"The UN Secretary-General António Guterres will host a special one-day High-level meeting aimed at increasing financing for the Sustainable Development Goals on the first day of the UN General Assembly’s General Debate on 24 September at UN Headquarters in New York," according to a UN press release on Saturday.
"The meeting is taking place at a time when, despite growing momentum for investments in sustainable development, the financing gap remains wide and present levels of investment are not considered sufficient to achieve the Goals," the release explained.
The high-level meeting will discuss opportunities to increase both the level and the quality of investments in the SDGs.
The meeting is part of a longer-term effort by the Secretary-General to finance and mobilize efforts to achieve the
Sustainable Development Goals drive global growth and sustainable development, generating trillions of dollars in investment opportunities.
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It is estimated that $5-7 trillion in global investment will be needed each year to achieve the SDGs, with $3-5 trillion in investment needs in developing countries alone. Investments on a massive scale are needed to create the low-carbon, climate-resilient future our economies and societies will need to thrive.
The UN explained that "the financial resources presently exist; for example, almost $300 trillion in financial assets are managed by the global financial system. However, too little is presently directed towards sustainable investment and fails to consider environmental and social factors. Sustainable finance is growing rapidly, but the pace and scale of change need to be accelerated to achieve a future where no one is left behind."
The meeting will focus on three broad priorities for scaling up financing for the Sustainable Development Goal: promote the alignment of global financial and economic policies with the 2030 Agenda; advance the enhancement of sustainable financing strategies and investments at the national and regional levels; and encourage financial innovations, new technologies and digitalization to provide equitable access to finance, especially among women and youth.
The Meeting will feature addresses by leaders from governments, the private sector and international organizations.
Ms. Christine Lagarde, Managing Director of the International Monetary Fund, will give a keynote address, and insights will be provided by Heads of State and Government and prominent voices from the worlds of finance, philanthropy and innovation, such as Mr. Larry Fink, CEO of BlackRock, and Mr. Bill Gates, Co-founder of the Bill and Melinda Gates Foundation. Ms. June Sarpong, TV Broadcaster and Presenter, will moderate the event, the release announced.
During the meeting, UN Secretary-General Guterres will announce the launch of his Strategy for Financing the 2030 Agenda, which sets out the key elements of the UN’s role in supporting the mobilization of finance for the SDGs through 2021.
According to the release, the Secretary-General will follow-up on the discussions at the High-level meeting by providing a three-year roadmap of actions and initiatives that build on current and future activities of key stakeholders to mobilize investments and support for financing the 2030 Agenda.
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