FEPS and Partners to Publish Report on Global Governance Reforms Ahead of UN Summit

The Foundation for European Progressive Studies (FEPS), Karl Renner Institute, and partners are set to publish a report titled 'A new Global Deal. Reforming World Governance' in advance of the UN Summit for the Future scheduled for September 2024. The report will focus on the implementation of the Sustainable Development Goals (SDGs) and modifications to global governance.

Utilizing country experiences in using the integrated national financing framework (INFF) approach, the report will address economic changes and development financing. It aims to illustrate the growing momentum in the use of country-led financing strategies and the consensus on their value from various public and private sector partners.

The report comes at a critical time as the process for taking stock and reshaping the Addis Ababa Action Agenda moves forward. It is expected to provide valuable insights and recommendations for policymakers, researchers, and activists engaged in sustainable development and global governance issues.

Why this matters: The publication of this report ahead of the UN Summit for the Future underscores the urgent need for reforms to global governance and financing mechanisms to accelerate progress on the SDGs. The insights and recommendations from the report could shape the discussions and outcomes of the summit, with far-reaching implications for sustainable development efforts worldwide.

The UN Summit for the Future in September 2024 is seen as a critical opportunity to advance multilateral solutions and propel collective ambitions to shape the future. UN Deputy Secretary-General Amina J. Mohammed has emphasized the need for urgent and scaled-up actions, policies, and investments for the SDGs, particularly in the Latin America and Caribbean region.

The summit also comes at a time when the G20, under Brazil's presidency in 2023-2024, is pushing for a progressive reform agenda on issues like global governance reforms, debt restructuring, and wealth taxation. However, the recent G20 meeting of finance ministers and central bank governors during the Spring Meetings of the World Bank and International Monetary Fund failed to deliver agreement on these key issues due to divergent priorities and power imbalances within the group.

African nations are also calling for a reform of the global financial architecture to better serve their developmental aspirations. With Africa needing $1.3 trillion yearly to finance its SDGs by 2030, the current global financial system puts the continent at a significant disadvantage. The African Development Bank Group is dedicating its 2024 Annual Meetings to the need for a reconfigured global financial architecture that is more responsive, inclusive, and accountable to speed up development in Africa.

As the UN Summit for the Future approaches, the 'A new Global Deal. Reforming World Governance' report by FEPS and partners is expected to contribute to the growing calls for reforming global governance and financing mechanisms to accelerate progress on the SDGs. UN Deputy Secretary-General Amina J. Mohammed has stressed that the summit must be a starting point for "urgent and scaled-up actions, policies and investments for people, planet, prosperity, peace and partnerships."

Key Takeaways

• FEPS, Renner Institute to publish report on reforming global governance before 2024 UN Summit
• Report to focus on SDG implementation and integrated national financing framework strategies
• Report aims to shape discussions and outcomes of 2024 UN Summit on sustainable development
• G20, African nations call for reforms to global financial architecture to better serve development
• UN Deputy Secretary-General stresses urgent action needed to achieve SDGs, especially in Latin America and Caribbean