On Sunday, United Nations Secretary General Antonio Guterres emphasized the urgent need for substantial international assistance to help developing countries achieve their sustainable development goals (SDGs). He urged multilateral development banks to explore innovative business models aimed at attracting private investment and securing concessional funding for these nations.
“International financial architecture must be reformed giving higher participation and influence to developing in the decision-making processes in order to guarantee more equity and justice, and to address historical injustices. “Over-delivering on national climate plans, scaling up renewables…and driving investment towards developing countries. Developed countries needed to keep their promises, including COP 29’s agreement, where developed countries agreed to pledge $300 billion a year to developing countries; and the need globally for early warnings for every person, he added.
Multilateral development banks must also become bigger, better and bolder, with a new business model to mobilise massive private investment and expand concessional funding to developing countries,” Guterres said, calling for countries to work towards development-oriented debt architecture and effective debt relief mechanisms. Climate justice also means protecting people from escalating impacts,” he said.
