UN Secretary-General António Guterres speaks with Amina J. Mohammed, UN Deputy Secretary-General, as the Financing for Development (FfD) Dialogue begins.
Addressing the opening session of the High-level Dialogue, the first such dialogue since the adoption of the Addis Ababa Action Agenda (AAAA), Bill Gates, businessperson and philanthropist, called for realism about the gaps that private financing can, and cannot, fill. While calling for more equitable tax collection systems and more effective spending, he called on governments to “protect aid.”
The Prince of Wales called for a more radical approach. In his video address to the first interactive dialogue, he said the current market system is no longer fit for purpose, and a new approach rooted in sustainable markets is needed to move from billions to trillions, to finance sustainable development.
The Dialogue, held at UN Headquarters in New York, sought ways to accelerate progress in the implementation of the AAAA and financing the 2030 Agenda. The opening session was followed by four interactive dialogues:
Putting public resources to work for more equal, sustainable societies, including by combatting illicit financial flows (IFFs): This session discussed, among other things: international action on tax avoidance and evasion; tax collection; addressing fair contracts and concessions on natural resources; recuperating IFFs; regulating cross-border financial flows; and adequate regulation of the private sector.
Financing the Sustainable Development Goals (SDGs) and climate action against rising debt burdens: This session discussed, among other things: zero-interest loans, or loans that are linked to sustainable development criteria; “debt for sustainable development and climate action” swaps; legal frameworks to encourage the private sector to invest in a more socially and environmentally sound manner; capacity for public debt management; and using vulnerability indices as graduation criteria for countries.
Moving the money to fill the climate action and SDG financing gap: This session considered, among other things: mobilizing private finance; getting more value out of investments; greening global finance; public-private partnerships; prioritization; blending; inclusion, including through digital technologies; carbon taxes; the need for scalability; techniques and tools to moving trillions of dollars into the right places; and the importance of better regulatory structures and investor education.
Announcements and new initiatives: Governments described national and global initiatives, including, for instance: Saint Lucia’s Country Financing Roadmap, to diagnose challenges and produce an action plan to overcome them; an initiative by the International Federation of Red Cross and Red Crescent Societies and the Islamic Development Bank, aimed at combating cholera in 29 member countries of the Organization of Islamic Cooperation; plans by Denmark to double climate-relevant official development assistance (ODA); and a public campaign, to be launched in 2020, to empower people to ensure their pensions are no longer invested in fossil fuels, tobacco, and supply chains that employ child labor.
During the closing, UN Deputy Secretary-General Amina J. Mohammed called for the drive and commitment demonstrated during the day to be built upon and go further, and said the next FfD Forum will aim to rally policymakers to tackle systemic challenges in all areas of the AAAA.
IISD Reporting Services, through its ENB meeting coverage, provided daily web coverage, reports of each of the Summits and High-level meetings, and a summary and analysis report of the UN Summits Week 2019.
Delegates gather in the Trusteeship Council Chamber for the start of the FfD Dialogue.
UN Secretary-General António Guterres
Tijjani Muhammad-Bande, President, General Assembly (UNGA)
President Nana Addo Dankwa Akufo-Addo, Ghana
Sola David-Borha, CEO Africa Regions, Standard Bank Group
Bill Gates, Co-Chair, Bill and Melinda Gates Foundation
Interactive Dialogue 1 – Putting Public Resources to Work for More Equal, Sustainable Societies
Expert panelists during the session: Irene Ovonji-Odida, Commissioner, Independent Commission for the
Reform and International Corporate Taxation; Manuel Montes, South Centre; Kevin Gallagher, Boston University; and Sneha Shah, Refinitiv - Thomson Reuters.
Prime Minister Mohammad Shtayyeh, Palestine
Prime Minister Kokhir Rasulzoda, Tajikistan
Darren Allan Henfield, Minister of Foreign Affairs, Bahamas
Alexander De Croo, Deputy Prime Minister and Minister of Finance and Development Cooperation, Belgium
Moderator Sarah Cliffe, Director, New York University Center on International Cooperation
Ma Zhaoxu, Vice Minister of Foreign Affairs, China
President Idriss Déby Itno, Chad
Jose Valencia Amores, Minister of Foreign Affairs and Human Mobility, Ecuador
Svetlana Lukash, Office of the President, Russian Federation
Interactive Dialogue 2 - Financing the SDGs and Climate Action Against Rising Debt Burdens
Expert panelists: Gita Gopinath, International Monetary Fund (IMF); Baba Musa, Director-General, West African Institute for Financial and Economic Management; Moderator Matthew Bishop, Rockefeller Foundation (on podium); Rebeca Grynspan, Secretary-General, Ibero-American General Secretariat; and Eric LeCompte, Jubilee USA Network.
Emanuela Claudia Del Re, Vice Minister of Foreign Affairs and International Cooperation, Italy
Prime Minister Ralph Gonsalves, St. Vincent and the Grenadines
Francine Baron, Minister of Foreign and Caribbean Community (CARICOM) Affairs, Dominica
Ciarán Cannon, Minister of State for Foreign Affairs and Trade, Ireland
Dionisio da Costa Babo Soares, Minister of Foreign Affairs and Cooperation, Timor-Leste
Prime Minister Gaston Browne, Antigua and Barbuda
Prime Minister José Ulisses Correia e Silva, Cabo Verde
Prime Minister Josaia Voreqe Bainimarama, Fiji
Interactive Dialogue 3 – Moving the Money to Fill the Climate Action and SDGs Financing Gap
Panel speakers: Mark Wiseman, Chairman, BlackRock Alternative Investors; Frank Elderson, the Netherlands Bank; Monica Juma, Kenya; President Julius Maada Bio, Sierra Leone; Matthew Rycroft, Department for International Development (DFID), UK; Anne Finucane, Vice-Chair and CEO, Bank of America; and Akinwumi Adesina, President, African Development Bank (AfDB).
Anne Finucane, Vice-Chair and CEO, Bank of America
Gillian Tett, Chair of Editorial Board and Editor-at-Large, the Financial Times
Panel speakers: Maurice Tulloch, CEO, Aviva; Carin Jämtin, Director-General, Swedish International Development Cooperation Agency; Jusuf Kalla, Vice-President, Indonesia; Prime Minister Andrew Holness, Jamaica; Michael Sabia, President and CEO, Caisse de dépôt et placement du Québec (CDPQ); Eric Xiandong Jing, Executive Chairman and CEO, Ant Financial Services Group; and Julie Hanna, Executive Chairwoman, Kiva.
David Lipton, Acting Managing Director, International Monetary Fund (IMF)
Eric Xiandong Jing, Executive Chairman and CEO, Ant Financial Services Group
Maurice Tulloch, CEO, Aviva
Julie Hanna, Executive Chairwoman, Kiva
Interactive Dialogue 4 – Announcements and New Initiatives
Prime Minister Allen Chastanet, Saint Lucia
Marcelo Ebrard, Secretary of Foreign Affairs, Mexico
Keith Krach, Under Secretary for Economic Growth, Energy and the Environment, US
Ohood Al Roumi, Minister of State of Happiness and Wellbeing, United Arab Emirates (UAE)
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