UN Secretary-General Guterres Urges $500 Billion Annual Investment for Developing Nations at UNCTAD's 8th WIF

The 8th World Investment Forum (WIF) opened on October 16 in Abu Dhabi, focusing on the investment challenges faced by the world's developing countries amid today's global crises.

UN Secretary-General António Guterres, in a statement, urged participants - heads of state, business leaders, sustainable stock exchanges, sovereign wealth funds, and experts - to put the Sustainable Development Goals (SDGs) Stimulus Package into effect and work towards delivering $500 billion annual investment for developing countries.

The SDGs Stimulus Package is a blueprint for mobilizing $500 billion in annual investment for developing countries by 2025. It is essential for achieving the SDGs, which are a set of 17 goals that aim to create a more sustainable and equitable world for all.

Keynote Address by UN Secretary-General:

UN Secretary-General António Guterres urged the distinguished participants, including heads of state, business leaders, sustainable stock exchanges, sovereign wealth funds, and experts, to take concrete steps to implement the Sustainable Development Goals (SDGs) Stimulus Package. This initiative aims to deliver a significant annual investment of $500 billion to support developing countries.

Call for Climate Action:

Secretary-General Guterres further emphasized the importance of governments setting a fair price on carbon and urged companies to adopt credible net-zero plans. These actions align with the recommendations of the High-Level Expert Group on Net-Zero Emissions Commitments of Non-State Entities.

Forum Theme and Climate Focus:

Under the theme "Investing in Sustainable Development," the forum strategically aligns with the forthcoming global climate change talks at COP28. Within the forum, a dedicated track will focus on advancing climate finance and investment. This track provides a critical platform for policymakers to collaborate and develop solutions that support global climate negotiations.

Support and Official Opening:

Supported by the Ministry of Economy and the Abu Dhabi Department of Economic Development (ADDED), with ADDED as the lead partner, the 2023 World Investment Forum was inaugurated in Abu Dhabi.

The event welcomed heads of state, Rebeca Grynspan, Secretary-General of UNCTAD, distinguished guests, and over 7,000 senior government officials, decision-makers, business leaders, and investment stakeholders from 160 countries. The WIF is scheduled to run until October 20th at the Abu Dhabi National Exhibition Centre (ADNEC).

Relevant and latest facts on investment in developing countries:

• Developing countries need $1-2 trillion in annual investment to achieve the SDGs.

• The COVID-19 pandemic and the war in Ukraine have exacerbated the investment gap in developing countries.

• Foreign direct investment in developing countries fell by 35% in 2020 and has not recovered to pre-pandemic levels.

• Climate change is a major threat to investment in developing countries.

Conclusion:

The 8th World Investment Forum is a timely and important event. It provides a platform for policymakers, business leaders, and other stakeholders to discuss the investment challenges faced by developing countries and to identify solutions. The forum's focus on sustainable development and climate finance is particularly relevant in the context of the upcoming COP28 climate change talks.