This past week, global leaders met at a four-day international conference on Financing Development in Ethiopia’s capital of Addis Ababa. True to name, the top priority on the summit’s agenda was the creation of a comprehensive financing framework for sustainable development.

This conference was the first of three summits scheduled for 2015, all of which aim to reestablish the world’s vision of sustainable prosperity and revamp the collaborative effort toward achieving this goal. Collectively, these summits will set transnational aspirations and set the global standard for sustainable development.

Conference attendees included high-level political representatives, Ministers of Finance, Foreign Affairs, and Development Cooperation, non-governmental organizations and business sector entities. The final outcome of the prolonged discussion was a document known as the Addis Ababa Action Agenda.

The Action Agenda will support the implementation of the post-2015 worldwide development agenda. Most notably, it will provide some backbone for the upcoming Sustainable Development Goals, scheduled to replace the current Millennium Development goals this September.

After intense discussion and deliberation, the 193 UN Member States were able to agree on a series of groundbreaking measures. These measures strategically aim to refurbish global finance practices and generate investments that will help tackle economic, social and environmental challenges.

Technically, the finalized agreement represents months rather than days of hard work and prolonged negotiations between countries. UN Secretary-General Ban Ki-moon is proud of this highly anticipated outcome.

He said, “The results here in Addis Ababa give us the foundation of a revitalized global partnership for sustainable development that will leave no one behind.” Indeed, the Action Agenda will help transform the upcoming SDGs from a dream into a reality, as strategized financing is key to the Goals’ success.

The agenda contains more than 100 concrete measures, addressing all sources of finance, and covering cooperation in terms of technology, science, innovation, trade and capacity building.

Specifically, the representatives agreed to establish a Technology Facilitation Mechanism at the SDG Summit in September. This will help to enhance collaboration among all relevant actors supporting the Sustainable Development Goals’ long-term implementation.

Infrastructure was another key point of focus, leading to an agreement to establish a Global Infrastructure Forum. This forum will help to identify infrastructural areas that need improvement. Additionally, it will help leaders pinpoint opportunities for investment and promote cooperation on international infrastructure projects.

In order to protect the poorest and most vulnerable global citizens, the countries adopted a new social compact that will work to establish social protection systems. To address health issues, the countries agreed to consider taxing harmful substances.

Representatives pledged their commitment to promote affordable access to credit for smaller business enterprises. They vowed to develop a global strategy for youth employment and promised to implement the International Labor Organization Global Jobs Pact within the next five years.

Leaders restated their commitment to achieve the original Millennium Development Goal target of allocating .7 percent of their countries’ gross national incomes for development assistance, and .15 percent to .2 percent for the world’s least developed countries.

In addition, the Action Agenda stresses the importance of inclusive cooperation among national tax authorities and the dangers of climate change. It calls on developed countries to achieve the goal of mobilizing $100 billion annually by 2020 to address developing countries’ most pressing needs.

By breaking down the complex financing needed to fight global poverty and promote sustainable development, the Action Agenda symbolizes a monumental step in the right direction. This pioneering financial framework will make the Sustainable Development Goals all the more achievable.

– Sarah Bernard

Sources: United Nations 1, United Nations 2, NPR, The Guardian
Photo: NPR