SUSTAINABILITY

Climate change. On April 4, the United Nations published its Financing for Sustainable Development Report 2019. The report speaks of the need to “redesign” the financial system to combat poverty and climate change. In the context of the 2030 Agenda for Sustainable Development, the study proposes generating new mechanisms to finance sustainable development. The report highlights the importance for countries of adopting integrated national financial frameworks, to finance policies that best meet the needs of developing countries and to use technology to improve access to finance. The environmental aspects of the report will be addressed at the COP 25 event to be held in December 2-13 in Santiago, Chile.  

The report highlights that the world economy has grown by 3% while wages have only increased by 1.8%. Thus, the UN proposes to monitor and better manage the economic concentration of the market and its socioeconomic implications and to adopt multilateral measures to face the global climate crisis and modify the architecture of global institutions, in order to achieve a more sustainable global economy and finances.

In this regard, the study highlights four guidelines to combat inequality, poverty and care for the environment. For the UN, it is key to encourage a shift towards long-term investment that takes sustainability into account; to review the mechanisms for restructuring public debt so that it can respond to a more diverse landscape of creditors. At the same time, the report considers it important to modernize the multilateral trade system and, in addition, to promote new financial technologies related to digital innovation.

Next steps

The UN proposes to follow up on the issues detailed in the report and pursue actions in support of 2030 Agenda for Sustainable Development. Debate around the report is therefore expected to resume at COP 25, which will take place in Santiago, Chile, between December 2 and 13 of this year.