GFDD/Funglode Deliver Oral Remarks on Impact Investing during the 2017 ECOSOC Integration Segment on Poverty Eradication

GFDD/Funglode participated in the 2017 ECOSOC Integration, which took place at United Nations Headquarters from May 8 to 10, 2017. The annual meeting serves as a platform for key stakeholders to identify and discuss opportunities and challenges in developing integrated approaches to tackle sustainable development challenges.

Directly linked with the High-Level Political Forum on Sustainable Development (HLPF) that will take place later this year in July,
the theme was: “Making eradication of poverty an integral objective of all policies: what will it take?”. The three-day conference brought together numerous stakeholders for interesting discussions that considered best practices, lessons learned and recommendations at all levels.

“Eradicating poverty remains the
greatest global challenge”, United Nations Deputy Secretary-General Amina Mohammed stated during the opening ceremony of the 3-day event. She called for a collective and comprehensive approach that recognizes the multidimensional nature of the issue and its interaction with other aspects. Also speaking at the opening, Nabeel Munir, the Vice-President of the Economic and Social Council, underscored the importance of integrated policy frameworks given the interconnected nature of
sustainable development and the interlinkages between all the Sustainable Development Goals (SDGs) of the United Nations 2030 Agenda for Sustainable Development. Following these interventions, a panel discussion ensued looking at integrated policies, and the role of UN Agencies in the fight for poverty eradication.

On Tuesday May 9, stakeholders were invited to discuss their national experiences and policy instruments looking to tackle poverty challenges. High-level
policy makers from various geographical regions presented national cases, ranging from the idea of a basic universal income in Finland replacing unemployment benefits to the poverty reduction strategies in Brazil and Africa. The discussions also underscored the key role that new technologies and innovation can play in the eradication of poverty.

During the Q&A session, Marc Jourdan, GFDD UN Programs & Outreach Manager, made an oral statement about the innovative financing options for sustainable development projects in developing countries. During his intervention, Jourdan made specific reference to a recent GFDD study by GFDD research fellow Jenna Giandoni titled “Impact Investing in the Dominican Republic”. Jourdan explained that the study itself focused on the beneficial impacts of
impact investing for the renewable energy industry and offered recommendations on how we to promote further private sector investment in these sectors and thereby contribute to local economic growth. Jourdan underscored the lack of legal frameworks and policies as an obstacle to investment by the private sector in developing countries. He also noted that the risk of corruption and a general lack of transparency could present further hurdles to investment in a technical industry
characterized by high short investment costs. Finally, Jourdan invited the Permanent Representatives of Peru and the Maldives to the United Nations, H.E. Mr. Gustavo Meza-Cuadra and H.E. Mr. Ahmed Sareer, to share some example of initiatives within their own countries  that support investment in renewable energy.

During the last day of the ECOSOC meeting, discussions focused on the least developed countries, principally in Africa. This specific discussion aimed to
highlight the development opportunities and challenges in Africa. The panel also addressed the interlinkages between Agenda 2063 of the African Union, and the United Nations’ Agenda 2030 for Sustainable Development. The afternoon discussions focused on partnerships at all levels, from the local to the international scale to encourage new partnerships and cooperation in the
future.

Discussions and outcomes from the Integration Segment will feed into the 2017 High-level Segment of the Economic and Social Council as well as the High-level Political Forum on Sustainable Development.

Related links:
https://www.un.org/ecosoc/en/node/984039
https://sustainabledevelopment.un.org/hlpf
https://www.youtube.com/watch?v=WTmc8NVhoUI