United Nations Secretary General Antonio Guterres on Sunday acknowledged that developing countries around the world needed “massive international support” to be able to implement their sustainable development goals (SDGs), as he called for multilateral development banks to look at new business models to mobilise private investment and concessional funding for developing countries.
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. “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.
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.
Climate justice also means protecting people from escalating impacts,” he said. “Over-delivering on national climate plans, scaling up renewables…and driving investment towards developing countries.
