conducive to eradicating extreme poverty by 2030, with LDCs falling short by large margins. Global economic projections for 2017 and 2018 remain subject to significant uncertainties and risks, including from monetary policy actions in major developed economies, volatile capital flows, political risks, uncertainties in the international policy environment, as well as humanitarian crises. In order to restore the global economy to a healthy growth trajectory over the medium-term, as well as tackle issues in the social and environmental dimensions of sustainable development, a balanced policy approach including monetary, fiscal, structural and investment policies is needed. Achievement of the SDGs requires moving beyond demand management, to ensure that macroeconomic policy measures are fully integrated with structural reforms and investment policies that target, for example, poverty, inequality and climate change.
Financing for Development: Progress and prospectsThe Addis Ababa Action Agenda provides a financing framework for implementation of sustainable development, including the full range of the means of implementation for the SDGs. The Inter-agency Task Force (IATF) on Financing for Development has just completed its first annual assessment of progress in implementing the Financing for Development outcomes and the means of implementation of the SDGs. The assessment, which is led by UN-DESA, draws on the expertise, analysis and data collected by over 50 United Nations agencies, programmes and offices, regional commissions and other relevant international institutions that make up the Task Force –with strong participation from the five major institutional stakeholders (the World Bank Group, IMF, WTO, UNCTAD and UNDP). The report will be complemented by an on-line Annex, which gives detailed analysis of the over 350 commitments in the Addis Agenda.
The 2017 report shows that rapid implementation of the Addis Agenda can change the trajectory of the global economy, and stimulate global growth while advancing the world toward achieving the SDGs. The report addresses the different sources of finance – domestic public resources, private capital, international development cooperation – as well as non-financial means of implementation – international trade, debt sustainability, systemic issues and science and technology. Each section highlights key issues and lays out policy options for the consideration of governments, which emanate from the assessment of progress and implementation gaps presented in the report and its online annex. Across the chapters, the Task Force has identified two elements in particular that respond to the challenges posed by the current environment – the need to increase long-term investments in sustainable development, and to address economic vulnerabilities.
Additional public and private investment and financing will be required to meet the large investment needs associated with the SDGs, particularly in infrastructure and especially in the LDCs. To achieve this, the IATF report proposes measures to address impediments and bottlenecks to private investment, as well as measures to enhance public investments and the role of development banks. In this regard, the multilateral development banks (MDBs) have taken important steps to optimize their balance sheets and address graduation issues, particularly through IDA 18, as called for in the Addis Agenda. The report stresses that scope remains for further efforts, and recommends that as more developing countries pass per capita income thresholds, MDBs should make additional efforts to broaden the eligibility criteria for concessional financing to more accurately reflect continued vulnerabilities.
The Addis Agenda recognizes that investing in sustainable, inclusive and resilient infrastructure, including transport, energy, water and sanitation for all, is a pre-requisite for achieving many of the SDGs. The IATF report emphasises that rather than focusing on one-off projects, Member States need to develop prioritised infrastructure plans. These can then be translated into concrete project pipelines, with clear and strategic decisions about the sectors or projects for which private finance would be appropriate and those for which public finance will be needed. National development banks can be successful mechanisms for financing infrastructure, provided they are embedded in a broader national development strategy, and have sound governance structures, with representative supervisory bodies and management with relevant expertise. South-South cooperation can complement other efforts to finance infrastructure – the report finds that concessional flows provided by the South for development purposes have been increasing and that they make important contributions across a wide range of sectors, including in infrastructure. The report raises the question of how to use resources, including blended finance, most effectively, and identifies a number of principles from the Addis Agenda for the use of blended instruments and public-private partnerships, including transparency and accountability, participation, and the importance of sharing both risks and rewards fairly. The United Nations is also working to ensure a broader range of voices is heard in infrastructure discussions, including by addressing the challenges faced by countries in special situations at the Global Infrastructure Forum.
