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Report of the Inter-agency Task Force on Financing for Development FINANCING FOR SUSTAINABLE DEVELOPMENT REPORT 2019 asdf United Nations New York, 2019This report is a joint product of the members of the Inter-agency Task Force on Financing for Devel- opment (a full list of members can be found on page x). The Financing for Sustainable Development Office of the United Nations Department of Economic and Social Affairs serves as the coordinator and substantive editor of the Financing for Sustainable Development report. The online annex of the Task Force (developmentfinance.un) comprehensively monitors progress in implementation of the Financing for Development outcomes, including the Addis Ababa Action Agenda and relevant means of implementation targets of the Sustainable Development Goals. It provides the complete evidence base for the Task Forces annual report on progress in the seven action areas of the Addis Agenda (chapters III.AIII.G). The report is by necessity more concise and selective and should thus be read in conjunction with the online annex. The online annex also covers several key cross-cutting initiatives that build on the synergies of the Sustainable Development Goals: Delivering social protection and essential public services Ending hunger and malnutrition Closing the infrastructure gap Promoting inclusive and sustainable industrialization Generating full and productive employment for all Protecting ecosystems Promoting peaceful and inclusive societies Gender equality Investing in children and youth Addressing the diverse needs and challenges faced by countries in special situations Global partnership Inquiries about the Task Force or its report and online annex can be sent to: Financing for Sustainable Development Office Department of Economic and Social Affairs 2 United Nations Plaza (DC2- 2170) New York, N.Y. 10017 United States of America +1-212-963-6518 developmentfinanceun developmentfinance.un How to cite this report: United Nations, Inter-agency Task Force on Financing for Development, Financing for Sustainable Development Report 2019 (New York: United Nations, 2019), available from: developmentfinance.un/fsdr2019. Photo credits: UN Photo, World Bank Photo Collection. United Nations publication Sales No. E.19.I.7 ISBN 978-92-1-101404-4 Print ISSN: 2520-680X Online ISSN: 2617-3743 Copyright United Nations, 2019 All rights reservediii Foreword There is progress to report on financing for sustainable development since the adoption of the Addis Ababa Action Agenda in 2015. Private sector interest in sustainable finance is growing. The Sustainable Development Goals are increasingly being incorporated in public budgets and development cooperation efforts. But these changes are not happening at the required scale, nor with the necessary speed. As a result, many key SDG investments remain unfunded. Private investments in infrastructure of developing countries, at $43 billion, are lower than they were in 2012. Least developed countries, in particular, face large financing gaps; their annual spending on education alone would need to more than triple in order to achieve universal pre-primary, primary and secondary education. More broadly, global growth has peaked at 3 per cent, and debt risks are rising. Real wages have risen only 1.8 per cent, the lowest in a decade, and most of the worlds people now live in countries with in- creasing income inequalities. Trust in the multilateral system itself is eroding, in part because we are not delivering inclusive and sustainable growth for all. The impacts of climate change are worsening, even as greenhouse gas emissions continue to increase. Far more ambitious climate action including climate finance is critical, especially for the poorest and most vulnerable. Given these broad trends, it is clear that the world will not achieve the Sustainable Development Goals without a fundamental shift in the international financial system that enables us to address urgent global threats and restore trust in international cooperation. Action is needed at all levels. Our shared challenge is to make the international trading and financial systems fit for purpose to advance sustainable development and promote fair globalization. At the same time, countries can adopt integrated frameworks to support and finance their national sustainable development strategies. These and other recommendations in this Financing for Sustainable Development Report, produced by a United Nations Inter-agency Task Force, will support my Strategy for Financing the 2030 Agenda for Sustainable Development, which sets out priority actions to align global economic policies and finan- cial systems with the 2030 Agenda and sieze the potential of financial innovation, new technologies and digitalization. The analysis in this Report will guide the United Nations system, including the Country Teams, as we strengthen our support for Member States. It can also inform and facilitate key discussions related to financing for development taking place in 2019 at the Economic and Social Council, the High Level Po- litical Forum, the High-level Dialogue on Financing for Development and the Climate Change Summit. I commend this report to policy-makers and a wide global audience as we work together to bring the 2030 Agenda to life for all. Antnio Guterres Secretary-Generalv Preface Financing for sustainable development is high on our global agenda in 2019. As we take stock of progress in the implementation of major global agreements, financing challenges have emerged as key bottle- necks. The ECOSOC Financing for Development Forum in April, and the General Assembly High-level Dialogue on Financing for Develop- ment in September, are major opportunities to identify and take active measures to overcome these bottlenecks and identify the accelerators that will enable us to meet our ambitious commitments. The 2019 Financing for Sustainable Development Report, the fourth report of the Inter-agency Task Force on Financing for Development, pro- vides a comprehensive assessment of the state of sustainable finance, four years after the adoption of the Addis Ababa Action Agenda. Prepared by more than 60 UN agencies, programmes and offices and other relevant international organizations, the report brings together a wide range of expertise and perspec- tives. It puts forward a set of policy recommendations that are both ambitious and