2022 ECOSOC Forum on Financing for Development

Mr President,

Excellencies,

Eight years before the target date of the Agenda 2030, the world is at a crossroads. The fragile pandemic recovery, the impact of climate change and a spike in global food prices caused by Russia’s aggression against Ukraine, threaten the progress made, in particular in developing countries. 

As we prepare for the Fifth Conference on the Least Developed Countries, we must scale-up dedicated support, and redouble efforts to achieve the SDGs. Luxembourg welcomes the recent adoption of the Doha Programme of Action, which includes new commitments for the LDCs for the period 2022-2031. At the same time, we must not leave behind those States that are most vulnerable in the face of climate change and new emerging challenges. 

In this respect, Luxembourg will continue to dedicate 1% of its Gross National Income to ODA, with a particular focus on the Least Developed Countries and the most vulnerable populations.

On a multilateral level, Luxembourg will continue to subscribe to the Funding Compact and provide UN agencies with the flexible and predictable contributions that are necessary to address the specific and nationally determined needs of developing countries. 

We are conscious that grant-based assistance alone will not suffice to overcome the existing financing gap. That is why Luxembourg is putting into practice innovative and inclusive finance approaches as a complement to traditional development funding. This includes the establishment of innovative financing instruments to facilitate new investments. In order for us to achieve the SDGs, it is crucial to mobilise private funding through blended finance instruments. 

Luxembourg has a vast expertise in sustainable finance, which includes green, social and sustainability bonds. Building on this we are currently working with our UN partners and key stakeholders on the introduction of gender bonds to advance gender equality and women’s empowerment. 

In conclusion, I would like to reiterate Luxembourg's continued commitment to devoting significant resources to achieve the Sustainable Development Goals. More than ever, we as an international community need to renew and strengthen our joint multilateral efforts to contribute to the cause of peace, prosperity and sustainable development. In this sense, we must continue to pursue a greener, more inclusive, and more resilient future. 

Thank you.