Key role of finance in achieving a sustainable future

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Secretary-General Ban Ki-moon. UN Photo/Mark Garten

Finance is central to realizing a sustainable future for all people and the planet, the UN Secretary-General told ministers meeting in Lima, Peru, on Friday.

Ban Ki-moon is in the South American country for the annual meetings of the World Bank and the International Monetary Fund.

Dianne Penn reports.

The UN chief told Finance Ministers that "the stakes are high" for achieving the recently adopted Sustainable Development Goals by 2030 and a new global climate change treaty later this year.

Countries are expected to sign off on a new climate deal when they meet in Paris this December.

Finance is also key to building trust between developing and developed countries to ensure it is a success, he added.

Mr Ban said the first step must include the political will to mobilize US$100 billion annually over the next five years.

Developed countries will need to mobilize new climate finance resources beyond their current levels of Official Development Assistance, he added. 

The Secretary-General praised recent pledges by Germany, France and the United Kingdom to double their climate finance commitments as "an important step in the right direction." 

He encouraged other countries to follow suit. 

Dianne Penn, United Nations. 

Duration: 57″

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