Excellencies, Ladies and gentlemen,

The SDG Summit yesterday sent a clear message:

We need to correct course, urgently, to rescue the SDGs.

At the midpoint of the implementation of the 2030 Agenda, we face a development emergency.

Reports from all over the globe demonstrate that the cascading crises of recent years have erased decades’ worth of development progress.

Just 15 per cent of SDG targets are on track.

At the same time, let’s also recognize the massive mobilization for the goals by governments, development partners, civil society, youth, the private sector and more.  

So there is reason for hope – that we can achieve the central principle of the 2030 Agenda to leave no one behind.

Yet, in order to succeed, we need to address the core challenge: The means to implement the SDGs must be bolstered.  The yawning financing gap must be bridged.  Trade enhanced. Technology transferred.  Institutions and capabilities strengthened. 

The SDG Summit political declaration, the clear support by the G20 and today’s statements all demonstrate strong support for a rescue plan for the SDGs. After months of dialogue, we must now pivot to a new phase of action.  

Excellencies,

In his closing remarks yesterday to the Leaders’ Dialogue, the Secretary-General identified seven ways in which we must convert the SDG Summit’s momentum into progress.

The first of these is by transforming support of the SDG Stimulus into real investments in developing countries.

It is within our reach to deliver an SDG stimulus of 500 billion dollars of additional international finance per year by the end of 2024.

Such an increase is possible through near-term actions:

By rechannelling already-issued SDRs through the multilateral development banks, using the African Development Bank and the Inter-American Development Bank model. 

This will multiply these resources by an order of at least five.

By fulfilling broadly endorsed reforms on-balance-sheet optimization by the multilateral development banks.

And by aligning the strategies of public and multilateral development banks to more effectively leverage private finance.

Excellencies,

Taking these near-term actions would tangibly improve the dire financial conditions facing many developing countries.

It would demonstrate our resolve and capacity to deliver change. And it would provide a foundation upon which to build further, the necessary reforms in the period ahead.

To translate commitments into action, sustain the momentum of this week and lead us through our next steps, the Secretary-General announced yesterday that he will shortly establish an SDG Stimulus Leaders Group.

The Secretary-General also urged that next month’s meeting of the IMF and World Bank not be “business as usual.”

He challenged Government delegations to arrive in Marrakesh with specific proposals to massively increase financing to support developing countries to keep the SDG promise to their people. This could include using more innovative financing mechanisms like blended public and private finance, and the use of debt-climate swaps.  

The Annual Meetings also should improve global debt mechanisms, including by speeding up negotiations, enabling immediate debt suspensions, and restructuring debt on a longer and more affordable terms for countries in urgent need.  

Excellencies,

Our challenge today is not just to deliver solutions to our most pressing challenges.  In doing so, it is necessary to also design a more fair and equitable system.

There is broad consensus that the present global financial architecture is not fit for today’s political and economic reality and must be transformed.  We cannot drag our feet. 

Without a reformed architecture and more representative governance that ensures voices are heard, we will not reach the goals.

Reform of the international tax system is essential to support domestic resource mobilization, and end illicit financial flows that undermine sustainable development, especially in the Global South. No system will bring tax certainty unless it reflects the needs, priorities and capacities of developed and developing countries.

Inclusive and effectiveness are deeply intertwined. Designing and discussing international tax norms and rules at the UN offers a path forward together, with stepped up collaboration more broadly and more deeply.

As we look ahead to the Summit of the Future next year, the political leadership must deliver. To avoid the SDGs slipping from our grasp. To avert further erosion of trust in multilateralism.

To meet the hopes, to meet the dreams, rights and expectations of people around the world.

Excellencies,

We agree. 

The SDGs are our blueprint for the prosperity of humanity and for peace on our planet.

Together, let us find a path forward.

Let’s finish the job, and keep the promise.

Thank you.