UN / FINANCING SUSTAINABLE DEVELOPMENT REPORT
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05-Apr-2023
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STORY: UN / FINANCING SUSTAINABLE DEVELOPMENT REPORT
TRT: 3:17
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGAUGE: ENGLISH / NATS
DATELINE: 05 APRIL 2023, NEW YORK CITY / RECENT
SHOTLIST:
RECENT – NEW YORK CITY
1. Wide shot, exterior, United Nations Headquarters
05 APRIL 2023, NEW YORK CITY
2. Wide shot, press briefing room
3. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“We've had a lot of cascading global crises from COVID to the impacts of war in Ukraine, to the escalating climate emergency, and all have battered our countries and developing economies in particular. Tied to global financial conditions have been devastating for countries with crushing debt burdens, and recent bouts of banking instability in developed countries, though not yet a systemic crisis, further raise global risk levels.”
4. Wide shot, press briefing room
5. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“The global financial system has currently failed to protect developing countries at this time of unprecedented crises, in part because it was never designed with their interests in mind and that's very many decades ago. Developed countries adopted expansionary fiscal and monetary policies that have enabled them to invest in recovery, returning them to pre-pandemic growth pumps. Meanwhile, financing constraints continue to prevent developing countries for responding to these crises and investing in sustainable development. The great finance divide of that task force reported on last year's risks becoming a lasting Sustainable Development divergence.”
6. Wide shot, press briefing room
7. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“As always, it is the poorest and most vulnerable that suffer first and worse. At current trends, we've got 574 million people never nearly 7 percent of the world's population will be trapped in extreme poverty by 2030. This year, record 339 million people will require humanitarian aid and that's one in every 23 people on our planet.”
8. Wide shot, press briefing room
9. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“In the face of these unprecedented challenges, we really must act with greater urgency and determination. We need a two-track approach. First, we must do the most with what we have to provide needed relief. Secondly, we must push for reform of international financial system to make it equitable, resilient and accessible to everybody.”
10. Wide shot, press briefing room
11. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“The report is setting out two actions that are crucial. First, international community must urgently scale up development cooperation, and boost SDG investments including through a large-scale SDG stimulus. The SDG stimulus includes a three-prong call for action that is focused on tackling the high cost of debt and rising risks of debt distress. We have over 60 countries as I would say on death row. Massively scaling up long term financing for development and expanding contingency financing to countries in need.
12. Wide shot, press briefing room
13. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“Second, the current international financial architecture must be made fit for purpose. We're already seeing the biggest rethink of international finance, monetary, trade and tax systems since the 1940s. We have a window of opportunity to enact real and meaningful change.”
14. Wide shot, press briefing room
STORYLINE:
The 2023 Financing for Sustainable Development Report: Financing Sustainable Transformations says urgent, massive investments are needed to accelerate transformations including in electricity supply, industry, farming, transportation, and buildings.
Amid growing food and energy crises, an uncertain global economic outlook, and the escalating impacts of climate change, the UN today said that a sustainable industrial transformation is needed to close the widening development gap between countries, meet climate targets and achieve the Sustainable Development Goals.
At the launch of the report today (05 Apr), UN Deputy Secretary-General Amina J. Mohammed spoke to reporters via a video link.
She said, “The global financial system has currently failed to protect developing countries at this time of unprecedented crises, in part because it was never designed with their interests in mind and that's very many decades ago. Developed countries adopted expansionary fiscal and monetary policies that have enabled them to invest in recovery, returning them to pre-pandemic growth pumps.”
Mohammed continued, “Meanwhile, financing constraints continue to prevent developing countries for responding to these crises and investing in sustainable development. The great finance divide of that task force reported on last year's risks becoming a lasting Sustainable Development divergence.”
The UN deputy chief also said, “As always, it is the poorest and most vulnerable that suffer first and worse. At current trends, we've got 574 million people never nearly 7 percent of the world's population will be trapped in extreme poverty by 2030. This year, record 339 million people will require humanitarian aid and that's one in every 23 people on our planet.”
