UN chief: investments of 5-7 trillion USD needed each year to implement SDGs
United Nations Secretary-General Antonio Guterres said Monday that globally, investments of 5-7 trillion U.S. dollars are needed each year to implement the 2030 Sustainable Development Goals (SDGs).
UN Secretary General Antonio Guterres speaks at the High-level Meeting on Financing the 2030 Agenda for Sustainable Development at United Nations headquarters in New York, New York, USA, 24 September 2018. The General Debate of the 73rd session begins on 25 September 2018. [Photo: IC]
Addressing the High-Level Meeting on Financing the 2030 Agenda for Sustainable Development, the UN chief said that "our efforts to achieve the Sustainable Development Goals will require a surge in financing and investments."
"Our efforts today are about more than mobilizing resources. At heart, they are about ensuring that the ambitious 2030 Agenda delivers for people and planet," said the secretary-general.
"This is no easy task. The financing needs of the 2030 Agenda are immense," he added.
Noting that "some progress" in mobilizing resources has been made, the UN chief said that "more is needed. Much more."
"Today, more funds are committed to futures contracts, than are invested in our common contract for the future -- the 2030 Agenda," he said.
Speaking about "the need to act urgently to drive progress," Guterres said that efforts must be made to galvanize political support across governments and local communities; to build momentum for change in corporate boardrooms; and to do better in tapping resources that sit idle -- some 300 trillion dollars in financial assets "are managed by the global financial system on our collective behalf. "
"There is no single solution for financing the Sustainable Development Goals," said the secretary-general, pointing to several essential actions.
He first of all urged all developed countries to meet the commitments they made in the Addis Ababa Action Agenda.
"Second, we must continue to support developing countries in creating conditions for mobilizing domestic resources, including tax reform and other good governance measures," he added.
"Third, we also need to step up our efforts in developing innovative financing and in mobilizing private investment. Without the private sector and the business community the goals are simply not achievable," the secretary-general noted.
The high-level meeting discussed opportunities to increase both the level and the quality of investments in the SDGs.
The meeting was part of a longer-term effort by the secretary-general to finance and mobilize efforts to achieve the SDGs drive global growth and sustainable development, generating trillions of dollars in investment opportunities.