Remarks by H.E. Mr. Abdulla Shahid, President of the 76th session of the United Nations General Assembly
14 January 2022
Excellencies,
Thank you for the opportunity to speak at this year’s handover ceremony of the Chairmanship of the Group of 77 and China.
I commend Guinea for its able leadership of the Group through a challenging year. I also extend my congratulations and full support to Pakistan as it takes over the role for 2022.
Excellencies,
The world today faces multiple challenges – from economic and social inequalities, to unsustainable living and consumption patterns, to the catastrophic effects of climate change and environmental degradation.
And the pandemic has presented its own challenges.
It is estimated that 120 million people have fallen back into extreme poverty; 114 million jobs have been lost; tax revenues, foreign direct investment, and trade and remittances have all decreased; and debt vulnerabilities have increased along with the rise in debt levels.
We cannot ignore the variance of the pandemic’s impact, nor the fact that it is those furthest behind who have been hit hardest.
It is developing countries, in particular, countries in special situations – the Least Developed Countries, the Landlocked Developing Countries, the Small Island Developing States – that are the worst-hit.
The pandemic has exacerbated many of the challenges the world faces, but at the same time it has also given us an opportunity to rethink our habits and reassess our priorities.
Our pre-pandemic plans envisioned a Decade of Action on the Sustainable Development Goals. Now it is clear that the lead up to 2030 must be a Decade of Recovery.
With the SDG targets as our roadmap we can recover better. We can build a world that is greener, bluer, more resilient, and more sustainable.
Unlocking financing for development, however, is essential for delivering on these aspirations.
Among the many impacts of COVID-19 is a marked decrease in ODI and other forms of investment, as governments have been forced to prioritize their own economies and constituents. At the same time, the global economy remains mired in the worst recession in 90 years.
It is clear that we must turn to alternative sources of investment and push economic-resilience strategies if we are to rebound from this setback.
Achieving this requires that the public and private sectors join hands in delivering financing towards the same goals.
Consider, that in a recent survey of 300 large investments firms, only thirteen percent of their investments aligned with the SDGs.
And many of these investments are not sustainable, with investment-returns often taking precedence over social impacts.
We must prioritize sustainability in our recovery, and beyond. By reorienting economic practices in a more climate and environmentally friendly direction, we can make a lasting difference.
We must also take meaningful action to tackle debt sustainability and other financial vulnerabilities.
And developed countries need to deliver on the commitments made in the Addis Ababa Action Agenda, particularly around meeting the 0.7% ODI commitment, as well as commitments on technology, trade, market access, and capacity building.
Likewise, the delivery of the promised $100 billion or more in annual climate finance is essential. This will help boost jobs and economic growth, and contribute to greening the economy.
Related to this is the need to support those vital sectors that have been hardest hit.
One such example is tourism, where entire industries and hundreds of thousands of people have seen their livelihoods dry up.
The World Tourism Organization estimates that international tourism and its closely linked sectors suffered an estimated loss of $2.4 trillion in 2020 due to direct and indirect impacts of a steep drop in international tourist arrivals. For those countries that are heavily reliant on tourism, including small islands, the economic fallout has been catastrophic.
Resolving all of these challenges requires us to bring this pandemic to an end. This means that we must ‘walk the talk’ on vaccine equity and ensure that vaccines are universally available to everyone, everywhere.
Excellencies,
As the largest and most diverse Group at the United Nations, the G77 and China has a keen role to play in shaping discourse around contemporary development issues, and to offer solutions to pressing global challenges.
Access to vaccines; unlocking climate finance; mitigating debt burdens including by debt restructuring; and financing a resilient recovery, including in at-risk sectors such as tourism –are all areas where the G77 can and should lead, and where developing countries must continue to stand together in solidarity.
As we look to the remainder of the 76th session, trust that I will prioritize each of these issues.
High-level events, covering vaccine equity, tourism, debt, and climate and the environment, are all on the horizon during the remainder of my Presidency.
I look forward to receiving the Group’s strong support for driving political momentum around these issues and producing concrete outcomes that will benefit the global community.
I thank you again.
