As part of the FfD4 intersessional multi-stakeholder hearing, a hybrid side event titled “Breaking the SDG finance gridlock through strengthening local government finance” took place on Tuesday, 29 October 2024, in New York.
Organized by UNDESA, UNCDF, UNDP and the Global Taskforce of Local and Regional Governments/UCLG, the event focused on unlocking development finance for local governments to accelerate progress toward the Sustainable Development Goals (SDGs).
Video message of Mr. Navid Hanif, Assistant Secretary-General for Economic Development in the Department of Economic and Social Affairs (UNDESA):
Video message of Mr. Pradeep Kurukulasuriya, Executive Secretary of the United Nations Capital Development Fund (UNCDF):
Video message from Mr. Haoliang Xu, UN Under Secretary-General and Associate Administrator of United Nations Development Programme (UNDP):
Speech of Mr. Anthony Berthelot, Mayor of Indre and Vice-President of Nantes Metropole, on behalf of UCLG:
Since the 2015 Addis Ababa Action Agenda paragraph 34 on subnational finance, there has been increasing recognition of the vital role local and regional governments play in delivering essential public services and implementing the SDGs.
Local and regional governments are key actors in delivering public services, managing up to 65% of SDG indicators. However, they often face financial constraints and limited capacity to generate revenue, making it challenging to address urbanization and infrastructure needs for sustainable development.
This event explored solutions to overcome these barriers and enhance local government finance to support national development agendas.
Local governments are not only vital for economic growth and reducing territorial inequalities, but they also play an important role in building trust in public institutions and mitigating potential conflicts. The event examined innovative approaches to boost local government financing, such as expanding policy space, enhancing asset management, and channeling international cooperation and official development assistance directly through local authorities.
As the FfD4 process approaches, the need to break the gridlock on development finance becomes more urgent. Empowering local governments to access sustainable finance is essential to achieving the SDGs, fostering sustainable growth, and ensuring that no one, and no place, is left behind.
Download the concept note here
If you missed the event, you can watch it here: