2019 is a critical year, the “last chance” for the international community to take effective action on climate change, General Assembly President Maria Espinosa said on Thursday, during a briefing to announce the UN’s roadmap to the Climate Summit in September.
Ms. Espinosa was speaking alongside the Special Envoy of the Secretary-General on the Climate Summit, Ambassador Luis Alfonso de Alba of Mexico, at UN Headquarters in New York.
Ms. Espinosa said that, with the deadline for achieving the first targets of the 2030 Agenda for Sustainable Development fast approaching, described by Secretary-General António Guterres as “the UN’s blueprint for peace, justice and prosperity on a healthy planet”, the world stood at a crossroads.
Two-thirds of these targets, she said, depend on climate and environment goals, and a five-fold increase in commitments from their current levels is needed in order to meet the targets set at the landmark 2015 Paris Agreement on dealing with greenhouse gas emissions mitigation, adaptation and finance, due to come into force in 2020.
The General Assembly President walked the representatives of Member States through some of the key events of 2019, leading up to, and following, the Climate Summit. All of the events, she said, share two goals: a doubling of commitments and ambition at a national level, and ensuring the inclusion of diverse groups in the process of climate action.
March will see the General Assembly High-Level Meeting on Climate and Sustainable Development for All, which is intended to build on the success of COP24, the 2018 climate conference in Katowice, Poland, which led to the establishment of a “rulebook” for the reporting of emissions and the progress made in cutting them, every year from 2024.
The March meeting will welcome representatives of the private sector, civil society and young people, and look to harness the enthusiasm of the latter group, who, said Ms. Espinosa, will be most affected by a warming world.
On the 30th of June, in the build up to the Climate Summit, a “stocktaking” event will take place in Abu Dhabi, followed by a High Level Political Forum under the auspices of the Economic and Social Council in July, which will see a review of the progress made in achieving Sustainable Development Goal 13 (“urgent action to combat climate change and its impacts”).
The Climate Summit will be followed by the first-ever High Level Political Forum on Climate Action, sponsored by the General Assembly on September 24. The year will be rounded off by the 2019 Climate Conference COP25, which will take place in Chile.
Multilateralism, said Ms. Espinosa, is the only effective to combat climate change, which is one of the main challenges facing the world and can only be overcome with constructive input from all. She concluded with a proverb: “’If you want to go quickly, go alone. If you wish to go far, go together.’ Let’s travel this road together.”
Ambassador de Alba, following Ms. Espinosa, confirmed that the world is falling well behind targets for combating climate change, with only around a third of the necessary work currently completed. He reminded delegates that there are only between 10 and 12 years left to achieve the goals, and called for a ramping up of ambition.
The Special Envoy added that, despite the challenges, an optimistic signal must be given: that it is possible to counter climate change, enjoy economic growth and eradicate poverty. “We can also meet social needs, healthcare needs and human rights needs,” he said, and bring about a “win-win situation to answer the doubters.”
2019 needs to see action, continued Ambassador de Alba, including partnerships with the private sector and civil society, and a huge mobilization of resources ( a target of 1 trillion dollars per year to support developing countries has been set), to invest “in our future, for jobs in a green future.”
Luxembourg, UN Environment sign deal to accelerate sustainable finance
Luxembourg today signed an agreement to back a UN Environment-convened network that helps the world’s major financial centres to increase green and sustainable finance.
The International Network of Financial Centres for Sustainability (FC4S) has 22 members from Europe, Asia, Africa, and North America – each of them committed to shifting their investments to support the goals of the 2030 Agenda for Sustainable Development and the Paris Agreement.
Home to Europe’s largest investment fund center with a 62 per cent global market share in cross-border funds, along with136 international banks from 29 countries and over 35,000 listed tradable securities, Luxembourg is today one of the world’s leading financial centers.
“A recognized European leader in green and sustainable finance, Luxembourg is stepping up its commitment to support the efforts of the International Network of Financial Centers for Sustainability,” said Pierre Gramegna, Minister of Finance of Luxembourg, as he signed the agreement to provide USD 500,000 in funding to FC4S. “This commitment is aimed at helping the FC4S to better connect financial centers, to foster exchange of knowledge and thus help shaping the trends and developments that will define sustainable finance in the years to come.”
The levels of green and sustainable finance needed to deliver on the Paris Agreement and the sustainable development goals are still insufficient. For example, the World Resources Institute estimates that USD 5.7 trillion will need to be invested annually in green infrastructure by 2020. However, 2018 research by the United Nations Framework Convention on Climate Change found that climate finance, while growing, had hit only USD 681 billion annually by 2016.
“Much of the resources needed to finance the transition to a low-emission, sustainable world will have to come from private sources,” said Satya S. Tripathi, UN Assistant Secretary-General and head of UN Environment’s New York office. “This is why the work of FC4S, helping financial centres to green their flows, is crucial. UN Environment is very grateful to Luxembourg for increasing its commitment to green and sustainable finance.”
Luxembourg’s commitment to financial innovation and sustainable finance has led to the launch of a wide range of initiatives, including the first Stock Exchange dedicated to green, socially responsible and sustainable securities: The Luxembourg Green Exchange (LGX) in 2016.
The LGX has the largest market share of listed green bonds worldwide. Luxembourg leads the European market when it comes to responsible investment funds, with a market share of 39 per cent. 69 per cent of worldwide assets in microfinance investment vehicles are Luxembourg domiciled funds.
“Financial centres are key pressure points in the global financial system, and FC4S members like Luxembourg are pressing hard to make the system sustainable,” said Stephen Nolan, head of the FC4S network. “This contribution from Luxembourg is yet another sign that the smart money is getting behind sustainability.”
The signing took place at an event during the Spring Meetings of the World Bank Group and the International Monetary Fund, at which Mr. Gramegna, John Berrigan, Deputy Director-General, Financial Services and Capital Markets Union (FISMA), and Marcos Ayerra, Chair of the Inter-American Regional Committee and others looked at how to increase the role of financial centres in financing sustainability.
World Bank Supports Climate Resilient Agriculture and Infrastructure Services in Sri Lanka
Sri Lanka and the World Bank today signed two new agreements worth $150 million to improve climate resilience and agriculture productivity for small farmers and support priority infrastructure through public-private partnerships.
Hartwig Schafer, World Bank Vice President for the South Asia Region and Dr. R.H.S. Samaratunga, Secretary, Ministry of Finance signed the agreements on behalf of the World Bank and the Government of Sri Lanka respectively. The signing took place during the World Bank Group and IMF Spring Meetings 2019 in Washington, D.C., in the presence of Hon. State Minister of Finance, Eran Wickremaratne.
The new projects include:
A $125 million credit for the Climate Smart Irrigated Agriculture Project, which will improve the resilience and productivity of agriculture for more than 470,000 small farmers in 6 provinces in the dry zone of the country.
A $25 million loan for the Framework Development and Infrastructure Financing to Support Public-Private Partnerships Project, which will help the Government of Sri Lanka develop a platform to attract and sustain investments required to fulfill its future development priorities.
“Sri Lanka is on a path to becoming an upper middle-income country,” said Hartwig Schafer. “To ensure that this growth is sustainable, affordable, and resilient, the two projects are designed to leverage private sector financing for infrastructure and address climate vulnerability in the agriculture sector.”
The Climate Smart Irrigated Agriculture Project will be implemented by the Ministry of Agriculture, Rural Economic Affairs, Livestock Development, Irrigation and Fisheries & Aquatic Resources along with the six Provincial Councils participating in the project. The total project cost is $140 million, including a $125 million credit from the International Development Association, with a $10 million contribution from the Government of Sri Lanka and a $5 million contribution from the project beneficiaries.
“The project will support farmers’ access to training and research. Currently, only 10 percent of women benefit, and this project will help bridge this gap and improve productivity of both men and women working in agriculture” said Idah Pswarayi-Riddihough, World Bank Country Director for Maldives, Nepal and Sri Lanka. “Innovation, including the introduction of improved crop varieties, cropping patterns, water resources management, amongst others, can help farmers adapt to changing climate and improve their incomes and livelihoods.”
The key principle of the Framework Development and Infrastructure Financing to Support Public-Private Partnerships Project is to encourage the private sector to invest in priority projects selected through competitive procurement processes to ensure value for money. The project will be implemented by the Ministry of Finance and Mass Media together with the National Agency for Public Private Partnership. The $25 million loan has a 20-year maturity, including a 9-year grace period, and $2 million counterpart funding.
‘The clock is ticking’ on meeting the Sustainable Development Goals
Pointing to climate change, inequalities and other serious challenges, United Nations Deputy Secretary-General Amina Mohammed told a forum on Thursday Development that “the clock is ticking” down, to making the 2030 Agenda for Sustainable Development.
“Climate change is ravaging the planet… staggering numbers of children and youth – especially girls and young women – still lack access to basic education and healthcare services, [and] people in many countries are starved of economic opportunities, decent work and social protection measures”, she told the 2019 ECOSOC Partnership Forum, where governments, business representatives and other influencers met to discuss how partnerships can best advance and the 17 (SDGs).
Under the theme, “Partnerships Driving Inclusive Implementation of the SDGs”, the Forum will capture key policy messages to inform the High-level Political Forum (HLPF) in in September.
“Our task is immense, but many of the pathways to change are in plain sight”, she asserted, adding that while “success is still possible”, it requires difficult conversations around “the need to fill partnership skillset gaps, tackle financing shortfalls, and address data deficiencies”.
The economic, social and environmental dimensions of sustainable development call for “a fully integrated approach” that engages everyone.
“Partnerships are critical for achieving progress across the full agenda” stressed Ms. Mohammed, calling SDG 17 on partnerships, “the ‘connective tissue’ which will ensure an integrated and holistic approach to sustainable development”.
The deputy UN chief shared four points for discussion, beginning with a commitment between the UN, governments, private sector and civil society to work together in a more coordinated and integrated way.
“The transformation we need requires us to acknowledge that everyone is a development actor,” she argued. “Governments alone cannot achieve the SDGs”.
Secondly, she pointed to the need to prioritize investments in platforms and coalitions that engage a larger ecosystem of partners.
“Investments in cross-cutting, high-return priorities have strong potential to unlock progress across multiple SDGs”, she stated, flaggin a range of areas, from quality education and health services to zero-carbon energy and environmental conservation.
Ms. Mohammad’s third point focused on leadership, innovation and strategic collaborations “at the local level”.
“We must draw on the knowledge and experience of local communities and actors on the ground to ensure that we replicate and scale up the most promising models”, she emphasized.
Ensuring that the process to socialize the SDGs and strengthen ownership is “inclusive, transparent and accountable”, was her final point.
“All stakeholders, big or small should find a place to play their role and make their contribution”, she maintained.
She urged everyone to “reflect honestly about where we are falling short, because those shortcomings are also where the opportunities lie to make a difference”.
“Only with this kind of pragmatic approach will we realize our aspiration of leaving no one behind”, said Ms. Mohammed, with the reminder that promoting equitable access and equal participation by all, including the most marginalized, “is a fundamental ethic of the SDG era”.
Turning to capacity-building for vulnerable groups, she encouraged the forum to apply “a lens of inclusion and empowerment” to ensure that they “are put in the driver’s seat for SDG implementation”.
Recalling that young people, particularly women and entrepreneurs, are at the forefront of SDG progress, the Deputy Secretary-General concluded: “Let’s make sure we listen carefully to their vision and draw inspiration from their determination and commitment to creating a better world”.
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