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This side event addressed the mismatch between the scope and urgency posed by world’s current multiple challenges and the far-too timid level of ambition in terms of public policies and investment. It explored a set of key proposals which could unlock the means of implementation for the SDGs and put the international community back on track to pursue the ambition of sustainable development.
The combined Means of Implementation and Financing for Development agendas should tackle many of the structural barriers to the socio-economic transformation, and advance systemic reforms of global economic frameworks to realign them with the imperatives of human rights, gender justice, people-centeredness and sustainable development.
Despite the high-level political promises of the 2030 Agenda, the world is off track to reach the SDGs, the cost being paid by all those people and communities that continue to be marginalized in the face of a world economy that is increasingly focused of its new frontiers of digitalization and dematerialization.
The latest economic cyclical upturn, not generalized and mostly centred within the Global North, has been accompanied by an increase in hunger and worsening of vulnerabilities, heightened carbon emissions, and the persistence of structural levels of inequalities between and within countries. Our economy fails when it downturns and fails us again when it moves forward.
10 years after the last financial crisis, some of the root determinants remain unaddressed and, combined with increasing levels of financialization, continue to fuel a slow-motion – but not less damaging – new financial crisis and the re-emergence of debt sustainability challenges, which seriously constrain the fiscal and policy space to advance the development agenda.
The combined evolution of commodity prices and exchange rates exacerbate existing conditions of commodity dependence and expose the short-sightedness of export-led strategies and premature financial liberalization.
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