Summit of the Future has the potential to reset global systems and means to a sustainable future

Summit of the Future (SoTF), taking place in New York on 22-23 September, is a once in a generation high-level event, bringing world leaders together to adopt a Pact for the Future – an ambitious international consensus to build more sustainable, resilient, peaceful and safer future.

The Pact brings us a unique opportunity to reflect on our global challenges in a holistic way and look at and act upon the root causes of poverty, conflict, climate change and instability. Pact is also a moment to reaffirm our commitment to the key shared values – peace, security, human rights and sustainable development – and to acknowledge intersectionality between global financial and economic system and social outcomes and health of planet.

While governments are in the final stage of negotiations of the SoTF outcome document texts, we are reflecting here on our key hopes and expectations for the summit.

Retrofitting global governance institutions

The Pact for the Future needs to be positive by recognising the need for urgent reform of global governance and international financial institutions, including modernisation of Multilateral Development Banks (MDBs). if we are to meet the Sustainable Development Goals (SDGs) and the Paris Agreement.

Commitments such as “transforming global governance and reinvigorating the multilateral system” (Action 40) and to “accelerate reform of the international financial architecture to improve the voice and representation of developing countries” (Action 50) could be truly transformational if they lead to concrete, timebound actions. Currently governments wield power and draw down resources based on their own relative wealth, a hangover to colonial times when the Breton Woods institutions were set up 80 years ago.

Reform of the International Monetary Fund (IMF) quota system to enable a one member one vote approach would rebalance power. The UK should use its position in the IMF to table meaningful discussions on quota reform at the forthcoming IMF/WB annual meetings

Commitments on “rechanelling at least 50% of the 2021 allocation of Special Drawing rights (SDRs)” (Action 53) – needs to result in immediate action by wealthy governments, who are still sitting on the majority of the money without having made it available for climate and poverty action in poorer countries. At no extra cost to the taxpayer, the UK government could rechannel its own SDRs towards achieving the SDGs and Paris Agreement and rebuilding trust with low-income countries.

Finance for sustainable development

The Pact is critical for building up momentum for the upcoming fourth Finance for Development conference in 2025 to address the true cost of equitable, inclusive and sustainable development, centring wellbeing and delivering it within planetary boundaries. Whilst the current finance gap is about $ 4 trillion annually, without scaling up investment now, the finance gap can reach up to $10 trillion a year by 2030.

Therefore, we look forward to strong consensus around strengthening Official Development Assistance (ODA) to better support sustainable development and equitable growth, enhancing global tax cooperation, and reducing suffocating debt burden in low and middle-income countries. It is imperative that rich countries such as the UK use their privileged position within the international financial architecture to galvanise support among donor countries in support of these reforms.

Commitments to “strengthening the inclusiveness and effectiveness of tax cooperation at the United Nations” and “explore options for international cooperation on the taxation of high net-worth individuals in the appropriate fora” (Action 4) – mean that the UK and other rich countries should accept the emerging consensus and engage positively with the negotiations on the UN Tax Convention.

They need to agree an ambitious Framework Convention that promotes international tax cooperation and ensures that tax systems are fair, equitable, progressive, transparent and effective. They should also support efforts, including through Brazil’s G20 and COP30 Presidency, for effective tax measures on the most polluting and super wealthy individuals and companies. Tax is crucial in any country to provide public goods which are fundamental to healthy and sustainable societies – social protection, education, universal health coverage.

Commitments to the “importance of reforms to existing multilateral processes to facilitate collective action to prevent debt crises, facilitate debt restructuring and debt relief” (Action 52) mean that governments need to redouble their efforts to support a UN debt mechanism that would comprehensively address unsustainable debt, including through cancellation. But this must also go hand in hand with more transformative changes in global economic system preventing the repeating pattern of debt crisis.

Without climate justice there is no future

If SoTF is to really deliver for the future, it is only possible by acknowledging devasting impacts of climate change we are already facing and gaining strong consensus across international community about bold, decisive, fast, effective and adequately resourced transition to fossil fuel free, sustainable economy which works for nature, climate and people.

But it is not only about amounts of finance. We need to address the barriers that prevent finance from reaching vulnerable groups across the Least Developed Countries (LDCs) and Small Island Developing States (SIDS) and other locations where they are most needed – communities on the frontline of the climate and nature crises. We believe that locally led action is crucial to building a more resilient, equitable future. This means giving local communities – and Indigenous Peoples – the decision-making authority over how finance is used and ensuring long-term support for their initiatives.

We support commitments to “scaling up the provision and mobilisation of new and additional grant-based, highly concessional finance and non-debt instruments” (Action 9) which need to be agreed in COP29 in an ambitious post-2025 new collective quantified goal (NCQG), and contribute to mitigation, adaptation and loss and damage. We will welcome establishment of the Loss and Damage found and generous contributions by member states, including the UK. We also need clear timebound commitments to end all investments in fossil fuels which should also set a clear level playing field for private sectors to reorient and transform to align with the Paris agreement.

Investing in youth – the face of future

Half the world is under 30 – it is critical to partner with – and listen to – children and young people to design policies and strategies for the future so that they can succeed. Therefore, it is encouraging to see commitments around the establishment of mechanisms to support youth engagement in national policy-making and to address some of the biggest challenges faced by youth. A Youth Power Summit on the fringe of the Summit of the Future will aim to prove the value and importance of youth engagement in policy making.

Moreover, we hope that the commitments around accessible and transparent funding for youth-led and youth-focused organisations will make it back into the final Pact document. Deprivation of youth funding today is robbery of our future. It is also critical that the Pact includes clear provisions for accountability – commitments without a clear plan of action is just a wishful thinking.

Where we can get better

Though Pact negotiations and three rounds of Pact revisions give us room for hope and optimism, there are also a few concerning points. We note that all three outcome documents remain relatively weak on human rights, the role of civil society, importance of open civic space and lack of timebound and measurable targets.

It is also critical, both at national and international level, to ensure coherence and alignment of the 2030 Agenda for Sustainable Development, the Addis Ababa Action Agenda on financing for development, and the Paris Agreement on climate change, ensuring that domestic and international efforts are integrated and contribute to global sustainability goals.

Member States must ensure that their policies actively promote equity, both globally and domestically and should meaningfully engage diverse stakeholders, including civil society and local populations, persons with disabilities, children, women and girls, indigenous communities and other groups at risk of being left behind, to foster inclusive dialogue and ensure that policy making is people-centred.

Written by Sandra Martinsone with contributions from: Lilei Chow (Save the Children), Aissata Ndiaye (Sightsavers), Graham Gordon (Christian Aid), Rosanne Palmer-White, (Restless Development), Oliver Arnold Richards (IIED).