Panel discussion 3 on specific actions in the first draft of the outcome document on ‘II.G. Science, technology, innovation and capacity building’

Introductory remarks and moderation

H.E. Ms. Alicia Buenrostro Massieu, Deputy Permanent Representative of Mexico to the United Nations

H. E. Mr. Lok Bahadur Thapa, Permanent Representative of Nepal to the United Nations

Panelists

Mr. Ahmed Salman Zaki, Director, Ministry of Foreign Affairs, Maldives

Ms. Lois Bruu, Vice President, Humanitarian and Development, Mastercard

Ms. Rougui Fouta Diallo, International Trade Union Confederation

Interactive discussion (2-minute time limit)

Background and Guiding Questions

Science, technology and innovation (STI) are advancing at an unprecedented scale and pace. However, leveraging its full potential for advancing sustainable development is constrained by deepening technological gaps; inadequate digital infrastructure and digital public goods; limited national capacity; and insufficient international support. Unregulated technological advances can also have unintended economic, environmental, and social consequences, and worsen gender inequality. Coordinated national and international efforts are needed to address these challenges.

The STI chapter has three areas of actions: first, actions to realize the full potential of STI in supporting sustainable development, including through strengthening innovation, technology transfer, knowledge sharing, capacity building, financing for STI, and international cooperation; second, actions to increase investment in resilient digital public infrastructure and digital public goods and close the digital divides; and third, actions to leverage digital financial services.

Panelists in this session are invited to pay particular attention to actions on the links and impacts of artificial intelligence on fintech. They are invited to address the following questions:

• How can the ECOSOC FFD Forum and related processes best support inclusive, multi-stakeholder dialogues on the intersection of technology, including artificial intelligence, fintech, and sustainable development—particularly in ensuring no one is left behind in the digital transition? (action 54 c)
• As AI-driven financial technologies evolve rapidly across different regions , are there sector specific common values, safeguards, or benchmarks that should guide their development and use to ensure they contribute to inclusive and sustainable development outcomes – and how can such guiding frameworks best be shaped through inclusive and representative global processes? (action 54 d)

Programme

Panel discussion 7 on specific actions in the first draft of the outcome document on ‘II.B. Domestic and international private business and finance’

Introductory remarks and moderation

H.E. Ms. Merete Fjeld Brattested, Permanent Representative of Norway to the United Nations

H.E. Mr. Chola Milambo, Permanent Representative of Zambia to the United Nations

Panelists

Mr. Ramon Boone, Ministry of Finance, Belgium

Mr Anthony Swan, Director, Development Finance and Economics, Department of Foreign Affairs and Trade, Australia

Discussants    

Mr. Thomas Beloe, Director, Sustainable Finance Hub, UNDP

Interactive discussion (2-minute time limit)

Background and Guiding Questions

Private business activity, investment, and innovation have acted as significant drivers of sustainable development since the adoption of the Addis Agenda. Nonetheless, global investment growth has decelerated in recent years. Despite increased attention to innovative finance instruments such as blended finance and the growing adoption of sustainable business and finance legislation, investment in sustainable development has fallen short of expectations, nor have companies and investors adequately prioritized sustainable development.

The first draft of the outcome document commits to actions to address key barriers: underdeveloped financial and capital markets in many developing countries; insufficient access to concessional and affordable finance, particularly for women, marginalized groups, and micro, small, and medium-sized enterprises; and the continued misalignment between short-term financial incentives and long-term sustainable development impact. Actions include enhanced capacity support, and adoption of policy frameworks and incentives for sustainable private investment at national and global levels.

Panelists in this session are invited to pay particular attention in their interventions on the proposals on SME and local currency financing, on private capital mobilization for sustainable development impact and standardization of relevant instruments, and on the business case for sustainable business and finance and relevant regulations. They are invited to address the following questions:

• What practical steps can be taken to strengthen domestic financial markets and local economies - including local banks - to expand MSMEs’ access to affordable credit, particularly in developing countries? (action 27g)
• How can the availability of local currency lending be increased to mobilize additional private capital for sustainable development, and what role should MDBs and DFIs play in scaling these efforts, including in improving impact? (action 28l, 31n)
• How can innovative financing mechanisms (e.g. blended finance, impact investment, and thematic bonds) be scaled and made more accessible to investors, to support sustainable development investment? (action 28g)
• How can governments and regulators build the right enabling environments and regulatory frameworks for sustainable business and finance, in alignment with both national development priorities and international standards for cross-border investment? (action 29 d-g)