Mohammed reiterated, “In the face of these unprecedented challenges, we really must act with greater urgency and determination.”
She said, “We need a two-track approach. First, we must do the most with what we have to provide needed relief. Secondly, we must push for reform of international financial system to make it equitable, resilient and accessible to everybody.”
The report is setting out two actions that are crucial, the UN deputy chief explained, “First, international community must urgently scale up development cooperation, and boost SDG investments including through a large-scale SDG stimulus. The SDG stimulus includes a three-prong call for action that is focused on tackling the high cost of debt and rising risks of debt distress. We have over 60 countries as I would say on death row. Massively scaling up long term financing for development and expanding contingency financing to countries in need.”
Second, she continued, “the current international financial architecture must be made fit for purpose. We're already seeing the biggest rethink of international finance, monetary, trade and tax systems since the 1940s. We have a window of opportunity to enact real and meaningful change.”
According to the report some of the necessary changes are already taking place. The energy crisis caused by the war in Ukraine has spurred investment in global energy transition, which skyrocketed in 2022 to a record $1.1 trillion. Energy transition investments surpassed fossil fuel system investments for the first time in 2022, but these are almost all in China and developed countries.
The 2023 Financing for Sustainable Development Report finds that most developing countries do not have the resources for investment, unlike their developed counterparts. Climate change, Russia’s invasion of Ukraine, the COVID-19 pandemic, and debt payments up to two times higher than in 2019 have combined to put massive fiscal pressures on most developing countries. This limits their ability to invest in sustainable transformation.
In developed countries in 2020 and 2021, for example, post-pandemic recovery spending was $12,200 per capita. This was 30 times higher than for developing countries ($410), and 610 times higher than for least developed countries ($20).
The 2023 Financing for Sustainable Development Report notes that industrialization has historically been a vehicle of progress, leading to economic growth, job creation, technological advancement, and poverty reduction. The report calls for a new generation of sustainable industrial policies, underpinned by integrated national planning, to scale up investments and lay the foundation for the needed transformations. Many opportunities for inclusive growth exist in agroindustry, green energy, and manufacturing.
The recent rapid uptake in technology points to the possibilities for an equally rapid transition to sustainable industrialization and growth. Between 2021 and 2022, 338 million more people used the Internet regularly, an increase of approximately 38,600 additional people every hour. Furthermore, in regions with high-quality connected services, 44 per cent of all the companies are exporters, in contrast to only 19 per cent of firms where Internet services are weaker.
However, manufacturing capacity remains uneven. In least developed countries in Africa, manufacturing value added, instead of doubling as per the SDG target 9.2, fell from around 10 per cent of GDP in 2000 to 9 per cent in 2021. It will take targeted policies to build the domestic productive capabilities to achieve low-carbon transitions, create decent jobs, and boost economic growth, while ensuring gender equality.
To deliver the necessary resources for this transformation, the 2023 Financing for Sustainable Development Report calls for a combination of strengthening tax systems, enabling and catalyzing private investment, and scaling up of international public investment and development cooperation. Changes to the international financial architecture are also needed to raise sufficient resources.
The report notes that the international system is currently undergoing the biggest rethink across international finance, monetary, trade, and tax systems since the Bretton Woods Conference in 1944. As international institutions work to adapt to the rapidly evolving needs of countries, the report warns that if reforms are piecemeal, incomplete, or fail to take the SDGs into account, sustainable development will be unachievable.
A reformed, effective international financial architecture to deliver for sustainable transformation must include revised frameworks for:
• International tax norms, including rules for taxing digitalized and globalized business that meet the needs of developing countries;
• Policy and regulatory frameworks to better link private sector profitability with sustainability;
• Evolving the scale and mission of the development bank system;
• A loss and damage fund on climate change, which needs to be operationalized quickly;
• Debt relief and major improvement to the international debt resolution architecture – given that 60 per cent of low-income countries are in or at risk of debt distress;
• Multilateral trade rules to revise the approach to and resolve current tensions on green subsidies.
