United Nations will help reshape global finance to create a “better world for all”

Nathan Kay 20 September 2017

UN Secretary-General says current global financial system needs a revamp to work for everyone.

The United Nations has announced that it will help reshape “unproductive and unrewarding” finance and redirect investment to create a better world for everyone.

“The choices we make on finance will be critical,” Antonio Guterres, Secretary-General of the UN, told an event held at the UN Headquarters in New York on financing for global development goals.

Guterres told attendees that the 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals (SDGs), agreed upon by member states in 2015, was a blueprint for building a fair, inclusive and sustainable globalisation.

“We can choose to bemoan the lack of financing for the 2030 Agenda in a world awash with so much unproductive and unrewarding finance. Or we can grasp the opportunity to reshape finance, according to our urgent, collective needs,” Guterres said. “The choice is clear. Let us invest in the 2030 Agenda and finance a better world for all.”

He went on to say that the current global financial system, which manages assets of more than US$300 trillion, is simply not fit for the current global economic landscape.

Guterres added that the UN’s three-part strategy for enhancing its support to financing the 2030 Agenda would help achieve both short and mid-term results, and a better overall outcome for all.

He said that the goal of the UN was to work with member states and other organisations to implement the objectives of the 2030 Agenda and to ensure that they are realised in international economic policies.

The UN will also work on fine tuning the latest developments in finance from digitalisation to climate finance and major investment initiatives.

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