Development finance, debt and the SDGs · 2 mentions in this passage

This must change. Excellencies, The second test of power is inequality. Inequality is often framed as an economic problem. It is a power problem. Power over opportunity, resources, voice. Never has humanity possessed so much wealth, knowledge, and technological capability. Yet for billions, progress remains out of reach. They see prosperity around them, but not for themselves. They are told globalization expands horizons, but they experience exclusion. They are promised that technology will unlock new possibilities, yet many fear it will take away their livelihoods. Meanwhile, billions of people still live without the essentials embedded in the Sustainable Development Goals. Food. Clean water. Education. Decent work. Health care. Dignity. Excellencies, No country should be denied a sustainable future because it is on the wrong side of a deeply unequal financial system. Yet so many throughout the developing world are being crushed by unsustainable debt. Battered by disasters they did little to cause. And locked out of affordable finance. That is why we have pushed relentlessly: For reform of the international financial architecture – which is not a technical debate, but a question of representation, fairness and power. For debt relief that is timely, effective and just. For Multilateral Development Banks that are bigger, bolder and better equipped to provide affordable long-term finance at scale and massively leverage private finance.

Technology and AI

Access to our minerals will be contingent upon mandatory value generation in our territory. Technology transfer and the supply of strategic national sectors. Mr. president, we are living through unprecedented technological revolution with great risks and opportunities. It would be an unforgivable historical omission not to address the challenge of regulating the big techs and artificial intelligence. A handful of technical oligarchs want to resurrect a version of digital ultra liberalism without rules or transparency. They are promoting a race with no ethical boundaries, bypassing the United Nations and the Scientific panel on Artificial Intelligence. As Pope Leo warned, decisions about technology should, quote, should never be separated from awareness and responsibility. End of quote. Companies that are aware of the risks of their products are transferring the impossible task of confronting algorithms to the families. The billion dollar betting industry turns addiction into profit. Its exponential dissemination is increasing debt levels and destroying homes. Brazil will not tolerate this business model. We passed one of the most advanced pieces of legislation in the world to protect children, adolescents and women in the digital environment. We will ensure fair compensation for artists, musicians and other visual content creators. We will not give in to pressure from multinationals that want to privatize our PIX, a free public payment infrastructure that has made financial inclusion a reality for millions of Brazilians. Ladies and gentlemen, the Sustainable Development Goals are currently under attack.

Development finance, debt and the SDGs

Last year OECD donors spent about $175 billion on development assistance... a 23% drop year-on year. And yet military expenditures approached $3 trillion.... capping 11 straight years of growth. All the while progress on the SDGs has stalled at just over a third of targets, and developing countries are now paying the price for supply chain disruptions they did not cause and cannot cure. The contrasts could not be more stark. We must better prioritize how our resources are spent by augmenting development assistance, addressing debt burdens, reforming the international financial architecture, fulfilling our Sevilla and Paris commitments. And implementing the programmes of action for LDCs, LLDCs, SIDs, as well as the AU’s Agenda 2063. Because where we have done so, the results are clear: Over the past decade, nearly one billion people have gained access to safely managed drinking water. Electricity now reaches 92 per cent of the world’s population. And internet access has risen from 40 per cent to 74 per cent. Behind these figures are healthier children, more resilient communities, greater opportunities for women and girls, and renewed hope. These gains show that accelerating the SDGs is possible when developing countries and development partners work in concert. This indeed is a shared responsibility. Developing countries must also intensify their own efforts through domestic resource mobilization and plug any leakage or corruption, including capital flight — A plague that, until recently, undermined development in my own country under a repressive, authoritarian regime.