United Nations Secretary-General António Guterres, together with Co-Chairs Achim Steiner and Maria Ramos, launched the report of the Task Force, People’s Money: Harnessing Digitalization to Finance a Sustainable Future.
The Task Force was established by the Secretary-General as part of his broader Roadmap for Financing the 2030 Agenda for Sustainable Development: 2019-2021. Its mandate: to catalyse and recommend ways to harness digital financing to accelerate the financing of the Sustainable Development Goals. It brought together 17 leaders from finance, technology, policy, regulation and international development, who through their work together, engaged in dozens of countries and with hundreds of experts and institutions over an 18 month period.
The Task Force’s findings point to digital disruption as a historic opportunity to reshape finance. Digitalization can have a transformative impact by empowering people as savers, lenders, borrowers, investors, and taxpayers. The Task Force has focused on how digitalization can support the development of a citizen-centric financial system that supports peoples’ priorities, collectively represented by the SDGs.
The report illustrates, through case examples and data, how digitalization has the potential to reshape the flows of large amounts of finance towards SDG impacts and alignment through more and better data, cheaper intermediation and innovative new business models.
The Task Force’s Call to Action to harness digitalization in creating a citizen-centric financial system aligned to the SDGs is underpinned by an Action Agenda with a three-part set of recommendations.
Implementing the Action Agenda requires distinct actions by seven groups across public and private sectors, at the local, national, regional and global level. It requires both ambitious individual action and ‘joining the dots’ between different groups of actors.
The Call to Action and Action Agenda is ambitious and achievable and are relevant to all countries. Specific aspects and focus areas, however, depend on national priorities, the maturity of digital infrastructure, public financing and financial markets, capabilities and financial governance arrangements.
The UN supports the Member States in implementing the 2030 Agenda for Sustainable Development. As part of this, there are three ways in which the UN can advance the Task Force’s Action Agenda.
Finally, the Task Force recommends that the UN should develop a mechanism for stewarding the implementation of the Task Force’s recommendations.
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