UN chief sets out roadmap to ‘raise ambition’, fund sustainable development

In his opening remarks to the High-Level Dialogue on Financing for Development, held at UN headquarters in New York, UN chief António Guterres outlined his roadmap for financing the 2030 Agenda for Sustainable Development, the UN’s blueprint for the transition to a healthier planet and a fairer world.

The Secretary-General began by reminding delegates that, currently, not enough financing is being mobilized to achieve the Sustainable Development Goals (SDGs), and that rising levels of debt are limiting spending. On a more positive note, he continued, financial markets are increasingly integrating sustainability into their operations, and banking institutions have committed to a more sustainable way of doing business.

Mr. Guterres broke the roadmap down into four areas: aligning the international financing system behind the SDGs; supporting individual countries in mobilizing domestic resources for sustainable strategies; addressing exclusion from financial services, and enhanced international cooperation.

Financing, concluded the UN chief, can help the world get back on track for the “decade of action” leading up to the 2030 deadline: “Let us all raise ambition for development finance, climate finance, and finance that will enable markets to grow, businesses to thrive and people to live in dignity”.

The High-Level Dialogue provides an opportunity to evaluate the progress of the Sustainable Development Goals, Tijjani Muhammad-Bande, President of the General Assembly said, noting that a funding gap of some $2.5 trillion had been identified at the SDG Summit, as one of the biggest impediments to achieving the Goals.

Mr. Muhammad-Bande called on leaders to remain steadfast in their commitments, generate resources that can match ambitions, honour aid commitments, and increase private investments to generate further growth and provide decent jobs.

“A sustainable development future requires investing in the present. We have a clearly stated roadmap and due date. Let us act now and work together to take bold action to deliver for all”.

Bill Gates, principal founder of Microsoft, and co-chair of the Bill and Melinda Gates Foundation told delegates that no single solution exists to getting the Sustainable Development Goals back on track, but recommended a focus on targeting specific needs, geographies and groups of people.

Mr. Gates added that one-third of the finance needed for sustainable development could come from new tax revenues, accompanied by more efficient spending and foreign aid, but he counselled countries to make their tax policies progressive, to ensure faith in financial systems, and provide essential health and education services.

Original source: UN News
Published on 26 September 2019