TWN Info Service on Trade, Finance, Climate Change and Sustainable Development
30 January 2024
Third World Network
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UN: Global order under threat by a retreat from multilateralism – G77
Published in SUNS #9934 dated 29 January 2024

Penang, 26 Jan (Kanaga Raja) — The global order underpinned by international law and the institutions that uphold it, is under threat by a retreat from multilateralism and from a collective approach to problem-solving, according to the Group of 77 and China.

In an Outcome Document issued following the Third South Summit of the G77 and China, held in Kampala, Uganda on 21-22 January 2024, on the 60th anniversary of the establishment of the Group, the G77 and China warned that the rise in unilateral policies and actions in the political, economic and trade domains is a major threat to multilateralism and should be stopped.

In this context, the G77 and China underscored their critical role “in providing the Global South with the means to articulate our shared vision, promote our interests and enhance our joint negotiating capacity within the United Nations system.”

“We are proud of the great legacy and achievements of the Group in defending and promoting the interests of the developing countries and in pursuing sustainable development and shared prosperity,” they said.

“We will intensify our efforts to work collectively for the well-being and prosperity of the countries and the peoples of the South, for mutually beneficial cooperation and a world order that is just, equitable, stable and peaceful,” said the Group.

In their Outcome Document, the Group recalled the adoption of General Assembly resolution 78/203 and Human Rights Council resolution 54/18, on the right to development which included the submission to the General Assembly of the United Nations of the draft International Covenant on the Right to Development for its consideration, negotiation, and subsequent adoption, which will be of paramount importance for the effective realization of the right to development, which “we consider a universal, indivisible and inalienable human right of all our peoples.”

“We recognize that the global scenario has changed dramatically since the adoption of the 2030 Agenda for Sustainable Development. We note also that, unfortunately, the overall progress in the achievement of sustainable development has fallen short of expectation. Progress at the halfway point of the 2030 Agenda implementation is slow or fragile. Obstacles to progress include limited support to developing countries, especially with regard to financing for development, transfer of technology and capacity building.”

The Group further noted with deep concern that the gap between developed and developing countries has continued to widen and that the major challenges generated by the current unfair international economic order for developing countries have reached their most acute expression in current times due, inter alia, to the persistent negative effects of the COVID-19 pandemic, geopolitical tensions and conflicts, unilateral coercive measures, the fragile global economic outlook, increased pressure on food, fertilizer and energy, continued inflation and volatility of the financial markets, the growing burden of the external debt, increased displacement of people, widening levels of extreme poverty and food insecurity and setbacks in the gains that had been achieved in the eradication of poverty in developing countries, rising inequalities within and among countries, including deepening gender inequality, and the growing challenge and adverse effects of climate change, biodiversity loss, pollution, desertification, sand and dust storms and environmental degradation, as well as the digital divides, with no clear roadmap so far to address these global problems.

Under these circumstances, it urgently called for “joint, and coordinated action-oriented efforts to strengthen multilateralism, better harness and utilize the growing potential of South-South Cooperation, putting development at front and centre of our Group, pursuing sustainable development in its three dimensions in accordance with the 2030 Agenda and its SDGs and for placing the Global South in a more influential and equal footing in the international arena and in mutually beneficial cooperation with all partners.”

The Group also emphasized that, while developing countries are committed to undertaking their international obligations, “it is imperative that identical obligations are not forced on unequal participants and we are determined to defend and take appropriate concerted actions to ensure that the international community remains sensitive to their different levels of development and take into account the need for equity, flexibility and national policy space for developing countries while assuming international commitments.”

RIGHT TO SELF-DETERMINATION

The Group reaffirmed full respect for the purposes and principles of the Charter of the United Nations and international law.

“We reaffirm in this regard the need to respect the principles of equality among States, national sovereignty, territorial integrity and political independence of States and non-interference in their internal affairs.”

It also reaffirmed the need to respect the right to self-determination of peoples living under colonial or foreign occupation and other forms of alien domination.

The Group reaffirmed that there can be no sustainable development without peace and no peace without sustainable development.

“We stress the importance of building a culture of peace by strengthening multilateralism based on international law, developing friendly relations among nations, promoting peaceful settlement of disputes, and taking other appropriate measures to strengthen universal peace and to ensure the fulfilment, promotion and protection of all human rights, including the right to development.”

The Group reaffirmed its principled and longstanding support for the right of the Palestinian people to self- determination and the achievement of justice and their legitimate national aspirations, including for freedom, peace and dignity in their independent State of Palestine, with East Jerusalem as its capital, in line with the relevant United Nations resolutions, the Madrid terms of reference, and the Arab Peace Initiative.

“We therefore stress the urgent need for a credible political horizon to bring an end to the Israeli occupation that began in June 1967 and to address and resolve the root causes of this ongoing injustice, in accordance with international law and the relevant United Nations resolutions.”

The Group deplored the systematic, grave breaches of international law, including international humanitarian and human rights law, committed by Israel, the occupying Power, in the Occupied Palestinian Territory, including East Jerusalem, and called for full compliance with international law and for accountability.

It also deplored the dire humanitarian catastrophe, the severe socioeconomic conditions and challenges, including the widespread extreme poverty and the unprecedented scale of death, devastation, and destruction, including of civilian infrastructure essential for human survival, and the health, water, sanitation, energy and telecommunications crises, facing the civilian population, in particular as a result of the ongoing Israeli illegal blockade and siege and the war crimes and crimes against humanity, committed by Israel, the occupying Power, against the Palestinian civilian population in the occupied Gaza Strip.