Increased long-term investments need to be complemented by measures to directly ameliorate the living conditions of the poor and vulnerable, such as social protection floors. Economic growth will not suffice to eradicate extreme poverty. The Addis Agenda responds to this challenge with a ‘social compact’, which includes a commitment to social protection floors for all, with a focus on the poor and vulnerable, persons with disabilities, indigenous persons, children, youth and older persons. Addressing financing challenges associated with social protection floors will need to emphasize countercyclical financing mechanisms, such as reserve funds and state contingent financing. The report also proposes international support to help countries most in need set up social protection systems, as well as international cooperation that responds to the counter-cyclical nature of financing needs, including the importance of strengthening the global finance safety net which should help countries through crises. The Task Force also underlines that policies and actions on investment and vulnerabilities need to be not just gender-sensitive, but should actively advance the goal of gender equality and women’s empowerment.
Domestic resource mobilization: In general, social protection floors, as with many other types of domestic investments, should be primarily financed through domestic public resources. Developing countries have increased their tax revenue over the last 15 years, helping to boost public investment. Yet, the tax-to-GDP ratios of half of LDCs remain below 15 per cent, a threshold above which evidence shows governments are generally better able to finance critical public services. The Addis Agenda emphasises that States should have modernized progressive tax systems, and should work to improve their systems’ fairness, transparency, efficiency and effectiveness. The IATF report recommends a package of policies, based on country circumstances, including improving tax administration by enhancing efficiency, digitisation, and stronger enforcement. In this regard, capacity development is key. The United Nations is working as part of the inter-agency Platform for Collaboration on Tax to improve the effectiveness of external support provided to help build tax capacities in developing countries.
Increasing revenue mobilisation ability is not enough if countries’ resources are simultaneously drained as a result of illicit activity. Illicit financial flows are difficult to quantify and the IATF recommends that analysis and policy recommends should be conducted on a component-by-component and channel-by-channel basis. The UN system is conducting research and working with Member States under this approach to improve estimates, target reforms and strengthen enforcement.
In a globalized world, there are also limits as to what countries can do on their own through domestic policies. In this regard, the United Nations Committee of Experts on International Cooperation in Tax Matters is an important inclusive norm-setting body. As the current membership of the Committee completes its mandate shortly, I encourage G24 members to increase their engagement with the UN Tax Committee, including by nominating qualified candidates for the new membership starting later in 2017.
Systemic issues and debt sustainability: As noted above, the world continues to face large and volatile capital flows, which create significant downside risks for developing countries. United Nations analysis shows that aggregate capital flows to developing countries have sustained the longest period of net negative transfers. Our research finds that the volatility of capital flows, while is still high compared to the period before widespread capital account liberalisation, is below the volatility associated with earlier crisis episodes in many countries. It is unclear, however, whether developing countries will be able to smoothly manage such volatility given their current rate of drawdown in international reserves and the potential for greater capital withdrawal when monetary policy normalises in developed countries. The Addis Agenda stresses the importance of policies to address such volatility, including necessary macroeconomic policy adjustment, supported by macroprudential policies and, where appropriate, capital flow management measures. Greater international macroeconomic coordination, including cooperation between capital flow source and destination countries, can help reduce the impact of spillovers and financial flow volatility.
A robust global financial safety net is a critical complement to efforts to reduce risks. The Addis Agenda recognizes the need to further strengthen the global financial safety net to ensure that no one is left behind. As noted in the IATF report, the IMF has identified significant gaps in safety net coverage, including questions about its adequacy, flexibility and counter-cyclicality. Addressing these gaps is crucial. As work proceeds on reviewing and modifying international lending facilities, I urge Member States to make such financing more counter-cyclical, while ensuring that associated policy demands do not undermine efforts to achieve the SDGs. It will be important to improve cooperation among actors in the financial safety net, without undermining the independence of regional financial arrangements.
The goal of debt sustainability has been one of the salient features of the Financing for Development process. While there has been notable progress in a number of areas, implementation of the policy agenda on debt sustainability remains incomplete. The focus to date has been on sovereign debt management, debt crisis prevention and on market-based solutions for sovereign debt restructuring. The ECOSOC Forum on Financing for Development follow-up could be a useful forum to take up discussions on existing initiatives and their sufficiency.
