IIED at the Summit of the Future
IIED and partners advocated for advancing global financial reforms that prioritise the most vulnerable at the Summit for the Future event in New York in September.
World leaders will convene at the United Nations to adopt the Pact for the Future at the Summit of the Future in September
Organised in parallel with Climate Week NYC, the United Nations' Summit of the Future took place between 22-23 September 2024, bringing together world leaders, policymakers, business leaders and civil society representatives to forge a consensus on a better future.
The Summit of the Future was first proposed by the UN Secretary-General António Guterres in his Our Common Agenda report. Both events will include a focus on major reforms needed to the global financial system.
IIED advocated for global financial reforms that prioritise the most vulnerable and ensure that the global financial system supports resilient prosperity through locally-led, inclusive, and sustainable actions.
This has informed many areas of work, including research on getting money where it matters to support locally-led solutions that address climate change, poverty and biodiversity loss, and co-creating the Global SIDS Debt Sustainability Support Service which is designed to alleviate crippling levels of debt and build economic resilience among Small Island Developing States (SIDS).
IIED and its partners shared research and policy recommendations via side events that brought together key decision makers. We aim to shape the consensus on global financial reform, ensuring the Pact for the Future communicates the change we need and that COP29 delivers meaningful progress.
Both the Summit of the Future and Climate Week NYC were key milestones on the path toward transforming the international financial architecture, leading up to COP29 and the 4th International Conference on Financing for Development in 2025, when crucial decisions on financial reforms will be made.
Events
Building resilient futures: the Global SIDS Debt Sustainability Support Service
Date: 21 September 2024
Hosted by: IIED, governments of Antigua and Barbuda, Maldives and New Zealand; SIDS Unit within United Nations Department of Economic and Social Affairs (UN DESA)
Speakers included: Tumasie Blair and H.E. Gaston Alphonso Browne, government of Antigua and Barbuda; H.E. Dr. Mohamed Muizzu and Shiruzimath Sameer, government of Maldives; Ritu Bharadwaj and Tom Mitchell, IIED
Despite contributing less than 1% to global greenhouse gas emissions, SIDS face disproportionate and devastating financial consequences.
SIDS are caught in a vicious debt cycle: borrowing more and more money to pay for climate-related disasters not of their own making. This debt crisis impacts more than just finances; it limits investment in social services, social protection and resilience-building, exacerbating poverty and inequality.
To address these urgent needs, the Global SIDS Debt Sustainability Support Service was launched. This side event explored how the support service can be operationalised and scaled up.
ImPACT Coalition on international financing architecture and financing for development
Date: 21 September 2024
Hosted by: Club de Madrid
Speakers included: Sofía Martinez, Green Economy Coalition; H.E. Aminata Touré, government of Senegal; H.E. Ambassador Mathu Joyini, permanent representative of South Africa to the United Nations; Maiara Folly, Plataforma CIPÓ; Ambroise Fayolle, European Investment Bank; José Antonio Ocampo, Columbia University; Maria Fernanda Espinosa, President of the General Assembly for the 73rd session; Tom Mitchell, IIED; Durreen Shahnaz, IIX Foundation;
This event brought together a wide range of experts:
- Representatives from member states and the UN system will provide their perspectives on the achievements and progress made under the Pact for the Future
- Coalition members will discuss additional needs and priorities for the 4th International Conference on Financing for Development
- Co-leaders of the ImPACT Coalition will define the next steps and outline concrete actions to advance the work of the coalition towards the follow-up of the Pact of the Future and the celebration of the international conference in 2025
Contact
Anne Schulthess ([email protected]), marketing manager, IIED's Communications Group
