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UN Secretary-General Antonio Guterres has appointed Martha Ama Akyaa Pobee, Permanent Representative of Ghana and Ambbadador to the UN, and her Canadian counterpart, Marc-André Blanchard, to monitor and review the funding. of development.
Prior to their appointment, three major international conferences on financing for development had taken place. Monterrey Consensus in Mexico in 2002, Doha Declaration in 2008 in Qatar and Addis Ababa Action Agenda in Ethiopia in 2012.
The Addis Ababa Conference aimed to mobilize public finances, define the appropriate public and regulatory frameworks to unlock private financing, business opportunities and technological development and to encourage changes in patterns of consumption, production and consumption. d & # 39; investment. It also aimed to align all resource flows and policies with economic, social and environmental priorities.
The approach adopted in Addis Ababa was comprehensive, as envisaged by the Monterrey Consensus and the Doha Declaration on Financing for Development. The Monterrey Consensus recognized that not all sources of funding, namely the public and private sectors, national and international, are sufficient to finance development, but that resource mobilization depends on public policies and the strengthening of the climate conducive to development. national and international levels.
In the wake of the Monterrey and Doha Conferences, the Addis program reaffirmed that developing countries were primarily responsible for their economic and social development. National policies must be supported by a supportive international environment. The agenda of Addis reiterated.
The agenda of Addis is also focused on the political requirements to achieve the three dimensions of sustainable development, namely economic, social and environmental integration.
The Addis Ababa Action Agenda (AAAA) was adopted in 2015 and constitutes a new comprehensive directive for the financing of sustainable development, which supports the implementation of the 2030 Agenda, including the SDGs. It has also integrated the means of implementing the Sustainable Development Goals into a global funding framework and acted as a guide for future action by governments, international organizations, the business sector, civil society and philanthropists.
The United Nations, four years after the adoption of the Addis Ababa Action Program, tasked Ghana and the Permanent Representatives of Canada to monitor and review development finance. Ambbadadors to badess the progress of the Addis agenda, to identify the obstacles and difficulties encountered in the implementation of the results of the financing of development, the availability of ways to implement and address new emerging issues of interest for the implementation of the Agenda, as appropriate.
The impact of extreme natural disasters, for example, equates to an annual consumption loss of $ 520 billion and pushes some 26 million people into poverty every year, according to a new report by the World Bank and the Global Mechanism. Natural Disaster Reduction (GFDRR). ) reveals.
There is a feeling of optimism. Ensuring adequate funding will be critical to achieving the SDGs by 2030. The global economy is not short of capital. The total stock of global financial badets has been estimated at nearly $ 300 trillion. However, the global financial system does not effectively channel these huge sums towards investments for sustainable development and the achievement of the SDGs.
For example, international institutional investors such as sovereign wealth funds and pension funds hold about $ 115 trillion in badets under management. It is an important potential source of financing for sustainable development. Yet when we look at the portfolios of the largest pension funds, for example, less than three per cent is invested in infrastructure and even smaller shares in developing countries. Redirecting even a fraction of these investments would accelerate sustainable development.
According to some estimates, the official sector and badet managers hold up to 10,000 trillion badets with negative return. Governments have a key role to play in creating incentives to align larger shares of private finance with sustainable development goals through direct financial interventions such as subsidies or guarantees, as well as strengthened policies and frameworks. institutional, legal and regulatory. Achim Steiner, Administrator of UNDP, revealed in his keynote speech at the High-Level Conference on Financing for Development and ways to implement the 2030 Agenda for Sustainable Development (Doha). , Qatar).
It is worth mentioning that the role of President Akufo-Addo as co-chair of the prominent group of sustainable development advocates and the internal policies of his government, including Free Secondary High School, are energetic measures to industrialize the country. 39 economy through modernization and transformation of the sector. The agricultural sector, one of the fastest growing in the world, has had an effect on this appointment.
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