UNSG calls nations to achieve common agenda, SDGs

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Anjali Sharma

GG News Bureau

UNITED NATIONS, 6th June. UN head António Guterres on Monday said that reforming the global financial system, moving beyond Gross Domestic Product as a measure of economic progress, and addressing technology challenges are crucial to achieve a more and equitable future for all.

Mr. Guterres presented three new policy briefs on these themes to Member States in New York. 

He said “They touch on some of the most serious challenges we face challenges that may determine whether we are able to achieve the vision of the 2030 Agenda and the Sustainable Development Goals, or whether we continue towards a future of continued social, financial, political and environmental breakdown.”

He noted that the briefs to inform discussions ahead of the crunch SDG Summit in September, marked the midpoint towards achieve the Goals and the related Summit of the Future next year.

Mr. Guterres 2021 report outlined a vision for future global cooperation and multilateral action. They are the latest in a series of 11 briefs based on proposals contained in Our Common Agenda.

He spoken about the need to reform the international financial architecture to make it more resilient, equitable, and accessible to all.

Guterres said that the current system, established under the Bretton Woods Agreement nearly 80 years ago – “when many of today’s developing and emerging economies were under colonial rule” – is supposed to represent the world but doesn’t.

The COVID-19 pandemic and its aftermath revealed how the system “largely failed” in fulfilling its core mandate as a financial safety net, with many developing countries now facing deep financial crisis and debt relief at a standstill.

“Africa now spends more on debt service costs than on healthcare,” he stressed

The policy brief sets out proposals to address historic injustices and systemic bias and covers six areas, including global economic governance, debt relief and the cost of sovereign borrowing, and international public finance.

“Overall, the proposals in the brief are aimed at moving away from a system that benefits the rich and prioritizes short-term gains, towards one that is equitable, and invests up-front in the SDGs, climate action, and future generations,” he said.

He noted the measures put forward include expanding the boards of the World Bank and the International Monetary Fund “to strengthen the voice and representation of developing countries”.

There should also be “a representative apex body” overseeing the entire system, to enhance its coherence and align priorities with the 2030 Agenda, as well as a Debt Workout Mechanism which would link development financing with commercial creditors.

The proposal calls for “the massive scaling up of development and climate financing, in part by changing the business model of multilateral development banks and transforming their approach to risk, to massively leverage private finance at reasonable cost to developing countries.”

Mr. Guterres noted that although GDP will continue to be an important metric, it must be accompanied by other ways to measure progress.

“There is a growing recognition that GDP overlooks human activities that sustain life and contribute to well-being, while placing disproportionate value on those that damage us and deplete our planet,” he said.

“Human progress depends on many factors, from levels of poverty and hunger, to inequality and social cohesion, and vulnerability to climate breakdown and other shocks,” he emphasized.

The policy brief first proposes that countries “make a political commitment to a conceptual framework that accurately values what matters for people, the planet, and the future.”

The goal is to achieve 3 outcomes: a focus on well-being and agency, respect for life and the planet, and reduced inequalities, and developing related metrics.

“GDP is concise. It summarizes information in an intuitive manner that tells a story. But well-being, equality, and environmental sustainability cannot be addressed by a single snapshot,” Mr. Guterres said.

He underlined the need for “a broader set of indicators to monitor and analyse progress and recognize trade-offs and consequences”.

The policy brief calls for a massive step-up in support to help countries develop the data capacity necessary to make any new metrics operational, which will also improve monitoring progress towards achieving the SDGs.

The final brief proposes a vision for digital cooperation that is anchored in human rights and protects against risks and harms.

It underscores the need for a Global Digital Compact, one of the recommendations in the Our Common Agenda report.

The brief came at a time of “exponential acceleration” in technology – including in areas such as Artificial Intelligence deep fakes and bioengineering.  The access remains unequal, as highlighted by the COVID-19 pandemic.

The control of digital technologies has brought huge wealth to a select few individuals and companies. Governments and regulators have struggled to respond, leading to lack of trust in regulatory institutions.

Guterres pointed out to the challenge presented by the increasing and now widespread use of generative AI, such as ChatGPT, the future impact of which is unclear.

He said AI could potentially “turbocharge development and productivity”, including towards achieving the SDGs, it also presents serious ethical challenges.

 “The prospect of further technological progress now often inspires fear rather than hope,” he stated.

“There is an urgent need for governments to come together in a Global Digital Compact, to mitigate the risks of digital technologies, and identify ways to harness their benefits for the good of humanity.”

The Compact would provide a framework to align national, regional and industry approaches around global priorities, principles and objectives.

It dentified areas for urgent global action, including scaling up access, building digital public infrastructure and supporting public administrations to regulate technology.

Mr. Guterres reiterated his proposal for a High-Level Advisory Body for Artificial Intelligence to review AI governance arrangements so that they can align with human rights, the rule of law and the common good.

He also released a series of policy briefs that offer more detail on some of the proposals contained in Our Common Agenda.

According to UN spokesman’s office 8 out of 11 have been published to date, covered themes such as acting now for future generationsyouth engagement in decision-making process,  strengthening international response to complex global shocks, and harnessing the benefits of outer space for all humanity.

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