Innovative, multidimensional approaches and stronger commitments can invigorate the sustainable development

Diversification of funding, pooled funding, strengthened partnerships and innovative financing models involving non-traditional donors are key to unlocking accelerated sustainable development globally and locally. This was at the focus of the discussions on the side-event entitled “Challenges and Opportunities for Mobilizing UN Resources at the National Level” that was held as part of the Fourth International Conference on Financing for Development happening this week in Sevilla, Spain.

Rita Columbia, United Nations Resident Coordinator in North Macedonia, emphasized the urgent need to strengthen commitments under the UN Funding Compact and highlighted the critical role of quality funding to support the UN’s efforts in accelerating the achievement of the Sustainable Development Goals (SDGs).

“Leveraging blended finance, such is the example of the Green Financing Facility in North, SDG bonds, and greater involvement of emerging donors, in addition to traditional donors, as well as  regional and emerging financial institutions, have the potential to unlock further development gains”, Columbia said at the event organized by Dag Hammarskjöld Foundation, UN Multi-Partner Trust Fund Office (MPTFO), UN Development Coordination Office (DCO), and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ).

This side event comes at a time of heightened concern over a sharp decline in development funding from several OECD countries, with the risk of further reductions threatening the delivery of essential development and humanitarian assistance.

This event offered a platform for multiple perspectives on quality funding, showcasing the latest UN financing data and insights from the implementation of the Funding Compact. 

The examples mentioned showcased the need for innovative approaches in promoting access to sustainable solutions, such as energy efficiency solutions for vulnerable categories, while also emphasizing the need for greater, multi-partner cooperation on topics of common interest. 

“Experiences from pooled funding show that they bring the UN together, strengthen coherence, increase efficiencies, reduce fragmentation, broaden the donor base, facilitate the sharing of risks with partners, and tackle multidimensional challenges with comprehensive and innovative solutions”, Columbia noted.

Participants at the event other explored pathways to improve the availability and quality of financing for development, while also engaging with questions raised by the audience on the future of UN funding, especially in relation to the heightened concern over a sharp decline in development funding

The Fourth International Conference on Financing for Development (FFD4) provides a unique opportunity to reform financing at all levels, including to support reform of the international financial architecture and addressing financing challenges preventing the urgently needed investment push for the SDGs. The International Conferences on Financing for Development are the only space where leaders from all governments, along with international and regional organizations, financial and trade institutions, businesses, civil society and the UN System unite at the highest levels, fostering stronger international cooperation.  

The UN Resident Coordinator in North Macedonia will continue to work the UN country team, the Government of North Macedonia and all other international and domestic organizations, academia, private companies and individuals to promote innovative, multidimensional approaches to financing of sustainable development. 

“Initiatives that work already exist—we have solutions. Now is the time to act, united,” Columbia said.