Upcoming UN Forum to urgently address global finance divide that threatens sustainable development
WHAT:
The war in Ukraine, the climate emergency, soaring inflation and the cost of living crisis have widened the finance chasm between developed and developing countries, severely thwarting progress on the Sustainable Development Goals, which are at the midpoint mark.
With global growth projected to fall to 1.9 per cent in 2023 from an estimated 3 per cent in 2022, the 2023 ECOSOC Financing for Development Forum that takes place on 17 to 20 April has taken on even greater significance as the central platform for mobilizing resources — which are available — to address the finance divide and boost sustainable development.
The Forum, with its universal participation, will seek to develop immediate and longer-term measures that are urgently needed to effectively finance responses to the multiple overlapping crises while scaling up investments in the SDGs. The role of development cooperation, the reform of the international financial architecture and the business model of multilateral banks will be at the heart of deliberations.
WHO:
Forum Opening
- Chair of the Forum: United Nations ECOSOC President, Lachezara Stoeva
- Remarks by United Nations Secretary-General, António Guterres
- Remarks by United Nations General Assembly President, Csaba Kórösi
Other Participants
Heads of State and Government, senior government officials, high-level representatives from private sector, multilateral development banks, other international organizations and civil society, and experts from think tanks, foundations and academia.
WHEN: Monday, 17 April -Thursday, 20 April 2023
WHERE: United Nations Headquarters in New York
Livestreamed at webtv.un.org
More information on the Forum and programme: https://www.un.org/development/desa/financing/what-we-do/ECOSOC/financing-development-forum/FFD-forum-home
Other Key Events
2023 SDG Investment Fair
The 2023 SDG Investment Fair has become a leading platform to facilitate dealmaking in SDG investments, with over US$11 billion worth of projects in infrastructure, green energy and agribusiness presented to date. The Fair will run from 18 to 20 April under the theme of “Making deals happen: Catalyzing Capital for Resilient and Sustainable Recovery”.
At this 8th edition of the Fair, six countries will present concrete investment opportunities in relevant sectors such as sustainable food and water systems, tourism, and clean energy which, taken together, represent several billion dollars in potential deal flow, and an opportunity to advance SDG action in key sectors.
Background
SDG financing needs are growing, but development financing is not keeping pace. According to the 2023 Financing for Sustainable Development Report, climate change, Russia’s invasion of Ukraine, the COVID-19 pandemic, and debt payments up to two times higher than in 2019 have combined to put massive fiscal pressures on most developing countries.
The Forum is an annual intergovernmental event mandated to review the Addis Ababa Agenda and other financing for development outcomes to advance SDGs implementation. The outcome of the Forum will inform discussions at the SDG Summit and the High-Level Dialogue on Financing to be held in September 2023.
Media Contacts (interviews available upon request):
UN Department of Economic and Social Affairs
Li Zhang, Email: zhang82@un.org
Helen Rosengren, Email: rosengrenh@un.org
UN Department of Global Communications
Sharon Birch, Email: birchs@un.org
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