SRSG Mizutori's Remarks - Economic and Social Council Forum on Financing for Development: "Expanding Concessional Finance Aligned with National Sustainable Development Strategies"

It is clear from today’s discussion that the current approach to development assistance is not responsive to the increasing levels of risk within economic, social, and environmental systems.

The main message today is the need to support the most vulnerable and at-risk countries to create an enabling environment to attract finance for climate action, resilience, and sustainable development.

I heard the need to strengthen and replenish regional and global development banks and develop new tools for the most vulnerable countries, including exchanges of debt. This is critical to ensure all countries can make necessary investments in climate resilience.

I also heard the need for more innovative market-based tools and for institutional investors to consider the social and environmental impacts of their investments in developing countries. De-risking mechanisms to attract private finance was also highlighted as well as the need for grant-based finance in higher-risk countries.

There was a clear call for greater collaboration and coordination between multilateral and bilateral donors, as well as the private sector. All development finance actions can learn from each other and share good practice.

We have seen that the impact of multidimensional crises, from the COVID-19 pandemic to the climate crises and the conflict in the Ukraine, have increased demands for concessional finance and widened the finance gap towards achieving the SDGs.

I echo the calls to go beyond GDP and ensure that the most vulnerable countries receive the concessional financing needed to invest in risk reduction and resilience. And I encourage all development partners to look beyond project-based funding and take on the role of long-term partners and catalysts for innovative approaches to financing disaster risk reduction.