Thematic parallel session "Scaling Up SDGs Financing Effectiveness: Stronger Commitments, Greater Actions" at HLF MSP 2024, Tuesday (2 September 2024) in Nusa Dua Bali. UN Under-Secretary-General for Economic and Social Affairs, Li Junhua, states that HLF MSP 2024 is a crucial moment to reflect on the necessary reforms, especially in three thematic areas, namely innovative financing, sustainable economy, and South-South cooperation. (Photo: Bappenas)

Badung, 3 September 2024 – The High-Level Forum on Multi-Stakeholder Partnerships (HLF MSP) 2024 in Nusa Dua Bali on 1—3 September 2024 serves as a crucial moment to reflect on reforms, especially in three thematic areas, namely innovative financing, sustainable economy, and South-South cooperation.

The UN Under-Secretary-General for Economic and Social Affairs, Li Junhua, made the statement during the thematic parallel session "Scaling Up SDGs Financing Effectiveness: Stronger Commitments, Greater Actions" at the HLF MSP 2024 on Tuesday (3 September 2024) in Nusa Dua, Bali.

"First, we need to design a financing system that focuses on development impact, which can create new resources for investment in the SDGs," said Li Junhua.

Secondly, Li Junhua continued, building a sustainable economy must be more than merely protecting the environment. "We must ensure that economic benefits are experienced by all parties without sacrificing a shared future. Thirdly, South-South cooperation has demonstrated its potential, especially during the COVID-19 pandemic, highlighting the importance of strengthening this cooperation at the national, regional, and global levels,” Li Junhua explained.

Currently, more than 20 climate change funds and initiatives, such as the Green Climate Fund and the Global Environment Facility, have different mechanisms and requirements, creating challenges in access and equity. The absence of international standards to guarantee the quantity and quality of promised financing, including Official Development Assistance (ODA), Li Junhua said, adds to the complexity of ensuring that financing contributions to recipient countries’ economies are effective and have real impacts.

Other innovative financial products often institutionalized separately also present challenges in measuring their holistic effectiveness.

In addressing these challenges, the Global Partnership for Effective Development Co-operation (GPEDC) recommends four principles of effective development, namely national ownership, results orientation, inclusive partnerships, and transparency and mutual accountability. Continued adherence to these principles is required to ensure efficient utilization and real impact on sustainable development outcomes of the development assistance, including the ODA and other SDGs financing instruments.

Stronger commitments and greater action allow efforts that can be made to narrow the financing gap and ensure that each country, especially developing countries, has access to adequate funding to achieve the SDGs targets.

The HLF MSP 2024 is expected to be a turning point in global efforts to improve the effectiveness of development financing and achieve common goals towards a more sustainable and inclusive world. (Bappenas/TR/Elvira Inda Sari/WS/PR).

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