The 17 Sustainable Development Goals (SDGs) adopted by the 2015 UN Summit constitute the most ambitious development agenda approved by the international community: Ambassador Munir Akram, says a press release received here today from New York.
Implementation of the development agenda goals will require; simultaneous achievement of economic growth, social inclusion and environmental sustainability; incorporation of the SDGs in national development plans, programmes and projects; the national and international capacity and, above all, adequate finance, to implement these: Ambassador Munir Akram
We were off-track in such implementation even before the COVID pandemic: Ambassador Munir Akram
The Pandemic has created the worst recession in a Century; over a 100 million will fall back into extreme poverty; over a decade’s development gains will be lost, and achievement of Agenda 2020 will be all the more difficult, yet all the more vital: Ambassador Munir Akram
The failure to achieve the SDGs also means that we will fail to achieve the climate goals of the Paris Agreements: Ambassador Munir Akram
Sustainable infrastructure investment would impact 92% if the SDG targets and is key to the structural transformation needed to meet the core criteria for SDG achievement: growth, social inclusion and low carbon outcomes:
Ambassador Munir Akram
It will be essential to mobilize the right investors (i.e. those able to invest at scale in infrastructure projects); deploy new technologies (to reduce costs and ensure sustainable structural transformation); and align new infrastructure with the goal of limiting global warming: Ambassador Munir Akram
There is a huge deficit in current infrastructure financing. The US and EU invest around 2pc of GDP annually in infrastructure: Ambassador Munir Akram
A developing country needs to put in 6pc to 8 pc of GDP into infrastructure to ensure 5pc GDP growth: Ambassador Munir Akram
The estimated infrastructure finance required globally for the structural transformation of the world economy is $90tr over 15 years, or $6tr annually. The financing gap is $2tr to $3tr: Ambassador Munir Akram
To bridge this gap, Governments should aim to contribute $1tr to $1.5tr, the private sector another $1 to $1.5tr, MDBs $150bn and official development assistance around $50bn annually: Ambassador Munir Akram
This investment volume is not so daunting when compared to the size of global GDP ($120 trillion), the world’s stock of financial assets ($300 trillion) and available finance (e.g. $10 trillion locked in negative earning accounts): Ambassador Munir Akram
The large and long-term finance required for infrastructure investment has to be actively mobilized: Ambassador Munir Akram
There is a solid economic rationale to prioritize infrastructure investment in developing countries: Ambassador Munir Akram
There are insufficient investment opportunities in the developed economies and the returns on investment in developing countries, if well structured, can be double and triple those in the advanced economies: Ambassador Munir Akram
A sustainable infrastructure Investment Facility could be established to mobilize and deploy adequate long-term financing for infrastructure investment in the developing countries: Ambassador Munir Akram
The Group of 20 has set up a global infrastructure investment Forum and several other platforms have been established: Ambassador Munir Akram
To ensure equitable investment where needed, the developing countries, particularly those which have limited access to investment from private and public sources, must be able to participate equitably and have a voice in such financial mechanisms: Ambassador Munir Akram
To this end, a sustainable infrastructure investment facility should be created as public-private partnership under the umbrella of the United Nations: Ambassador Munir Akram
The extensive expertise within the UN system, including its country offices in most developing countries, could be utilized to identify and prepare viable sustainable development projects prioritized by the developing countries: Ambassador Munir Akram
With global political support, this UN-affiliated Facility could mobilize, maximize and coordinate investment decisions and actions by developing countries, ODA providers and private and public sector investors to advance the realization of the SDGs: Ambassador Munir Akram
Adequate infrastructure investment in the developing countries could ignite the world economy, alleviate poverty, assure progress towards the Paris climate accords and significantly advance the implementation of the SDGs: Ambassador Munir Akram
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