Reviewing progress and the way forward: Countries are taking actions on policy commitments across the seven action areas of the Addis Agenda, and have started to bring them together into coherent implementation frameworks. Analysis by the Task Force shows that developing integrated financing frameworks for sustainable development is a central challenge for many countries. Indeed, there are calls in all action areas for strategies and plans to guide implementation efforts – including medium-term revenue strategies, infrastructure plans, development cooperation strategies, and others. These strategies have to be coherent with the broader overall sustainable development strategy. Integrated national financing frameworks, as called for in the Addis Agenda, that take into consideration all financing sources and policies can provide this coherence. Task Force members will continue analytical work in this area, with a view to sharing lessons and supporting Member States in building and strengthening these frameworks.
Many of the challenges that countries face, including slow economic growth, climate change and humanitarian crises have cross-border or global repercussions, and cannot be addressed by any one actor alone. A steadfast commitment by the international community to multilateral cooperation for sustainable development should support national efforts. International cooperation is as vital as ever. Rooted in the Financing for Development process, the Addis Agenda recognizes the complementary nature of national actions and a supportive international architecture for sustainable development.
The High Level Political Forum (HLPF) on Sustainable Development is the apex political body for the annual review of progress in implementing the 2030 Agenda. The Financing for Development (FfD) Forum, established by the Addis Agenda, constitutes the centrepiece of the strengthened FfD follow-up process. Together the HLPF and the FfD Forum provide the global, inclusive forums that can bring together the many stakeholders that play an important part of reaching our global goals. The FfD Forum brings together the international financial institutions and the WTO, the private sector, civil society, United Nations agencies and Member States. It can also serve to bring together ministers of finance, trade, development cooperation and foreign affairs.
The second FfD Forum, to be held from 22 to 25 May in New York, will review progress in all action areas of the Addis Agenda. I strongly urge G24 finance ministers to be involved, both during the negotiations in advance of the FfD Forum and by participating in the ministerial segment of the FfD Forum itself. The conclusions will then be sent to the 2017 HLPF, which is scheduled for 10-19 July.Oceans conferenceThe high-level United Nations Conference to Support the Implementation of Sustainable Development Goal 14: Conserve and sustainably use the oceans, seas and marine resources for sustainable development will be convened at United Nations Headquarters in New York from 5 to 9 June 2017, coinciding with World Oceans Day. Sustainable ocean-based economies, which build on fisheries, tourism, aquaculture, marine renewable energies, marine biotechnology and other activities, are increasingly being looked at as a path to sustainable development, including in small island developing States.
Marine and coastal ecosystems provide a vital basis for the livelihoods of many coastal communities, particularly in developing countries. Some 300 million people find their livelihoods in marine fisheries, 90 per cent of whom work in small-scale artisanal fisheries. However, destructive fishing practices, overfishing and illegal, unreported and unregulated fishing are increasing pressures on marine ecosystems, and nearly one third of all fish stocks are now below sustainable levels, up from 10 per cent in 1974. Harmful fisheries subsidies exacerbate the problem by encouraging fishing over the limits of capacity.
Achieving policy reforms will involve whole-of-government approaches, as sustainable ocean-based economies will require the right financial policies and fiscal regime. The High Level Conference aims to be the game changer that will reverse the decline in the health of our ocean for people, planet and prosperity. I encourage the G24 finance ministers to engage at the national level on this important topic.
ConclusionThe world is confronting challenges in the economic, social and environmental areas, including humanitarian crises. The global agreements reached in the United Nations in 2015 provide support to countries in their efforts to further advance and lift their economic and social prospects while maintaining environmental sustainability. Success will depend on the actions of the G24 countries, which are home to the majority of the world’s population, and I urge you to do all you can to move quickly to fully implement these agreements.
Despite a challenging global environment, efforts have begun at all levels to mobilize resources and align financing flows and policies with the economic, social and environmental priorities that have been set by Member States. The G24 countries have made important efforts in the early stages of implementation of these agendas, and the world looks to your continued leadership.
World economic situation and prospectsThe United Nations estimates that the world economy grew by 2.3 per cent in 2016 cent, the slowest rate of growth since the Great Recession of 2009. World gross product is forecast to expand by 2.7 per cent in 2017 and 2.9 per cent in 2018, with this modest recovery more an indication of economic stabilization than a signal of a robust and sustained revival of global demand. Underpinning the sluggish global economy are weak global investment and slow world trade and productivity growth, which have been exacerbated by low commodity prices and geopolitical tensions.
