Inaugural meeting of 10 members SDG Stimulating Leadership Team comes as many developing countries are still reeling from repeated economic shocks and debt burdens that far exceed their ability to pay.
The group advocates at the highest levels of equipping developing countries with the financial resources to invest in the 17 SDGs, providing a blueprint for a more just and equitable future for all people and actions. planet in 2030.
Mr. Guterres emphasized the need to “step up action now” on the SDGs.
Promote sustainable development
“Developing countries and billions of people are facing The economic outlook is the worst in more than a generationhe say. “Finance is the driving force of development and We must ensure that countries are not forced to run empty.”
Leaders attending the meeting discussed the Secretary-General’s call for a meeting Stimulating the SDGs.
The wide-ranging proposal calls for short-term actions to provide developing countries with financing to alleviate immediate constraints and put them back on a rapid growth path.
The SDG Stimulus identifies three areas of action: addressing high debt costs and growing debt distress risks; massively increase affordable long-term financing, especially through multilateral development banks (MDBs), to at least $500 billion per year; and expand contingency financing for countries facing liquidity constraints.
Life is better for everyone
Prime Minister Justin Trudeau of Canada and Andrew Holness of Jamaica are co-chairs of the SDG Stimulus Leadership Group.
Other members include Heads of State and Government of Barbados, Brazil, France, India, Italy, Kenya, South Africa and Spain.
“The Sustainable development goals To be is vital to growing our communities, building a better future and keeping our air clean”, Mr. Trudeau said. “Let’s work together to make life fairer, more sustainable and more prosperous for everyone.”
Finances are very important
Mr. Holness warned that the SDGs will not be achieved unless developing countries have access to finance.
“The international financial system must respond urgently through innovative mechanisms to create the necessary financial space for developing States to build a sustainable and resilient future for present and future generations”.
Team member Prime Minister Mia Mottley of Barbados, who was also among the 17 SDG advocates appointed by the Secretary-General, warmly welcomes this opportunity to “accelerate” the implementation of the goals.
The only way forward
The SDG Stimulus along with the Bridgetown Initiative, the Paris Agreement for People and the Planet and other international initiatives “are converging to expand the reach of financing and accelerate the pace of solutions,” she said. echo”.
“This is the only way the entire global community, especially the most vulnerable among us, can confront the climate crisis and overcome the obstacles to sustainable development. real sustainability that all our peoples deserve.”
The Secretary-General first proposed elements of the SDG Stimulus some 18 months ago. Since then, it has attracted attention at many global gatherings and was most recently welcomed by world leaders at a summit. SDG Summit in New York last September and in the G20 New Delhi Leaders’ Statement that same month.
Promote the plan
G20 countries have reallocated $100 billion in special drawing rights (SDR), allowing the International Monetary Fund (IMF) to support developing countries with financial liquidity.
The MDBs have also embarked on a series of reforms that will allow them to expand collective lending by about $300 to $400 billion over the next decade.
Despite these initial steps, the situation in many developing countries is getting worse, the United Nations said, underscoring the need for bolder and swifter action.
In this regard, the Leadership Group will proactively seek to advance the SDG Stimulus in the coming year.
