As the high-level week of the United Nations General Assembly gets underway, Secretary-General António Guterres today stressed the role of the UN to help reshape "unproductive and unrewarding" finance and redirect investment to creating a better world for all.
"The choices we make on finance will be critical," Mr. Guterres told a special event held at the UN Headquarters in New York on financing for global development goals.
Mr. Guterres noted that the 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals (SDGs) – adopted by UN Member States in September 2015 – are a blueprint for building an inclusive, sustainable fair globalization.
"We can choose to bemoan the lack of financing for the 2030 Agenda in a world awash with so much unproductive and unrewarding finance. Or we can grasp the opportunity to reshape finance, according to our urgent, collective needs," he said. "The choice is clear. Let us invest in the 2030 Agenda and finance a better world for all."
However, today's global financial system, which manages some $300 trillion in financial assets, is simply not fit for purpose, the UN chief said, recalling that the Addis Ababa Action Agenda, adopted in 2015 at an international conference in the Ethiopian capital on financing for development, highlights the importance of being innovative in leveraging resources and financing for development.