UN chief urges ‘surge in investment’ to overcome $4 trillion financing gap

22 April 2024 - The UN Secretary-General on Monday called for a “surge in investment” to give developing countries a chance to build better lives for their people.

According to UN estimates, the world is facing an annual financing gap of about $4 trillion to achieve sustainable development, leaving countries with hardly any resources to invest in better education, healthcare, renewable energy or social protection.

“The Sustainable Development Goals (SDGs) are hanging by a thread, and with them, the hopes and dreams of billions of people around the world,” António Guterres said, addressing the UN Economic and Social Council’s (ECOSOC) 2024 Forum on Financing for Development.

In particular, the UN chief urged countries to push for the SDG Stimulus of $500 billion annually in affordable long-term finance for developing countries, which he proposed in February 2023.

Recalling that the Stimulus was welcomed by world leaders at the SDG Summit last year, he stressed “now it’s time to move from words to action and deliver affordable, long-term financing at scale.”

Reform global financial architecture

In his remarks, the Secretary-General also called for greater representation of developing countries in global financial systems.

“The countries who need these systems and institutions most were not present at their creation – a lack of representation that continues to this day,” he said, underlining the urgent need for change.

In that context, he highlighted the Summit of the Future, which will be convened on 22 and 23 September in New York, and the 2025 Financing for Development Conference in Spain as “key opportunities” to gather world leaders to reform the global financial architecture.

“Let’s make the most of these opportunities. Now is the time for ambition. Now is the time for reform,” Mr. Guterres urged UN Member States.

“Now is the time to shape a global economic and financial system that delivers for people and planet,” he said.

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