Source: Small Island Developing States
26 October 2018: The president of the 72nd UN General Assembly (UNGA) launched a “tool box” of recommendations, best practices and initiatives for SDG financing. The compendium is a result of a UNGA high-level meeting on financing the SDGs, organized by then-President Miroslav Lajcak in June 2018.
The event titled, ‘Financing for SDGs – Breaking the Bottlenecks of Investment, from Policy to Impact,’ brought together representatives of UN Member States, the private sector, UN entities, and other international organizations to explore how the UN can better align itself with the world of international finance in support of the 2030 Agenda. Participants took stock of recommendations, initiatives, and best practices for investing in SDG sectors in developing countries. The information shared at the event was then collected in the toolbox, which includes both existing and future global public and private initiatives.
In his letter announcing the toolbox’s launch to UN Member States in September 2018, Lajcak notes that it addresses both increasing private investment in SDG-related sectors, as well as improving the sustainability and inclusivity of private investments. The toolbox identifies four keys to boost financing for the SDGs:
- Provide leadership, by setting guiding principles, galvanizing action, and ensuring policy coherence;
- Mobilize investment, by raising finance and reorienting financial markets towards investment in SDG sectors;
- Channel investment, by promoting and facilitating investment into SDG sectors; and
- Maximize investment impact, by increasing the sustainable development benefits and minimizing the risks of investment in SDG sectors.
The toolbox’s website was launched during the World Investment Forum held from 22-26 October 2018, in Geneva, Switzerland. It will be managed by the UN Conference on Trade and Development (UNCTAD) and continuously updated. Other partners in the toolbox include Aviva, the World Economic Forum, the European Investment Bank, the UN Foundation, OECD, the European Commission, and the UN Global Compact.