EU development ministers argued that the 2030 Agenda for Sustainable Development and the reform of the world financial system both depend on the social component of ecological and digital transformations.
Josep Borrell, the top diplomat of the European Union for Foreign Affairs as well as Security Policy, presided over the unofficial administrative satisfying on development held in Cadiz while Spain held the EU Council’s rotating presidency. Pilar Cancela, the Assistant Secretary of the State for International Cooperation, also attended.
The debate over the ‘triple transition’ (social, green, and digital) was sparked by the Spanish presidency, with a focus on the social transition, which serves as the cornerstone for all sustainable, inclusive, and equitable transformations.
The main goal of this conference, according to Borrell, was to restart the work in anticipation of the upcoming SDG Summit, a significant gathering to advance the 2030 Agenda for Sustainable Development, which will take part at the UN at the conclusion of the month.
The social component of the triple transition, according to Cancela, “is essential; lacking this backing, the process of transition won’t continue to be just, and that’s precisely one of the distinctive characteristics of the EU: the notion of camaraderie and social cohesion.”
Amina Mohammed, the deputy secretary-general of the United Nations, participated in a videoconference at the ministerial meeting and emphasized the significance of EU member states taking a strong position to achieving the goals of Sustainable Development.
The Secretary of the State asserted that “the 2030, Agenda has a deadline, and it is accurate that all the current crises are making it challenging to advance with some targets at the anticipated rate. Because of this, the position taken by the EU must be firm, clear, and forceful.
that “we live in an age full of situations of crisis, debts, wars, political instability, with a major international power struggle,” said Borrell.
Global financial architecture reform
The leaders of Europe spoke on reforming multilateral financial institutions in the second half of the meeting since they, in the words of the Highest the representative, “play a vital part of offering supplies to ensure security in responses to deep crisis and exchange rate fluctuations.”
The Secretary of State asserted that multilateral financial institutions needed to be ready for these fresh difficulties, “in particular since we recognize that assets are not infinite and that contends do not have enough money over large international initiatives and to cope with these new situations.”
The G20 and the UN have sparked a reform of the global financial system, focusing on the international development banks (MDBs), and it will be discussed at the World Bank Group’s Annual Meeting in Marrakesh in October.
“We play played an essential part in providing funds to deal with unpredictability, the debt crisis, and international fluctuations in exchange rates that are becoming increasingly utilized as an instrument of political influence,” Borrell said in his conclusion.