Sevilla: ‘We’re here in Sevilla to change course,’ the UN chief told world leaders on Monday, calling on them to grasp a once-in-a-decade opportunity to close a $4 trillion financing gap facing developing countries to meet sustainable development goals – and build a better world for all. Ant³nio Guterres issued his clarion call noting that sustainable development powered by international cooperation is now facing ‘massive headwinds.’
According to Emirates News Agency, addressing the opening session of the 4th Financing for Development Conference (FFD4) in Sevilla, Spain, the Secretary-General noted that multilateralism itself is also feeling the heat, while trust between nations and institutions is fraying. The conference took place amidst record high June temperatures, with close to 60 world leaders, over 150 nations, and around 15,000 delegates in attendance.
The Secretary-General emphasized that the world is grappling with inequalities, climate issues, and ongoing conflicts, stating, ‘Financing is the engine of development and right now, this engine is sputtering.’ He highlighted the urgency of the situation, as the 2030 Agenda for Sustainable Development is at risk, with two-thirds of the Sustainable Development Goals (SDGs) targets significantly off track since their agreement in 2015. This has resulted in the need for a staggering $4 trillion investment to realign these goals.
Guterres underscored the purpose of the gathering in Sevilla, which is to ‘change course’ and rejuvenate the ‘engine of development,’ aiming to accelerate investment at the necessary scale and speed. He highlighted the outcome of the conference, known as the Sevilla Commitment, adopted on Monday as a ‘global promise’ to support low-income nations in their development journey, despite the absence of the United States, which withdrew from the process earlier this month.