During a global call for action to support the Summit, UN Secretary-General António Guterres emphasized that the current international financial architecture is not equipped to handle emerging issues and is in need of reform.
The flagship event, beginning on 22 September, will focus on sustainable development and financing, highlighting the urgent situation faced by many poor countries struggling with high levels of debt that hinder progress in key areas such as social protection and healthcare.
As the deadline to achieve the Sustainable Development Goals approaches, there is a growing need for reform to address the challenges outlined in the 2030 Agenda for Sustainable Development. At last year’s SDG Summit, it was revealed that only 15% of the goals had been met, prompting the UN chief to publish a policy brief in May 2023 with proposals for achieving the goals and calling for a “new Bretton Woods moment.”
The current system, created in a very different political and economic environment, is no longer effective in addressing the current global climate, systemic risks, inequality, and other challenges. Mr. Guterres suggests increasing financing for poverty eradication and sustainability, making decision-making bodies more democratic and representative, and creating a new overarching body to coordinate global economic decisions.
These proposals and pledges made at last year’s SDG Summit will be discussed at the upcoming Summit of the Future, a significant conference held at UN Headquarters in September. They will also be reflected in the Pact for the Future, a document to be adopted by UN Member States at the Summit, committing to taking bold actions to implement the 2030 Agenda for Sustainable Development and address issues such as hunger, poverty, inequality, and climate change.
The Summit will also serve as a precursor to the International Conference on Financing for Development (Ffd4) in June 2025, where further progress will be made towards achieving the goals outlined in the 2030 Agenda.