TRT: 3:17
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGAUGE: ENGLISH / NATS
DATELINE: 05 APRIL 2023, NEW YORK CITY / RECENT
SHOTLIST:
RECENT – NEW YORK CITY
1. Wide shot, exterior, United Nations Headquarters
05 APRIL 2023, NEW YORK CITY
2. Wide shot, press briefing room
3. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“We've had a lot of cascading global crises from COVID to the impacts of war in Ukraine, to the escalating climate emergency, and all have battered our countries and developing economies in particular. Tied to global financial conditions have been devastating for countries with crushing debt burdens, and recent bouts of banking instability in developed countries, though not yet a systemic crisis, further raise global risk levels.”
4. Wide shot, press briefing room
5. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“The global financial system has currently failed to protect developing countries at this time of unprecedented crises, in part because it was never designed with their interests in mind and that's very many decades ago. Developed countries adopted expansionary fiscal and monetary policies that have enabled them to invest in recovery, returning them to pre-pandemic growth pumps. Meanwhile, financing constraints continue to prevent developing countries for responding to these crises and investing in sustainable development. The great finance divide of that task force reported on last year's risks becoming a lasting Sustainable Development divergence.”
6. Wide shot, press briefing room
7. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“As always, it is the poorest and most vulnerable that suffer first and worse. At current trends, we've got 574 million people never nearly 7 percent of the world's population will be trapped in extreme poverty by 2030. This year, record 339 million people will require humanitarian aid and that's one in every 23 people on our planet.”
8. Wide shot, press briefing room
9. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“In the face of these unprecedented challenges, we really must act with greater urgency and determination. We need a two-track approach. First, we must do the most with what we have to provide needed relief. Secondly, we must push for reform of international financial system to make it equitable, resilient and accessible to everybody.”
10. Wide shot, press briefing room
11. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“The report is setting out two actions that are crucial. First, international community must urgently scale up development cooperation, and boost SDG investments including through a large-scale SDG stimulus. The SDG stimulus includes a three-prong call for action that is focused on tackling the high cost of debt and rising risks of debt distress. We have over 60 countries as I would say on death row. Massively scaling up long term financing for development and expanding contingency financing to countries in need.
12. Wide shot, press briefing room
13. SOUNDBITE (English) Amina J. Mohammed, Deputy Secretary-General, United Nations:
“Second, the current international financial architecture must be made fit for purpose. We're already seeing the biggest rethink of international finance, monetary, trade and tax systems since the 1940s. We have a window of opportunity to enact real and meaningful change.”
14. Wide shot, press briefing room
STORYLINE:
The 2023 Financing for Sustainable Development Report: Financing Sustainable Transformations says urgent, massive investments are needed to accelerate transformations including in electricity supply, industry, farming, transportation, and buildings.
Amid growing food and energy crises, an uncertain global economic outlook, and the escalating impacts of climate change, the UN today said that a sustainable industrial transformation is needed to close the widening development gap between countries, meet climate targets and achieve the Sustainable Development Goals.
At the launch of the report today (05 Apr), UN Deputy Secretary-General Amina J. Mohammed spoke to reporters via a video link.
She said, “The global financial system has currently failed to protect developing countries at this time of unprecedented crises, in part because it was never designed with their interests in mind and that's very many decades ago. Developed countries adopted expansionary fiscal and monetary policies that have enabled them to invest in recovery, returning them to pre-pandemic growth pumps.”
Mohammed continued, “Meanwhile, financing constraints continue to prevent developing countries for responding to these crises and investing in sustainable development. The great finance divide of that task force reported on last year's risks becoming a lasting Sustainable Development divergence.”
The UN deputy chief also said, “As always, it is the poorest and most vulnerable that suffer first and worse. At current trends, we've got 574 million people never nearly 7 percent of the world's population will be trapped in extreme poverty by 2030. This year, record 339 million people will require humanitarian aid and that's one in every 23 people on our planet.”
