UN Secretary General to help reshape the global financial system in order to deliver the SDGs

During a special event held at the UN Headquarters in New York in the sidelines of the UN General Assembly, the UN Secretary General António Guterres underlined the role that the UN should play during the transformation of the global financial system, if the Sustainable Development Goals are to be met.

The UN General Secretary spoke at the Financing the 2030 Agenda: The Role of the United Nations event calling the current finance system “unproductive and unrewarding”.

 “The choices we make on finance will be critical”.

He added: “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”.

“The choice is clear. Let us invest in the 2030 Agenda and finance a better world for all”.

Mr Guterres stated that the current financial system, which manages around $300 trillion in financial assets is not fit for purpose, recalling the importance of being innovative in leveraging resources and financing for development.

Although the UN has always been engaged in developing a green financing agenda, Amina Mohammed, Deputy Secretary General questioned whether the largest international organisation was doing enough, “and the answer is no”, she said.

The Secretary General announced that the UN strategy to push the global financial system to change comprises three parts.

Firstly, he pledged to lead the UN efforts to ensure that the objectives of the 2030 Agenda are fully integrated in international economic and financial policies, by working closely with intergovernmental bodies such as G20.

Secondly, he pledged to reform the UN development system and strengthen its country teams, and thirdly he will champion the key international initiatives that will be able to harness large-scale changes in financing and financial system development.

Some examples that he mentioned was tax reform initiatives by developing countries themselves, but also efforts from the international community to fight tax evasion and money laundering.

He also mentioned that the worlds’ savings should be directed into the financing of 2030 Agenda to generate inclusive and sustainable growth, instead of earning low or negative financial returns.

You can read his full speech here.