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Surge in financing required to transform world: United Nations Chief

United Nations, Sep 25 (UNI) United Nations Secretary-General Antonio Guterres has said a surge in financing and investments is required to achieve 2030 agenda of transforming world.

The 2030 agenda is the United Nations plan of action agreed by Member States, to transform the world.

Speaking at the high-level meeting on financing the 2030 Agenda for Sustainable Development, at UN Headquarters in New York, on Monday, he launched his strategy to support financing the 2030 agenda, a United Nations statement said.

The UN Chief said the financing needs for the 2030 agenda are immense, in the order of between 5 and 7 trillion dollars per year.

He said, ‘By investing in the Sustainable Development Goals, we invest in the future, ensuring a world in which we strive for peace, stability and prosperity that leaves no one behind.’

Though some progress has been made in mobilizing resources, urgent action is needed to drive progress: ‘that means galvanizing political support across governments and local communities; building momentum for change in corporate boardrooms; and doing better in tapping resources that sit idle,’ he said.

Guterres outlined three ‘essential action points’ for developed countries: meeting the commitments made in the Addis Ababa Action Agenda; continued support for developing countries in creating good governance measures and fighting illicit flows of capital; and stepping up efforts in developing innovative financing and in mobilizing private investment.

Business magnate Bill Gates underlined the ways in which philanthropic organisations, such as the Bill and Melinda Gates Foundation, play an important role in advancing the system, using innovative tools that allow them to invest in new technologies, make innovation less risky, and address market failures.

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