Relocation of $22tr savings needed for future needs of development

GMT 21:41 2014 Tuesday ,19 August

Arab Today, arab today Relocation of $22tr savings needed for future needs of development

Wu Hongbo
New York - KUNA

The Intergovernmental Committee of Experts on Sustainable Development Financing (ICESDF) forwarded to the UN General Assembly its report that considers how to finance efforts to improve people's lives and protect the planet for future generations.
According to a press release distributed here, the report provides an analytical framework for financing sustainable development, proposes a basket of policy options for countries to choose and suggests areas for advancement of the global partnership for sustainable development.
The Committee's report will be considered by the General Assembly as part of the broader post- 2015 development agenda. It provides a foundation for continued intergovernmental discussions in the lead up to the third International Conference on Financing for Development due in Addis Ababa, Ethiopia, in July 2015, and the Summit in September 2015 in New York where world leaders are expected to adopt the post-2015 development agenda, the statement said.
On this matter, the Under-Secretary-General for Economic and Social Affairs Wu Hongbo praised the work of the Committee and the leadership of its two co-chairs, Pertti Majanen of Finland and Mansur Muhtar of Nigeria, in guiding the group's efforts.
"I have not the slightest doubt that the report you have adopted will provide a significant contribution to the post-2015 development agenda," he said.
Furthermore, the committee finds that the USD 22 trillion in annual global savings "was sufficient to meet the large financing needs for sustainable development." However, most resources are "not allocated where they are needed most, and even a small shift in the way resources are allocated would have an enormous impact," the Committee stressed.
The Committee suggested an approach built on a set of key principles, including: country ownership of sustainable development financing strategies; the central role of the public sector and the importance of official development assistance (ODA); the use of all financing sources - domestic and international, public, private and blended - in a holistic and efficient manner; and the mainstreaming of sustainable development criteria in financing strategies and implementation approaches.
Based on these principles, the Committee proposed a toolkit of policy options and financial instruments to be used within a cohesive national sustainable development strategy. It also emphasized the need "to revitalize the global partnership for sustainable development." It also offered recommendations to boost the partnership in the area of global economic governance, trade, investment, the international financial system, taxation, debt, regional cooperation and development cooperation.

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