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- Statement by Mr. Courtenay Rattray at the Closing session of the Second PrepCom for LDC5
Statement by Mr. Courtenay Rattray at the Closing session of the Second PrepCom for LDC5
Members of the PrepCom Bureau,
Excellencies and Distinguished Delegates,
I thank the Co-chairs for giving me the floor again at the end of this second session of the PrepCom. I also commend them for adeptly steering the discussions and deliberations of the process so far.
A lot of ground has been covered since Monday and there is convergence on a range of issues, though I appreciate that some other issues may understandably require further deliberations. It is clear that a new Programme of Action should support the LDCs in achieving the 2030 Agenda and the SDGs and for that they need prioritization. LDCs need specific support to achieve their goals and to recover lost ground.
I commend each of the delegations that engaged in the discussions of the Zero Draft Outcome Document and ensured that a first reading was completed.
LDCs have expressed their commitment towards ownership of and primary responsibility for their own development. They are also looking for partnerships with all relevant stakeholders.
It was reiterated by several delegations that development finance from all sources needs to be mobilized. This is certainly true, as the financing gaps in LDCs are huge and have only increased since the pandemic.
Allow me to give you an example related to sustainable energy. Of all people in the world without access to electricity almost 65 per cent live in the LDCs. A new report by the World Bank, UNDP and OHRLLS on Energy Access, which was just released, recommends the prioritization of public and private investments in order to expand energy access in LDCs. It specifically suggests that 50 per cent of the annual financing flowing to clean cooking and electricity access should be directed towards the LDCs, and that this should be achieved by 2025. Currently LDCs receive only around 20 per cent of international commitments to developing countries that support clean energy, even though 15 LDCs are in the top 20 access-deficit countries in the world. Public finance plays a crucial role in financing sustainable, affordable, and reliable energy in LDCs.
Blended finance has great potential, including for enhancing renewable electricity in LDCs. But evidence from the UNCDF’s blended finance report 2021 shows that only 6 per cent of mobilized private finance is being invested in LDCs. And it is concentrated in only a few countries and sectors.
As such, the level of international support needs to be protected and leveraged to attract increased private capital towards the LDCs. Both traditional development finance and blended finance instruments are needed, and should work together to support LDCs in the development of a pipeline of bankable projects that can spur inclusive and sustainable development.
This is of course only one of the many challenges LDCs are facing that needs to be addressed in the new Programme of Action. Many UN system entities, including OHRLLS, have been producing reports with data and background information that can shed some light on the issues that have arisen over the course of our deliberations this week.
I urge all delegations to remain constructively engaged in the days ahead. We must work in a spirit that shows that addressing the challenges of LDCs is the collective responsibility of all. I reiterate my request the negotiations on the zero draft to be concluded as early as possible, but no later than December 2021 so that we can focus on the organizational preparations of the Conference and deliberate on the implementation strategy of the next PoA.
I also urge all member states to ensure high-level participation at the in the LDC5 Conference from 23-27 January 2022 at the Heads of State or Government level.
This is a crucial event not only for the LDCs but equally for the whole international community when it comes to the full implementation of the 2030 Agenda and its principle of leaving no one behind. I am confident that the Doha Programme of Action will prove to be ambitious and anticipate that your deliberations on the draft will be concluded by the end of the year.
I thank you for your attention.