Growth in developing economies slowed to 3.6 per cent in 2016, the lowest pace of expansion since the global financial crisis. Average growth is expected to pick up to 4.2 per cent in 2017 and 4.7 per cent in 2018 on the back of a moderate recovery in many commodity exporting economies as commodity prices trend higher. Aggregate growth in the least developed countries (LDCs) is expected to rise modestly from an estimated 4.5 per cent in 2016, but is expected to remain well below the SDG target of 7 per cent.
Overall, and despite improvements projected for 2017 and 2018, the current global economic growth trajectory is not conducive to eradicating extreme poverty by 2030, with LDCs falling short by large margins. Global economic projections for 2017 and 2018 remain subject to significant uncertainties and risks, including from monetary policy actions in major developed economies, volatile capital flows, political risks, uncertainties in the international policy environment, as well as humanitarian crises. In order to restore the global economy to a healthy growth trajectory over the medium-term, as well as tackle issues in the social and environmental dimensions of sustainable development, a balanced policy approach including monetary, fiscal, structural and investment policies is needed. Achievement of the SDGs requires moving beyond demand management, to ensure that macroeconomic policy measures are fully integrated with structural reforms and investment policies that target, for example, poverty, inequality and climate change.
Financing for Development: Progress and prospectsThe Addis Ababa Action Agenda provides a financing framework for implementation of sustainable development, including the full range of the means of implementation for the SDGs. The Inter-agency Task Force (IATF) on Financing for Development has just completed its first annual assessment of progress in implementing the Financing for Development outcomes and the means of implementation of the SDGs. The assessment, which is led by UN-DESA, draws on the expertise, analysis and data collected by over 50 United Nations agencies, programmes and offices, regional commissions and other relevant international institutions that make up the Task Force –with strong participation from the five major institutional stakeholders (the World Bank Group, IMF, WTO, UNCTAD and UNDP). The report will be complemented by an on-line Annex, which gives detailed analysis of the over 350 commitments in the Addis Agenda.
The 2017 report shows that rapid implementation of the Addis Agenda can change the trajectory of the global economy, and stimulate global growth while advancing the world toward achieving the SDGs. The report addresses the different sources of finance – domestic public resources, private capital, international development cooperation – as well as non-financial means of implementation – international trade, debt sustainability, systemic issues and science and technology. Each section highlights key issues and lays out policy options for the consideration of governments, which emanate from the assessment of progress and implementation gaps presented in the report and its online annex. Across the chapters, the Task Force has identified two elements in particular that respond to the challenges posed by the current environment – the need to increase long-term investments in sustainable development, and to address economic vulnerabilities.
Additional public and private investment and financing will be required to meet the large investment needs associated with the SDGs, particularly in infrastructure and especially in the LDCs. To achieve this, the IATF report proposes measures to address impediments and bottlenecks to private investment, as well as measures to enhance public investments and the role of development banks. In this regard, the multilateral development banks (MDBs) have taken important steps to optimize their balance sheets and address graduation issues, particularly through IDA 18, as called for in the Addis Agenda. The report stresses that scope remains for further efforts, and recommends that as more developing countries pass per capita income thresholds, MDBs should make additional efforts to broaden the eligibility criteria for concessional financing to more accurately reflect continued vulnerabilities.
The Addis Agenda recognizes that investing in sustainable, inclusive and resilient infrastructure, including transport, energy, water and sanitation for all, is a pre-requisite for achieving many of the SDGs. The IATF report emphasises that rather than focusing on one-off projects, Member States need to develop prioritised infrastructure plans. These can then be translated into concrete project pipelines, with clear and strategic decisions about the sectors or projects for which private finance would be appropriate and those for which public finance will be needed. National development banks can be successful mechanisms for financing infrastructure, provided they are embedded in a broader national development strategy, and have sound governance structures, with representative supervisory bodies and management with relevant expertise. South-South cooperation can complement other efforts to finance infrastructure – the report finds that concessional flows provided by the South for development purposes have been increasing and that they make important contributions across a wide range of sectors, including in infrastructure. The report raises the question of how to use resources, including blended finance, most effectively, and identifies a number of principles from the Addis Agenda for the use of blended instruments and public-private partnerships, including transparency and accountability, participation, and the importance of sharing both risks and rewards fairly. The United Nations is also working to ensure a broader range of voices is heard in infrastructure discussions, including by addressing the challenges faced by countries in special situations at the Global Infrastructure Forum.
