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Context: Urgent action is needed to pull the world out of the unprecedented crisis caused by the global pandemic, Russia’s protracted invasion of Ukraine combined with deepening inequality in access to resources, flagged United Nations Secretary-General António Guterres.  He was speaking at the opening of the 2022 High-level Segment of the UN Economic and Social Council, Ministerial Segment of the High-Level Political Forum. 

Details:

• The various socio-economic and climatic challenges have made it all the more difficult for countries to achieve the UN-mandated Sustainable Development Goals, he said, and it may be “too late” if action isn’t taken NOW to overcome them.
• Global policy-makers know what to do, he said, listing out:
• End the senseless, disastrous wars — now
• Unleash a renewable energy revolution — now
• Invest in people and build a new social contract — now
• The Russia-Ukraine war has derailed recovery from pandemic across the globe as well as climate action at the necessary pace.
• Developing countries, however, have been disproportionately affected because of global and national inequality as well as lack of basic infrastructure.
• Developing countries are missing $1.2 trillion per year, just to fill the social protection gap; and 60 per cent of developing economies are currently in, or at high risk of, debt distress. 
• He outlined four broad solution areas that can prevent the world from succumbing to the multi-pronged challenges: Recovery from COVID-19 in every country; tackling food, energy and financial crises; investing in people; and working towards climate goals without delay. 
• A more prudent rationing of climate finance and “more concessional funding, especially in relation to climate adaptation” are the need of the hour. 
• The following measures are imperative in this regard, he said: 
• Developed countries must make good on their $100 billion climate finance commitment to developing countries, starting this year. 
• Half of all climate finance should go to adaptation. Everyone in climate- related high-risk areas should be covered by early warning systems within the next five years. 
• The World Bank and the other international financial institutions must provide much more concessional funding, especially in relation to climate adaptation.
• To stabilise the food, energy and financial situation, an overhaul of the global financing system is required to favour the developing world, which is currently not the case. 
• Apart from global disparity, internal inequality in developing countries also need to end, he added, and for this, they need financial support from the developed world.
• Guterres also stressed on the need for reinforcing educational structures to ensure people have the skills to protect communities from challenges like those plaguing the world at present.
• For this, he urged governments to use The Global Accelerator on Jobs and Social Protection for Just Transitions.This tool, he said, should be used to reskill and retool their workforce for more digital- and sustainable energy-driven economic activities.

Background:

• India was elected to the Economic and Social Council, one of the six main organs of the United Nations, for the 2022-24 term.
• India was elected in the Asia-Pacific States categoryalong with Afghanistan, Kazakhstan and Oman.

ECOSOC

• The UN Charter established ECOSOC in 1945 as one of the six main organs of the United Nations.
• The 54-member Economic and Social Council (ECOSOC) is at the heart of the United Nations system to advance the three dimensions of sustainable development – economic, social and environmental.
• It is the central platform for fostering debate and innovative thinking, forging consensus on ways forward, and coordinating efforts to achieve internationally agreed goals.
• It is also responsible for the follow-up to major UN conferences and summits.
• ECOSOC’s 54 members are elected for three-year terms by the General
• Seats on the Council are allotted based on geographical representationwith 14 allocated to African states, 11 to Asian states, six to eastern European states, 10 to Latin American and Caribbean states and 13 to western European and other states, according to the ECOSOC website.

https://www.downtoearth.org.in/news/governance/reform-global-financing-system-fast-track-climate-action-un-chief-83721

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