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Tech News > Blog > Sustainability > World Leaders Call for Urgent Action on Sustainable Development
Sustainability

World Leaders Call for Urgent Action on Sustainable Development

Elina Norberg
Last updated: June 10, 2024 3:11 pm
Elina Norberg 12 months ago
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UN Secretary General Antonio Guterres convening a summit with world leaders
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UN Secretary-General Leads the Charge

UN Secretary-General António Guterres brought together world leaders in New York to push forward efforts to achieve the Sustainable Development Goals (SDGs) by the 2030 deadline. This meeting marked the first gathering of the SDG Stimulus Leaders Group, a 10-member team tasked with accelerating progress on these goals.

Contents
UN Secretary-General Leads the ChargeThe ChallengeEconomic StrugglesA Call to ActionKey ProposalsThe SDG Stimulus PlanLeadership and SupportGlobal Leaders UniteA Better FutureProgress and the Road AheadGlobal SupportFinancial ReformsMoving Forward

The Challenge

Economic Struggles

Developing countries are still grappling with severe economic challenges and mounting debt, making it difficult to invest in the 17 SDGs. These goals aim to create a fairer and more sustainable world for everyone.

A Call to Action

Mr. Guterres emphasized the urgent need for action: “Developing countries and billions of people are facing the worst economic outlook in more than a generation. Financing is the fuel of development, and we must ensure that countries are not forced to run on empty.”

Key Proposals

The SDG Stimulus Plan

The SDG Stimulus Plan outlines several steps to provide developing nations with the financial resources they need:

  • Addressing Debt: Tackle the high cost of debt and rising risks of debt distress.
  • Scaling Up Financing: Increase affordable long-term financing by at least $500 billion per year through multilateral development banks (MDBs).
  • Contingency Financing: Expand financing options for countries facing liquidity constraints.

Leadership and Support

Global Leaders Unite

Prime Ministers Justin Trudeau of Canada and Andrew Holness of Jamaica co-chair the SDG Stimulus Leaders Group, which includes leaders from Barbados, Brazil, France, India, Italy, Kenya, South Africa, and Spain.

  • Justin Trudeau: “The Sustainable Development Goals are crucial to growing our communities, building a better future, and keeping the air clean. Let’s keep working together to make life fairer, more sustainable, and more prosperous for everyone.”
  • Andrew Holness: “The international financial system must urgently respond through innovative mechanisms to create the fiscal space needed for developing States to build a sustainable and resilient future.”

A Better Future

Prime Minister Mia Mottley of Barbados, also an SDG Advocate, welcomed the opportunity to “turbocharge” the goals’ implementation. She highlighted the convergence of initiatives like the Bridgetown Initiative and the Paris Pact for People and Planet, which aim to increase and expedite financing.

Progress and the Road Ahead

Global Support

The SDG Stimulus proposal, introduced 18 months ago, has gained support at various international forums, including the recent SDG Summit in New York and the G20 Leaders’ Declaration in New Delhi.

Financial Reforms

  • G20 Contributions: G20 countries have redirected $100 billion of special drawing rights (SDRs) to help the IMF provide liquidity financing to developing countries.
  • MDB Reforms: Multilateral development banks have initiated reforms that will enable them to expand lending by $300 to $400 billion over the next decade.

Moving Forward

Despite these initial steps, many developing countries continue to struggle, highlighting the need for more aggressive and rapid action. The SDG Stimulus Leaders Group will work diligently over the next year to advance these crucial efforts.

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TAGGED: Future, Global Leaders, SDGs, Sustainability
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