Posted by: africanpressorganization | 13 July 2015

Financing for sustainable development


 

Financing for sustainable development

 

BERN, Switzerland, July 13, 2015/African Press Organization (APO)/ The new sustainable development goals require a comprehensive financial basis. The Third International Conference on Financing for Development, which begins today in Addis Ababa and runs until 16 July, will develop a framework to this end. Switzerland is actively involved in the negotiations.

An estimated 7,000 representatives from government, politics, civil society, the private sector and academia will gather in the Ethiopian capital to decide on a framework for the financing and implementation of the sustainable development agenda. This third – pivotal – international conference on the matter will pave the way for a paradigm shift. Rather than simply combating poverty in the world’s poorest countries, the aim will be to encourage social and environmental responsibility in economic affairs in all countries.

 

Crucial for the post-2015 development agenda

 

The solutions agreed in Addis Ababa will give the countries of the South greater freedom and influence in international competition. At the same time, the new framework will define implementation and financing instruments for the UN’s new sustainable development goals (SDGs). These will replace the Millennium Development Goals (MDGs), which expire at the end of 2015. Whereas the Millennium Development Goals primarily addressed extreme poverty in developing countries, the sustainable development goals will include social, economic, and environmental dimensions in a balanced way. The goals will apply to all states since many problems both in the South and North are connected to global developments, as climate change illustrates.

 

The Swiss delegation will be led by Ambassador Manuel Sager, the director general of the Swiss Agency for Development and Cooperation (SDC). Ambassador Michael Gerber, the special representative of the Federal Council for global sustainable development is the delegation’s lead negotiator. Alongside representatives of the Federal Administration, the Swiss delegation includes representatives from politics, civil society, science and business.

 

In Addis Ababa Switzerland is advocating for more efficient and effective use of existing and new channels to finance the sustainable development goals. Official Development Assistance, which amounted to USD 135 billion in 2013, today only makes up a fraction of the financial flows with developing countries and will not be sufficient to achieve the new goals. Increasingly important for development are the mobilisation of resources in the countries themselves, private investment consistent with the sustainable development goals, mixed public-private financing, remittances from migrants to their countries of origin, and innovative financing instruments such as a tax on carbon emissions and financial products which explicitly pursue a social or environmental objective (impact investments).

 

Consequences for summits in New York and Paris

 

The results of the conference in Addis Ababa will have important political consequences at the summit on the post-2015 agenda in September in New York and also at the climate summit in Paris.

 

SOURCE 

Switzerland – Ministry of Foreign Affairs


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