UNITED NATIONS

TAG: GS-3:  IMPORTANT INTERNATIONAL INSTITUTIONS

CONTEXT: The Prime Minister of India recently addressed the ‘Summit of the Future’ in New York at the United Nations on the theme “Multilateral Solutions for a Better Tomorrow.”

EXPLANATION:

What is the summit of the future?

The Summit of the Future is a global gathering scheduled for 22-23 September 2024, aimed at addressing both ongoing and emerging global challenges. The summit will bring together world leaders to discuss and agree on solutions that enhance international cooperation and strengthen global governance.

• It is a high-level event, bringing world leaders together to forge a new international consensus on how we deliver a better present and safeguard the future.
• It serves as a moment to mend eroded trust and demonstrate that international cooperation can effectively tackle current challenges as well as those that have emerged in recent years or may yet be over the horizon.

• The high-level event will bring together UN Member States, UN agencies, non-governmental organizations (NGOs), civil society organizations (CSOs), academic institutions, the private sector, and youth under the theme, ‘Summit of the Future: Multilateral Solutions for a Better Tomorrow’.
• The Summit of the Future 2024 is a flagshipevent organized during the annual high-level UN General Assembly meeting in September. It focuses on key global issues, with a particular emphasis on reforming multilateral development banks (MDBs) to address contemporary challenges like poverty and climate crisis.

What are MDBs?

• MDBs are international financial institutions (e.g., World Bank Group and the Asian Development Bank) aiding developing countries with financial and technical assistance to foster economic development and reduce poverty.
• Recommendations by the independent expert group on MDB’s Reform (during India’s G20 presidency) include tripling annual lending levels by 2030, adopting a triple mandate for MDBs to eliminate extreme poverty, and modernizing funding models.

Key Highlights of the Address:

• The Prime Minister shared India’s vision for a sustainable future, representing one-sixth of humanity.
• He emphasised a human-centric approach for global peace, development, and prosperity.
• India’s achievements include lifting 250 million people out of poverty over the past decade.

Why was the summit proposed:

• The idea of the Summit emerged from the UN Secretary-General’s Our Common Agenda report, which responded to calls for innovative strategies to handle current and future global challenges. The report emphasized the need for renewed trust and cooperation across borders and generations.
• Aim is to build upon the Sustainable development Goal (SDG) Summitand deliver an action-oriented Pact for the Future to accelerate progress towards the Sustainable Development Goals.

About the “pact for the future”:

The Pact for the Future is the key outcome document expected from the Summit. It will focus on reaffirming the UN Charter, reinvigorating multilateralism, and implementing solutions to emerging challenges. It will be endorsed by Member States during the Summit.

Key aspects of the “Pact for the Future” include:

• Reforming Global Governance: The pact seeks to strengthen and reform global institutions like the United Nations, ensuring they are better equipped to handle modern challenges.
• Sustainable Development: It emphasizes the urgent need to accelerate progress on the 2030 Agenda for Sustainable Development, focusing on achieving the Sustainable Development Goals (SDGs).
• Climate and Environmental Action: The pact is expected to address critical environmental challenges, including climate change, biodiversity loss, and pollution, promoting enhanced international cooperation for climate justice.
• Digital Cooperation: With the rapid rise of digital technologies, the pact may include frameworks for digital governance, promoting responsible technology use, addressing cyber threats, and ensuring equitable access to digital resources.
• Peace and Security: A significant component involves bolstering efforts to maintain international peace, address conflicts, and ensure human security.

UN Member States have agreed the Summit of the Future is centered around five key targets:

The Summit seeks to:

• Reaffirm the principles of the UN Charter.
• Strengthen international cooperation and multilateralism.
• Accelerate the implementation of commitments like the Sustainable Development Goals.
• Develop solutions for new global issues.
• Rebuild trust among countries and peoples.

Discuss the issues:

• The Summit will focus on global crises and governance gaps, including those highlighted by recent events like the COVID-19 pandemic, the Ukraine war, and environmental challenges. The agenda builds on frameworks like the UN Charter, the Paris Agreement, and the 2030 Agenda for Sustainable Development.
• It serves as a moment to mend eroded trust and demonstrate that international cooperation can effectively tackle current challenges and those that have emerged or may yet emerge.

Source:

https://pib.gov.in/PressReleasePage.aspx?PRID=2058080