STATEMENT BY MR. VIVEK GANESH, FIRST SECRETARY (POLITICAL), PERMANENT MISSION OF SINGAPORE TO THE UNITED NATIONS AT THE GENERAL DEBATE OF THE 79TH SESSION OF THE UNITED NATIONS GENERAL ASSEMBLY SECOND COMMITTEE 7 OCTOBER 2024

Thank you, Chair.
 
1 Singapore aligns itself with the statements made by Uganda on behalf of the Group of 77 and China, Samoa on behalf of the Alliance of Small Island States, and Laos on behalf of Association of Southeast Asian Nations. We also congratulate the Chair and members of the Bureau on your election and assure you of our full support. 

Chair, 

2 Secretary-General Antonio Guterres said at the opening at the 79th UNGA General Debate that the state of our world is unsustainable. Our collective aspirations are clear, but the gap between promise and results is widening. The implementation of the 2030 Agenda for Sustainable Development has stalled, with only 17% of assessable targets displaying progress. COVID-19, global conflicts, and the bifurcation of supply chains have exacerbated this slow progress, with the most vulnerable among us disproportionately affected. Yet, despite clarion calls for a scaling up of development financing, the annual Sustainable Development Goals (SDGs) investment gap in developing countries now stands at US$4 trillion, a 60% increase from 2019. 

3 The triple planetary crises of climate change, pollution and biodiversity loss continue to hang over us. 2023 was the hottest year on record. The strain on developing countries is made worse by more frequent and costly environmental disasters, with Small Island Developing States (SIDS) bearing the brunt of these costs. The annual economic damage was from disasters was estimated at US$173 billion between 2020 and 2023. International public financial flows supporting clean energy in developing countries only reached US$15.4 billion in 2022, around half the 2016 peak of US$28.5 billion. 

4 We must focus on solutions that go beyond policy frameworks. Let me emphasise three priorities: 

5 First, we must restore trust in the multilateral institutions best equipped to ensure sustainable growth and development, including the UN, World Trade Organisation, and the International Financial Institutions (IFIs). This will require reform of existing governance structures, transparency and accountability in assessment criteria, and greater mobilisation of resources to ensure the means of implementation for sustainable development are delivered in an enhanced and equitable manner. The first step is to ensure that the voice and representation of developing countries, in particular, the unrepresented and under-represented, are captured in these institutions, commensurate with the realities of today. This means realignment of shareholding to reflect relative positions in the world economy whilst protecting the quota shares of the poorest members. This also means increased capitalisation of our IFIs and balance sheet optimisation to enable greater concessional financing for developing countries. 

6 Second, Singapore echoes the Secretary-General’s call for a surge in financing for development. However, it is vital that financial flows to developing countries are not just increased, but made smarter and more effective. Let’s move from billions to trillions – but let’s do so wisely. The lion’s share of capital resides with the private sector. Unlocking private capital will require de-risking investments, incentivising SDG-aligned initiatives, and ensuring every dollar spent advances progress towards the SDGs. This requires a major recalibration of how we assess risk. It is no longer viable that renewable energy projects in developing countries often cost two to three times higher than in developed countries because of perceptions of macroeconomic risks rather than project-specific considerations. Public sector finance and governments must lead the way, including through innovative finance mechanisms, to invest in the SDGs; private capital will surely then follow. 

7 Third, leveraging digitalisation and international collaboration are longer options, but necessities. Digital technologies have helped advance sustainable development, but unfettered, they can entrench divides. To close the digital divide, we should forge stronger partnerships to share best practices and establish the relevant guardrails. We thus celebrate the adoption of the Global Digital Compact as a first, but important step in this regard. As a firm supporter of North-South, South-South, and triangular cooperation, Singapore looks forward to facilitating more knowledge exchange via the Singapore Cooperation Programme (SCP), our flagship platform for technical cooperation for fellow developing countries. 

Chair, 

8 We have less than six years to 2030. The time for bold, practical solutions is upon us. We must work harder to achieve the SDGs. To this end, Singapore will continue playing a constructive role in the Second Committee. 

9 Thank you. 

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