UN calls for private sector funding for post-2015 development

UN Secretary-General Ban Ki- moon on Wednesday stressed the importance of private sector funding for the post-2015 agenda and a comprehensive agreement on climate change in Paris in December.

At the two-day interactive hearing ahead of the Third International Conference on Financing for Development in Addis Ababa, Ban said both public and private funding for sustainable development initiatives would be "crucial for securing an ambitious post-2015 agenda."

"All sources of funding must be tapped public and private, national and international. Domestic resource mobilization will be crucial," Ban said.

"A successful outcome of the Addis Ababa Conference is crucial for securing an ambitious post-2015 development agenda and a comprehensive agreement on climate change later this year in December, in Paris," said Ban.

However, he noted, various obstacles persist when many countries attempt to raise public resources through taxation, while private international capital flows suffered from volatility.

In addition, new challenges have risen.

The global financial crisis exposed risks and underlying vulnerabilities in the international financial systems. Inequalities within many countries have been increasing. Environmental challenges, have become unsustainable, according to the secretary general.

"The world needs an international financial framework that is predictable and effective in meeting these challenges and achieving sustainable and inclusive development," said Ban.

"We invite the private sector to be our partners in supporting and financing this agenda, including through partnerships and collaboration," he said.

This year marks the end of the 15-year span of the UN Millennium Development Goals (MDGs). The post-2015 development agenda, also known as Sustainable Development Goals, will be a very important one for the humanity, targeting by 2030 - another 15 years, according to the secretary general.

In the statement by Sam Kutesa, president of the 69th session of the UN General Assembly delivered by a representative at the same hearing, Kutesa echoed Ban's opinion on private funding.

"The active participation and commitment of the business sector is vital for the success of the Addis Conference, and for the implementation of the post-2015 development agenda," Kutesa said.

While businesses should take into account profit and shareholder value, they have opportunities to realize long-term success by contributing towards achievement of sustainable development, including through partnerships and collaboration with the public sector, Kutesa said. Endite