Increased long-term investments need to be complemented by measures to directly ameliorate the living conditions of the poor and vulnerable, such as social protection floors. Economic growth will not suffice to eradicate extreme poverty. The Addis Agenda responds to this challenge with a ‘social compact’, which includes a commitment to social protection floors for all, with a focus on the poor and vulnerable, persons with disabilities, indigenous persons, children, youth and older persons. Addressing financing challenges associated with social protection floors will need to emphasize countercyclical financing mechanisms, such as reserve funds and state contingent financing. The report also proposes international support to help countries most in need set up social protection systems, as well as international cooperation that responds to the counter-cyclical nature of financing needs, including the importance of strengthening the global finance safety net which should help countries through crises. The Task Force also underlines that policies and actions on investment and vulnerabilities need to be not just gender-sensitive, but should actively advance the goal of gender equality and women’s empowerment.
Domestic resource mobilization: In general, social protection floors, as with many other types of domestic investments, should be primarily financed through domestic public resources. Developing countries have increased their tax revenue over the last 15 years, helping to boost public investment. Yet, the tax-to-GDP ratios of half of LDCs remain below 15 per cent, a threshold above which evidence shows governments are generally better able to finance critical public services. The Addis Agenda emphasises that States should have modernized progressive tax systems, and should work to improve their systems’ fairness, transparency, efficiency and effectiveness. The IATF report recommends a package of policies, based on country circumstances, including improving tax administration by enhancing efficiency, digitisation, and stronger enforcement. In this regard, capacity development is key. The United Nations is working as part of the inter-agency Platform for Collaboration on Tax to improve the effectiveness of external support provided to help build tax capacities in developing countries.
Increasing revenue mobilisation ability is not enough if countries’ resources are simultaneously drained as a result of illicit activity. Illicit financial flows are difficult to quantify and the IATF recommends that analysis and policy recommends should be conducted on a component-by-component and channel-by-channel basis. The UN system is conducting research and working with Member States under this approach to improve estimates, target reforms and strengthen enforcement.
In a globalized world, there are also limits as to what countries can do on their own through domestic policies. In this regard, the United Nations Committee of Experts on International Cooperation in Tax Matters is an important inclusive norm-setting body. As the current membership of the Committee completes its mandate shortly, I encourage G24 members to increase their engagement with the UN Tax Committee, including by nominating qualified candidates for the new membership starting later in 2017.
Systemic issues and debt sustainability: As noted above, the world continues to face large and volatile capital flows, which create significant downside risks for developing countries. United Nations analysis shows that aggregate capital flows to developing countries have sustained the longest period of net negative transfers. Our research finds that the volatility of capital flows, while is still high compared to the period before widespread capital account liberalisation, is below the volatility associated with earlier crisis episodes in many countries. It is unclear, however, whether developing countries will be able to smoothly manage such volatility given their current rate of drawdown in international reserves and the potential for greater capital withdrawal when monetary policy normalises in developed countries. The Addis Agenda stresses the importance of policies to address such volatility, including necessary macroeconomic policy adjustment, supported by macroprudential policies and, where appropriate, capital flow management measures. Greater international macroeconomic coordination, including cooperation between capital flow source and destination countries, can help reduce the impact of spillovers and financial flow volatility.
A robust global financial safety net is a critical complement to efforts to reduce risks. The Addis Agenda recognizes the need to further strengthen the global financial safety net to ensure that no one is left behind. As noted in the IATF report, the IMF has identified significant gaps in safety net coverage, including questions about its adequacy, flexibility and counter-cyclicality. Addressing these gaps is crucial. As work proceeds on reviewing and modifying international lending facilities, I urge Member States to make such financing more counter-cyclical, while ensuring that associated policy demands do not undermine efforts to achieve the SDGs. It will be important to improve cooperation among actors in the financial safety net, without undermining the independence of regional financial arrangements.
