After a brief introduction by the chair, Mr. Hanif, Denmark spoke on the need to mobilize investments to begin implementing the Sustainable Development Goals (SDG) and the Addis Ababa Agenda. TOSSD is a proposed system of measuring these investment flows and supporting the development of a new system of foreign aid. The current system could create disincentives to bridge the gap between the rich and poor. Developing instruments to measure this finance is a chief goal. Denmark also wondered if we should conclude tax incentives for developed countries when they contribute to foreign aid accounts.
The UAE spoke next, stating that the SDG vision carries a pricetag in the trillions which must be accounted for, and that is not currently met by the nations who provided 135 billion in foreign aid last year. The need for this foreign aid is obviously increasing. One way of achieving this is by derisking potential investments to open the market more for public and private investors, which can potentially double total contributions. It is also useful for countries to focus on their particular strengths; for example, it is natural for the UAE to focus on renewable energy sources and private investments.
Mexico observed that TOSSD can help all participating countries to provide key information about different financing packages and create transparency and efficiency in their finances.
Mr. Trepelkov stated that new actors, instruments, and development goals make high quality data, transparency and measurement essential to improve policy-making at all levels.
Ms. Steensen’s presentation noted that TOSSD processes need to be aligned with developing countries’ priorities.
When the floor was opened up for questions, a representative from the Ethiopian mission wondered how to use this foreign aid to better attract foreign investors to help develop domestic job-creating programs.
Meeting: Mobilising development finance for the 2030 Agenda for Sustainable Development: next steps towards measuring “total official support for sustainable development” (TOSSD)
Date/Location: Tuesday, October 27, 2015; 13:15-14:30, Conference Room 2
Speakers: Mr. Navid Hanif, Director, Department of Economic and Social Affairs, Office for ECOSOC Support and Coordination; H.E. Ib Petersen, Permanent Representative of Denmark to the United Nations; H.E. Mrs. Lana Zaki Nusseibeh, Permanent Representative of United Arab Emirates to the United Nations; Mr. Salvador De Lara Rangel, Counsellor, Permanent Mission of Mexico to the United Nations; Mr. Alexander Trepelkov, Director of the Financing for Development Office, Department of Economic and Social Affairs; Ms. Suzanne Steensen, Statistics and Development Finance Division, Development Co-operation Directorate; Representative from the Ethiopian mission
Written By: Alex Margolick