In case you missed it Vol 22, No. 10 - October 2018

Secretary-General launches new strategy to fund the global goals

On 24 September, UN Secretary-General António Guterres gathered global leaders from government, business and philanthropy for the High Level Meeting on Financing the 2030 Agenda to find innovative ways to increase financing for the global goals. At the event, taking place in the ECOSOC Chamber on the first day of UN high-level week, Mr. Guterres launched his new Strategy to support Financing the 2030 Agenda.

He was joined by Christine Lagarde, Managing Director of the International Monetary Fund (IMF), several Heads of State and Government, including the Prime Minister of Canada Justin Trudeau, and the Prime Minister of Barbados Mia Amor Mottley, as well as senior representatives of leading companies – including the founder of Microsoft, Bill Gates and the CEO and Chairman of BlackRock, Larry Fink – and philanthropic foundations.

The financing needs of the 2030 Agenda, said Mr. Guterres, are immense, in the order of between $5 and $7 trillion per year.

Whilst some progress has been made in mobilizing resources, he said that urgent action is needed to drive progress: “that means galvanizing political support across governments and local communities; building momentum for change in corporate boardrooms; and doing better in tapping resources that sit idle.”

Mr. Guterres outlined three “essential action points” for developed countries: meeting the commitments made in the Addis Ababa Action Agenda; continued support for developing countries in creating good governance measures and fighting illicit flows of capital; and stepping up efforts in developing innovative financing and in mobilizing private investment.

The Secretary-General’s new Strategy to support Financing the 2030 Agenda builds on existing efforts and proposes urgent action to achieve three objectives: aligning global financial and economic policies with the 2030 Agenda, enhance sustainable financial strategies at the regional and country levels, and exploit the potential of financial innovations, new technologies and digitalization to provide equitable access to finance.

On this latter point, Mr. Guterres announced that he had tasked Achim Steiner, head of the United Nations Development Programme, UNDP, with setting up a Task Force on the Digital Financing of the Sustainable Development Goals.

Speaking on behalf of the IMF, Christine Lagarde said that the organization’s objective is sustainable development for all, “making sure that all girls and boys have a fair chance to thrive, to flourish, to develop their capacities no matter who they are or where they were born,” and that the “essence of sustainable development growth is to eradicate poverty, eliminate deprivation for a fairer world that respects the limits of nature.”

Bill Gates underlined the ways in which philanthropic organizations, such as the Bill and Melinda Gates Foundation, play an important role in advancing the system, using innovative tools that allow them to invest in new technologies, make innovation less risky, and address market failures, and pointing out that the development finance system is key to achieving the objectives of the SDGs.

Mr. Guterres reminded those present saying that, “by investing in the Sustainable Development Goals, we invest in the future, ensuring a world in which we strive for peace, stability and prosperity that leaves no one behind.”

Taking the stage for concluding remarks together with Deputy Secretary-General Amina Mohammed, UN DESA’s Under-Secretary-General Liu Zhenmin, underlined that we already have the framework in place to be able to move forward successfully.

“Despite a daunting challenge, we are fortunate to have both a roadmap and vehicle for adequately financing the 2030 Agenda,” he said, referencing the Addis Ababa Action Agenda, as well as opportunities that events like the High-level Political Forum, Development Cooperation Forum and SDG Investment Fair bring to “dig deeper into specific aspects of financing for sustainable development and the means of implementation for the 2030 Agenda.”

“In the year ahead, we will make every effort to ensure strong synergies between these opportunities and the Secretary-General’s Strategy on Financing the 2030 Agenda,” Mr. Liu said.

Source: UN News Centre

For more information:

High-level Meeting on Financing the 2030 Agenda for Sustainable Development

Closing remarks of UN DESA’s Under-Secretary-General Liu Zhenmin

Secretary-General’s Strategy to support Financing the 2030 Agenda

Facebook live interview: Innovative financing for the SDGs – a catalyst for women’s economic empowerment?

Facebook live interview: Using technology and innovation to expand financial inclusion

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