World Leaders Call for Comprehensive Approach to Financing Sustainable Development

Multiple shocks have strained countries' ability to address these issues, and debt vulnerabilities in low- and middle-income countries are a major hurdle to economic recovery and long-term investments.

The transition to a "net-zero" world presents an opportunity for sustainable global economic growth, but it requires long-term investment and new economic models that recognize the value of nature.

Poverty reduction and protection of the planet are converging objectives, and leaders are united in their determination to forge a new global consensus.

The Paris Summit for a New Global Financing Pact on June 22-23 will be a decisive political moment to recover development gains lost in recent years and accelerate progress towards the UN Sustainable Development Goals.

The consensus should start with existing financial commitments, and collective climate-finance goals must be met in 2023.

There should be greater and more timely cooperation on debt, with a swift conclusion of solutions for debt-distressed countries.

A top priority is to continue ambitious reform of the system of multilateral development banks.

The authors, including the Presidents of France, Barbados, and Brazil, and the Prime Minister of Japan, call for a comprehensive approach to financing sustainable development that involves a country-led approach, collaboration between development banks, public agencies, and private investors, and new sources of finance.

This includes strengthening existing financial instruments and creating new ones, such as debt buy-backs and carbon credit markets.

The authors also emphasize the need for a stronger global safety net to mitigate the effects of climate change and improve the business environment to encourage private investment in sustainable development.

The authors will continue to press for progress in international negotiations and events, such as the COP28 summit in the UAE, with the goal of delivering on the promise of the SDGs for prosperity, people, and the planet.

Rishi Sunak is the Prime Minister of the United Kingdom and Joseph Biden is the President of the United States.