International Financial Architecture Must Be Reformed to Invest in Sustainable Development, Deputy Secretary-General Tells Latin America, Caribbean Forum

Following are UN Deputy Secretary-General Amina Mohammed’s remarks at the Forum of the Countries of Latin America and the Caribbean on Sustainable Development’s special session on the Summit of the Future, in Santiago today:

In a world where decades of development progress are being reversed before our eyes, where we grapple with the triple planetary crisis of climate, biodiversity and pollution; where inequalities are vast and growing, and people are still suffering from a global cost-of-living crisis; where vulnerable countries — including in this region, not least Haiti — face deepening polarization, rising migration flows, risks associated with organized crime and violence, including gender-based violence; the Summit of the Future offers hope of a better tomorrow.

The Summit must be an accelerator for the achievement of the 2030 Agenda and the Sustainable Development Goals (SDGs), in full and on time.  It must spur urgent and scaled-up actions, policies and investments.  And it must catalyse efforts, so that our global institutions can meet the needs of developing countries — in Latin America, the Caribbean and beyond.

Countries from Latin America and the Caribbean are showing their leadership for sustainable development in many forums — from Colombia hosting the United Nations Conference on Biodiversity in October to Antigua and Barbuda, hosting the Small Island Development States Conference next month. And we already see that the Summit of the Future will be no exception.

Countries from Latin America and the Caribbean have been actively engaged in intergovernmental negotiations in New York, promoting a strong development outcome in the Pact for the Future/summit outcome.

Voices from this region have been loud and clear, advocating to put people at the centre of our efforts.

You have spoken up on the need to increase financing for development, including climate finance; on strengthening efforts for women’s rights and empowerment across the board; on development metrics that go beyond gross domestic product (GDP) — because GDP tells us the price of everything and the value of nothing; on strengthening climate adaptation and enhancing crisis prevention and management; for sustainable industries, cities and infrastructure; and on the need to harness the benefits of digital cooperation for all.

I also applaud countries in this region for working together in coalitions — for example, between small island developing States, and between middle-income countries.  This will ensure that the Summit of the Future takes account of your specific challenges and needs.

The Summit of the Future must create a step-change for the implementation of the SDGs.  It must deliver a clear way forward, with concrete commitments in four key areas:

First, reform of the international financial architecture.

Let me be clear:  without finance, developing countries have no chance of achieving the SDGs or implementing the Paris Agreement.  We need an international architecture that can mobilize far greater volumes of capital to invest in the SDGs.

In an era defined by shocks and unpredictability, global financial systems should shield countries equitably.  They should be a force for stability, incentivizing long-term sustainability over short-term profits.

The G20 leadership, under the presidency of Brazil, has a critical role in making these institutions fit for purpose.  Brazil can also contribute to the consolidation and expansion of the voice of the Global South.

Second, the Summit must see serious efforts to ensure developing countries can access both the finance and technology they need to support their development goals — including climate mitigation and adaptation.

Small island developing States in the Caribbean are extremely vulnerable to the impacts of climate change.  The Small Island Developing States Conference will be an important forum for unity and solidarity.

Third, the Summit must deliver commitments to strengthen digital cooperation that drives development equitably.

The Global Digital Compact must set out a shared vision of an open, free, secure and human-centred digital future, to harness the power of technology to advance the Sustainable Development Goals.

In this region, initiatives including the Regional Digital Agenda and the European Union-Latin American and the Caribbean digital alliance can provide relevant input for the Compact.

And finally, the New Agenda for Peace takes a holistic approach to the drivers of conflict, recognizing the links between sustainable development, climate action and peace.

This will pave the way for more collaborative efforts to address both traditional and new threats to our collective security.

The countries of Latin America and the Caribbean have already demonstrated strong leadership in shaping our global discourse and fostering cooperation to address our shared challenges.  The voices of this region are essential for setting out the path ahead.

At this session, we want to hear your ideas and contributions. Under Secretary-General Guy Ryder and I are here to listen, and to bring the voices of this region back to the discussions in New York.