The goal of debt sustainability has been one of the salient features of the Financing for Development process. While there has been notable progress in a number of areas, implementation of the policy agenda on debt sustainability remains incomplete. The focus to date has been on sovereign debt management, debt crisis prevention and on market-based solutions for sovereign debt restructuring. The ECOSOC Forum on Financing for Development follow-up could be a useful forum to take up discussions on existing initiatives and their sufficiency.
Reviewing progress and the way forward: Countries are taking actions on policy commitments across the seven action areas of the Addis Agenda, and have started to bring them together into coherent implementation frameworks. Analysis by the Task Force shows that developing integrated financing frameworks for sustainable development is a central challenge for many countries. Indeed, there are calls in all action areas for strategies and plans to guide implementation efforts – including medium-term revenue strategies, infrastructure plans, development cooperation strategies, and others. These strategies have to be coherent with the broader overall sustainable development strategy. Integrated national financing frameworks, as called for in the Addis Agenda, that take into consideration all financing sources and policies can provide this coherence. Task Force members will continue analytical work in this area, with a view to sharing lessons and supporting Member States in building and strengthening these frameworks.
Many of the challenges that countries face, including slow economic growth, climate change and humanitarian crises have cross-border or global repercussions, and cannot be addressed by any one actor alone. A steadfast commitment by the international community to multilateral cooperation for sustainable development should support national efforts. International cooperation is as vital as ever. Rooted in the Financing for Development process, the Addis Agenda recognizes the complementary nature of national actions and a supportive international architecture for sustainable development.
The High Level Political Forum (HLPF) on Sustainable Development is the apex political body for the annual review of progress in implementing the 2030 Agenda. The Financing for Development (FfD) Forum, established by the Addis Agenda, constitutes the centrepiece of the strengthened FfD follow-up process. Together the HLPF and the FfD Forum provide the global, inclusive forums that can bring together the many stakeholders that play an important part of reaching our global goals. The FfD Forum brings together the international financial institutions and the WTO, the private sector, civil society, United Nations agencies and Member States. It can also serve to bring together ministers of finance, trade, development cooperation and foreign affairs.
The second FfD Forum, to be held from 22 to 25 May in New York, will review progress in all action areas of the Addis Agenda. I strongly urge G24 finance ministers to be involved, both during the negotiations in advance of the FfD Forum and by participating in the ministerial segment of the FfD Forum itself. The conclusions will then be sent to the 2017 HLPF, which is scheduled for 10-19 July.Oceans conferenceThe high-level United Nations Conference to Support the Implementation of Sustainable Development Goal 14: Conserve and sustainably use the oceans, seas and marine resources for sustainable development will be convened at United Nations Headquarters in New York from 5 to 9 June 2017, coinciding with World Oceans Day. Sustainable ocean-based economies, which build on fisheries, tourism, aquaculture, marine renewable energies, marine biotechnology and other activities, are increasingly being looked at as a path to sustainable development, including in small island developing States.
Marine and coastal ecosystems provide a vital basis for the livelihoods of many coastal communities, particularly in developing countries. Some 300 million people find their livelihoods in marine fisheries, 90 per cent of whom work in small-scale artisanal fisheries. However, destructive fishing practices, overfishing and illegal, unreported and unregulated fishing are increasing pressures on marine ecosystems, and nearly one third of all fish stocks are now below sustainable levels, up from 10 per cent in 1974. Harmful fisheries subsidies exacerbate the problem by encouraging fishing over the limits of capacity.
Achieving policy reforms will involve whole-of-government approaches, as sustainable ocean-based economies will require the right financial policies and fiscal regime. The High Level Conference aims to be the game changer that will reverse the decline in the health of our ocean for people, planet and prosperity. I encourage the G24 finance ministers to engage at the national level on this important topic.
ConclusionThe world is confronting challenges in the economic, social and environmental areas, including humanitarian crises. The global agreements reached in the United Nations in 2015 provide support to countries in their efforts to further advance and lift their economic and social prospects while maintaining environmental sustainability. Success will depend on the actions of the G24 countries, which are home to the majority of the world’s population, and I urge you to do all you can to move quickly to fully implement these agreements.
File date:
Thursday, April 20, 2017