Mohammed reiterated, “In the face of these unprecedented challenges, we really must act with greater urgency and determination.”
She said, “We need a two-track approach. First, we must do the most with what we have to provide needed relief. Secondly, we must push for reform of international financial system to make it equitable, resilient and accessible to everybody.”
The report is setting out two actions that are crucial, the UN deputy chief explained, “First, international community must urgently scale up development cooperation, and boost SDG investments including through a large-scale SDG stimulus. The SDG stimulus includes a three-prong call for action that is focused on tackling the high cost of debt and rising risks of debt distress. We have over 60 countries as I would say on death row. Massively scaling up long term financing for development and expanding contingency financing to countries in need.”
Second, she continued, “the current international financial architecture must be made fit for purpose. We're already seeing the biggest rethink of international finance, monetary, trade and tax systems since the 1940s. We have a window of opportunity to enact real and meaningful change.”
According to the report some of the necessary changes are already taking place. The energy crisis caused by the war in Ukraine has spurred investment in global energy transition, which skyrocketed in 2022 to a record $1.1 trillion. Energy transition investments surpassed fossil fuel system investments for the first time in 2022, but these are almost all in China and developed countries.
The 2023 Financing for Sustainable Development Report finds that most developing countries do not have the resources for investment, unlike their developed counterparts. Climate change, Russia’s invasion of Ukraine, the COVID-19 pandemic, and debt payments up to two times higher than in 2019 have combined to put massive fiscal pressures on most developing countries. This limits their ability to invest in sustainable transformation.
In developed countries in 2020 and 2021, for example, post-pandemic recovery spending was $12,200 per capita. This was 30 times higher than for developing countries ($410), and 610 times higher than for least developed countries ($20).
The 2023 Financing for Sustainable Development Report notes that industrialization has historically been a vehicle of progress, leading to economic growth, job creation, technological advancement, and poverty reduction. The report calls for a new generation of sustainable industrial policies, underpinned by integrated national planning, to scale up investments and lay the foundation for the needed transformations. Many opportunities for inclusive growth exist in agroindustry, green energy, and manufacturing.
The recent rapid uptake in technology points to the possibilities for an equally rapid transition to sustainable industrialization and growth. Between 2021 and 2022, 338 million more people used the Internet regularly, an increase of approximately 38,600 additional people every hour. Furthermore, in regions with high-quality connected services, 44 per cent of all the companies are exporters, in contrast to only 19 per cent of firms where Internet services are weaker.
However, manufacturing capacity remains uneven. In least developed countries in Africa, manufacturing value added, instead of doubling as per the SDG target 9.2, fell from around 10 per cent of GDP in 2000 to 9 per cent in 2021. It will take targeted policies to build the domestic productive capabilities to achieve low-carbon transitions, create decent jobs, and boost economic growth, while ensuring gender equality.
To deliver the necessary resources for this transformation, the 2023 Financing for Sustainable Development Report calls for a combination of strengthening tax systems, enabling and catalyzing private investment, and scaling up of international public investment and development cooperation. Changes to the international financial architecture are also needed to raise sufficient resources.
The report notes that the international system is currently undergoing the biggest rethink across international finance, monetary, trade, and tax systems since the Bretton Woods Conference in 1944. As international institutions work to adapt to the rapidly evolving needs of countries, the report warns that if reforms are piecemeal, incomplete, or fail to take the SDGs into account, sustainable development will be unachievable.
A reformed, effective international financial architecture to deliver for sustainable transformation must include revised frameworks for:
• International tax norms, including rules for taxing digitalized and globalized business that meet the needs of developing countries;
• Policy and regulatory frameworks to better link private sector profitability with sustainability;
• Evolving the scale and mission of the development bank system;
• A loss and damage fund on climate change, which needs to be operationalized quickly;
• Debt relief and major improvement to the international debt resolution architecture – given that 60 per cent of low-income countries are in or at risk of debt distress;
• Multilateral trade rules to revise the approach to and resolve current tensions on green subsidies.
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