The United Nations (UN) revealed that it intends to work to create a better global economy for all. The international body announced that it will reshape “unproductive and unrewarding” finance and redirect investment to create a better monetary system that will benefit everyone.
…trillions of dollars need to be mobilized each year by “tapping into the savings of citizens around the world, official development assistance (ODA), domestic financing and the world’s financial system.”
“The choices we make on finance will be critical,” said Antonio Guterres, Secretary-General of the UN, during a meeting held at the UN Headquarters in New York on financing for global development goals.
Guterres said that the 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals (SDGs), agreed upon by member states in 2015, are a blueprint for building an inclusive, sustainable fair globalization.
“We can choose to bemoan the lack of financing for the 2030 Agenda in a world awash with so much unproductive and unrewarding finance. Or we can grasp the opportunity to reshape finance, according to our urgent, collective needs,” Guterres said. “The choice is clear. Let us invest in the 2030 Agenda and finance a better world for all.”
Guterres went on to say that the current financial system, which manages assets of more than US$300 trillion, is not fit for the current global economy.
The UN Secretary-General added that “the UN’s three-part strategy for enhancing its support to financing the 2030 Agenda would help achieve short- and medium-term results.”
He said that he will lead the UN’s efforts to ensure that the objectives of the 2030 Agenda are fully reflected in international financial and economic policies by working closely with inter-governmental groups, such as the G20.
Guterres also said that the UN would reform the development system to strengthen its country teams, and he will “champion key international initiatives that can harness large-scale changes in financing and financial system development, such as in the fields of digitalization and climate finance and in cooperating with major investment initiatives.”
Deputy Secretary-General Amina Mohammed also commented at the event and said that trillions of dollars need to be mobilized each year by “tapping into the savings of citizens around the world, official development assistance (ODA), domestic financing and the world’s financial system.”
Mohammed said the UN has always been engaged in this financing agenda, but “our question is whether we are doing enough, and the answer, in short, is no.” She also explained that the UN’s leadership team will work with key partners such as the World Bank, private sector actors, and Member States to provide a better global economy for all.
Bold actions like this will dramatically change the landscape of the financial and business worlds. Reshaping global finance will change the lives of many. The project is still in its early days, but the final result will lay the groundwork for generations to come.