The financing needs to achieve Agenda 2030 are estimated in the order of trillions of dollars annually. Is there sufficient will, commitment and innovation to mobilise these vast funds?
The global framework for financing of the Sustainable Development Goals, the Addis Ababa Action Agenda (AAAA) adopted at the financing for development conference in July 2015, does not primarily focus on “new money” in terms of commitments for additional resources. Rather, the Global Goals are expected to be financed by alignment of all existing financing flows and policies and through a new take on development financing. National resource mobilisation is considered key, and emphasis is also put on private sector investments, innovation and leveraging of financing, and the continued role of international development cooperation.
In this seminar, trends, challenges and opportunities for financing the world’s new development agenda were discussed from the perspectives of some important stakeholders in the Agenda’s implementation; the UN Development System, civil society and the private sector.
Bruce Jenks, Senior Advisor to the Dag Hammarskjöld Foundation, started off by giving an historic background to development financing, and the differences between the Millennium Development Goals era and the new SDG phase. Anna Ryott, Managing Director of Swedfund, presented her views on why it is crucial to include the private sector in financing the new agenda, and what types of investment models are needed in order to deliver on Agenda 2030. Emelie Aho, Policy Advisor at Forum Syd and representing Concord Sweden, then highlighted the issues that civil society has been pushing for in the financing for development process, including regulations on capital flight and stronger aid commitments. Finally, Henriette Keijzers, Deputy Executive Coordinator of the UN’s Multi-Partner Trust Fund Office, gave some complementing remarks on the role and financing of the UN Development System.
In the discussion that followed, moderated by Lisa Orrenius from the Dag Hammarskjöld Foundation, panelists reflected on various questions, including what could make the current financial trends and commitments better match the level of ambition of the Agenda itself.
The event forms part of the seminar series “Implementing Agenda 2030” and preceded the forthcoming report Financing the United Nations Development System: Current Trends and New Directions.
Previous seminars on financing of the new Agenda held within the series include:
- Financing development: High expectations for conference in Addis Ababa, June 2015
- Will the world pay for its vision?, October 2013