Excellencies,Distinguished delegates,Ladies and gentlemen,
Welcome to you all to this side event, and a special thank you to the members of the Inter-agency Task Force on Financing for Development for their work in the past year.
I had the honour to first introduce the 2018 report of the Task Force, now called the Financing for Sustainable Development Report, to the ECOSOC Financing for Development Forum, in April.
This year’s report includes a chapter that explores the financing opportunities and challenges for the five SDGs under in-depth review at this year’s HLPF: water and sanitation; affordable and clean energy; sustainable cities and communities; sustainable production and consumption patterns; and terrestrial ecosystems.
These issues are viewed through the cross-cutting lenses of gender equality; the commitment to leave no one behind; and the role of new technologies in achieving the Addis Ababa Action Agenda.
This week, we have already conducted the technical reviews of the SDGs up for in-depth discussion. And, this afternoon’s discussion will cover SDG 17 on the means of implementation.
Dear Colleagues,
There are impediments that continue to undermine the financing needed to achieve sustainable development. Four overarching messages on how to resolve these blockages to structural transformation have emerged from the Task Force’s analysis.
First, financial sector incentives need to be long-term oriented and aligned with sustainable development. On the positive side, there is a growing interest in sustainable investments. However, short-term horizons of many investors remain a major obstacle. Risks such as those from climate change are still not incorporated into decision-making. This is vitally important, for example, in water and sanitation, as failure to incorporate risks may lead to investment in infrastructure that is not resilient.
Second, policies, plans and project pipelines must be informed by integrated national financing strategies. Such strategies reach beyond the political cycle and overcome siloed thinking. For example, within energy infrastructure, choices taken now will have decades-long effects on the carbon-intensity of electricity production beyond 2030. The Task Force will continue its work on financing frameworks and strategies for its 2019 report.
Third, public, private and blended financing all contribute to financing SDG investments. But the specific characteristics of a project and national policy priorities will determine which financing model is best suited. These characteristics will also determine which actors are best positioned to manage risks and provide services equitably and cost-effectively. For example, financing for sustainable cities will be different across countries based on the model of power sharing, and cities’ ability to mobilise their own revenue.
Fourth, public policies and public finance remain essential. Public leadership is indispensable to set appropriate rules and overcome structural constraints that impede transformation toward a sustainable financial system. Public finance – including through meeting commitments on ODA, scaling-up of South-South Cooperation, making progress on tax cooperation and addressing illicit financial flows – is critical, especially when seeking to provide public goods and when equity considerations are important.
Excellencies,
In this short statement, I am not able to reflect the full range of analysis and recommendations emanating from the Task Force’s work. The Financing for Sustainable Development Report covers not just the five SDGs under in-depth review, but also addresses all the means of implementation and mainstreams gender equality and women’s empowerment through the report.
Allow me to briefly acknowledge the contributions of the Task Force members and thank them for their excellent collaboration.
As in previous years, the 2018 report builds on the expertise, analysis and data collected by almost 60-member agencies. The five major institutional stakeholders, the IMF, the World Bank, the WTO, UNCTAD and UNDP, again have played a leading role.
This Report demonstrates the importance the entire international system is placing on financing our ambitious and transformative 2030 Agenda. Its recommendations served as the basis for the intergovernmentally agreed outcome of the Financing for Development Forum.
Ladies and Gentlemen,
I encourage all of you to take the time and read the report carefully. Please also make use of its online annex, which provides data and analysis for each of the more than 100 clusters of commitments and actions in the Addis Ababa Action Agenda, and covers the means of implementation of the 2030 Agenda.
I look forward to listening to your insights.
Thank you.
Welcome to you all to this side event, and a special thank you to the members of the Inter-agency Task Force on Financing for Development for their work in the past year.
I had the honour to first introduce the 2018 report of the Task Force, now called the Financing for Sustainable Development Report, to the ECOSOC Financing for Development Forum, in April.
This year’s report includes a chapter that explores the financing opportunities and challenges for the five SDGs under in-depth review at this year’s HLPF: water and sanitation; affordable and clean energy; sustainable cities and communities; sustainable production and consumption patterns; and terrestrial ecosystems.
These issues are viewed through the cross-cutting lenses of gender equality; the commitment to leave no one behind; and the role of new technologies in achieving the Addis Ababa Action Agenda.
This week, we have already conducted the technical reviews of the SDGs up for in-depth discussion. And, this afternoon’s discussion will cover SDG 17 on the means of implementation.
Dear Colleagues,
There are impediments that continue to undermine the financing needed to achieve sustainable development. Four overarching messages on how to resolve these blockages to structural transformation have emerged from the Task Force’s analysis.
First, financial sector incentives need to be long-term oriented and aligned with sustainable development. On the positive side, there is a growing interest in sustainable investments. However, short-term horizons of many investors remain a major obstacle. Risks such as those from climate change are still not incorporated into decision-making. This is vitally important, for example, in water and sanitation, as failure to incorporate risks may lead to investment in infrastructure that is not resilient.
Second, policies, plans and project pipelines must be informed by integrated national financing strategies. Such strategies reach beyond the political cycle and overcome siloed thinking. For example, within energy infrastructure, choices taken now will have decades-long effects on the carbon-intensity of electricity production beyond 2030. The Task Force will continue its work on financing frameworks and strategies for its 2019 report.
Third, public, private and blended financing all contribute to financing SDG investments. But the specific characteristics of a project and national policy priorities will determine which financing model is best suited. These characteristics will also determine which actors are best positioned to manage risks and provide services equitably and cost-effectively. For example, financing for sustainable cities will be different across countries based on the model of power sharing, and cities’ ability to mobilise their own revenue.
Fourth, public policies and public finance remain essential. Public leadership is indispensable to set appropriate rules and overcome structural constraints that impede transformation toward a sustainable financial system. Public finance – including through meeting commitments on ODA, scaling-up of South-South Cooperation, making progress on tax cooperation and addressing illicit financial flows – is critical, especially when seeking to provide public goods and when equity considerations are important.
Excellencies,
In this short statement, I am not able to reflect the full range of analysis and recommendations emanating from the Task Force’s work. The Financing for Sustainable Development Report covers not just the five SDGs under in-depth review, but also addresses all the means of implementation and mainstreams gender equality and women’s empowerment through the report.
Allow me to briefly acknowledge the contributions of the Task Force members and thank them for their excellent collaboration.
As in previous years, the 2018 report builds on the expertise, analysis and data collected by almost 60-member agencies. The five major institutional stakeholders, the IMF, the World Bank, the WTO, UNCTAD and UNDP, again have played a leading role.
This Report demonstrates the importance the entire international system is placing on financing our ambitious and transformative 2030 Agenda. Its recommendations served as the basis for the intergovernmentally agreed outcome of the Financing for Development Forum.
Ladies and Gentlemen,
I encourage all of you to take the time and read the report carefully. Please also make use of its online annex, which provides data and analysis for each of the more than 100 clusters of commitments and actions in the Addis Ababa Action Agenda, and covers the means of implementation of the 2030 Agenda.
I look forward to listening to your insights.
Thank you.
File date:
Friday, Julio 13, 2018