targeted at helping achieve tangible progress on financing for sustainable development in 2019 and beyond. Six key messages emerge from this years analysis: While global growth is steady, it has peaked; debt risks are rising; and climate change continues apace. These global challenges put our aspirations at risk and raise the urgency of action. In this difficulty lies opportunity. The multilateral system is under strain, but as we revisit existing arrangements in trade, debt, tax cooperation and other areas, we open the door to making them fit for purpose for sustainable development. Rather than retreating from multilateralism, the international community must recommit to the Addis Ababa Action Agenda and strengthen collective action to address global challenges. Global approaches need to be complemented by national actions. Countries should consider devel- oping integrated national financing frameworks to support national development strategies. Achieving sustainable development requires a long-term perspective. Public and private incentives need to be aligned with sustainable development so that all financing decisions incorporate sustain- ability as a central concern. We must harness the potential of innovation to strengthen development finance. Yet such innova- tions do not eliminate financial and sustainability risks, which policy makers and regulators need to manage carefully. In its analysis, the report puts special emphasis on the five SDGs under in-depth review at the July 2019 High-level Political Forum, on quality education, decent work and economic growth, re- duced inequalities, climate action, and peace, justice and strong institutions. It also addresses 11 requests for analysis that Member States made in the outcome of the 2018 FfD Forum. This analy- sis is mainstreamed through the chapter on the global economic context, the thematic chapter on integrated national financing frameworks, and the chapters on the seven action areas of the Addis Ababa Action Agenda and data. Additional analysis and data are presented in the comprehensive online annex of the Task Force (develpomentfinance.un). Liu Zhenmin Under-Secretary-General for Economic and Social Affairs United Nations Chair of the Inter-agency Task Forcevii Contents Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iii Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Overview and key messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xvii I . The global economic context and its implications for sustainable development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1. Introduction . 1 2. Outlook and risks for the global economy . 1 3. Employment and inequality outlook . 4 4. The economic impacts of non-economic factors . 6 5. Reorienting policy towards long-term sustainable development . 8 II . Integrated national financing frameworks for sustainable development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 1. Introduction . 11 2. Identifying the gap . 12 3. What are integrated national financing frameworks? . 12 4. Why should countries adopt an integrated financing framework? . 12 5. How can countries operationalize integrated financing frameworks? . 15 III . A Domestic public resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 1. Key messages and recommendations . 31 2. Domestic revenue mobilization . 32 3. Fiscal systems and inequality . 35 4. Environment, climate change and fiscal policy . 39 5. International tax cooperation . 42 6. Illicit financial flows . 46 III . B Domestic and international private business and finance . . . . . . . . . . . . 53 1. Key messages and recommendations . 53 2. Advance sustainable capital markets . 542019 FINANCING FOR SUSTAINABLE DEVELOPMENT REPORT viii 3. Build domestic enabling environment . 59 4. Facilitate direct investment in support of the SDGs . 59 5. Support remittances . 62 6. Design financial sector strategies . 63 7. Consider the impact on growth and inequality . 69 III . C International development cooperation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 1. Key messages and recommendations . 77 2. Trends in official development assistance (ODA) . 78 3. Lending by multilateral development banks . 84 4. South-South cooperation . 86 5. Blended finance . 86 6. Disaster resilience and climate finance . 89 7. Quality, impact and effectiveness of development cooperation . 92 III . D International trade as an engine for development . . . . . . . . . . . . . . . . . . . 99 1. Key messages and recommendations . 99 2. Developments in international trade . 100 3. The multilateral trading system . 103 4. Bilateral and regional trade and investment agreements . 104 5. Facilitating international trade . 107 6. Promoting trade and investment in a manner consistent with the SDGs .111 III . E Debt and debt sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 1. Key messages and recommendations .117 2. Growing debt, increasing risk .118 3. Sustainable and responsible borrowing and lending for sustainable development . 121 4. Innovative and risk-reducing borrowing instruments . 125 5. Resolving unsustainable debt situations . 126 III . F Addressing systemic issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 1. Key messages and recommendations . 131 2. Macroeconomic stability and the international architecture . 132 3. Financial regulation and the Sustainable Development Goals . 137 4. National development banks . 143 5. Correspondent banking linkages . 144 6. Institutional and policy coherence . 146 III . G Science, technology, innovation and capacity building . . . . . . . . . . . . . 151 1. Key messages and recommendations .151 PageCONTENTS ix 2. New and emerging technologies and the Sustainable Development Goals .151 3. New technologies and labour markets .152 4. Fintech and financial inclusion . 154 5. Access to technologies and innovative solutions . 158 6. Development cooperation and United Nations actions on science, technology and innovation . 162 IV . Data, monitoring and follow-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171 1. Key messages and recommendations . 171 2. Big data for the Sustainable Development Goals . 171 3. Progress in strengthening data and statistical systems .174 Page2019 FINANCING FOR SUSTAINABLE DEVELOPMENT REPORT x Task Force coordinator and substantive editor United Nations Department of Economic and Social Affairs (UN/DESA) Financing fo
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