“In this regard, we call for accountability for these violations and for the Security Council, in line with its Charter duty for the maintenance of international peace and security, to undertake serious efforts to implement its resolutions, imperative for bringing an end to Israel’s impunity, realizing justice for the victims, and contributing to a just and peaceful solution of the Palestinian-Israeli conflict without delay.”

The Group reiterated its demand for the resumption of a peace process, including negotiations based on international law and the UN resolutions and for the immediate and full withdrawal of Israel, the occupying Power, from the Occupied Palestinian Territory, including East Jerusalem, and the occupied Syrian Golan to the line of 4 June 1967 and from the remaining Lebanese occupied land.

“We also reiterate our demand for the immediate and full lifting of the Israeli blockade imposed on the Gaza Strip, which constitutes massive collective punishment, and in this regard, we call for the full and immediate implementation of the relevant resolutions, including Security Council resolutions 2334 (2016), 2712 (2023) and 2720 (2023) and General Assembly resolutions ES-10/21 and ES-10/22.”

The Group reiterated its call for the complete dismantlement and immediate cessation of all illegal Israeli settlement activities in the Occupied Palestinian Territory, including East Jerusalem, and in the occupied Syrian Golan.

“We also reaffirm our conviction that the Israeli occupation remains the main obstacle to the efforts to achieve sustainable development and a sound economic environment in the Occupied Palestinian Territory, including East Jerusalem, and in the occupied Syrian Golan.”

The Group called on Israel to end its strikes on Syrian civil infrastructure, including civil airports, which constitutes a violation of the principles of the United Nations Charter and international law, threatens the livelihood of civilians and the safety of civil aviation, and hinders United Nations humanitarian operations.

The Group also expressed its strongest rejection of the implementation of unilateral coercive measures and reiterated its solidarity with Cuba.

“We reaffirm our call upon the Government of the United States to put an end to the economic, commercial and financial blockade imposed on that sisterly nation for more than six decades that constitutes the major impediment for its full development.”

At the same time, it regretted the measures implemented by the government of the United States since November 9th, 2017, which strengthen the blockade.

“We express deep concern over the widening of the extraterritorial nature of the embargo against Cuba, including the full implementation of Chapter III of the Helms-Burton Act, and reject the reinforcement of the financial measures adopted by the Government of United States, aimed at tightening the embargo.”

2030 AGENDA

The Group reaffirmed all the principles of the United Nations Conference on Environment and Development, held in Rio de Janeiro, Brazil, in 1992, in particular, the principle of common but differentiated responsibilities.

“We reiterate that the 2030 Agenda for Sustainable Development, the Addis Ababa Action Agenda, the Paris Agreement adopted under the UNFCCC, the New Urban Agenda and the Sendai Framework for Disaster Risk Reduction, as well as all other major outcome documents in relation to countries in special situations, shall be implemented in their entirety, and the commitments enshrined in them shall be honoured, in line with the principles of multilateralism and international cooperation.”

It reaffirmed the universality of the 2030 Agenda and its comprehensive, far-reaching, people-centred and transformative set of Sustainable Development Goals and targets, guided by the principle of leaving no one and no country behind.

“We reaffirm that eradicating poverty in all its forms and dimensions, including extreme poverty, is the greatest global challenge and an indispensable requirement for sustainable development.”

The Group reaffirmed its commitment to work tirelessly for the full implementation of this Agenda by 2030 “in a balanced and integrated manner to achieve sustainable development in its three dimensions and building on the achievements and lessons learned from the Millennium Development Goals and seeking to address their unfinished business.”

The Group urged “our developed partners to join with us in this universal aspiration, to facilitate the transfer of technology, capacity building and financing for sustainable development, and achieve the SDGs.”

The Group stressed the importance of adequate means of implementation of the 2030 Agenda for Sustainable Development and called upon the developed countries to agree and commit to a new phase of international cooperation through a strengthened and scaled-up global partnership for development.

“Achieving the SDGs requires new, additional, quality, adequate, sustainable, and predictable financing, as well as a bold approach to development finance. In this context, we stress that the Addis Ababa Action Agenda is an integral part of the 2030 Agenda. We call for its full and effective implementation which is critical for the realization of the SDGs and their targets and look forward to the IV International Conference for Financing for Development to assess its progress and address the current and emerging financing challenges.”

The Group recalled the holding of UNCTAD-15 in Barbados from 3-7 October 2021, reaffirmed the Bridgetown Ministerial Declaration and renewed its commitment to support UNCTAD as the major UN voice for the South in the area of trade and development in order to fulfil its mandate as envisaged by the Group in the Joint Declaration of 15 June 1964.

“We reiterate the role of UNCTAD as the focal point within the United Nations system for the integrated treatment of trade and development and interrelated issues in the areas of finance, technology, investment and sustainable development, and in contributing to supporting the full and effective implementation of the 2030 Agenda, to carry developing countries’ voice within the United Nations and beyond.”

INTERNATIONAL FINANCIAL ARCHITECTURE

In the Outcome Document, the Group noted with great concern that the international financial architecture has not kept pace with a changing global landscape and has failed to deliver the financing or stability needed to achieve the Sustainable Development Goals, and called for urgent reform of the international financial architecture, including the international financial institutions and their governance structure, to be equitable and responsive to the financing needs of developing countries, to enhance their effectiveness, and to broaden and strengthen the voice, participation, and representation of developing countries in international economic decision-making, norm-setting and global economic governance including with the aim to accelerate the achievement of sustainable development.

In that sense, the comprehensive reform of the IFIs is a long-standing demand that seeks to be faithful to the principles and purposes of the United Nations Charter and international law.”

The Group reaffirmed the need to uphold and strengthen the role of the United Nations, in particular the General Assembly and ECOSOC in dealing with the reform of the international financial architecture to ensure that the voice of every nation is heard and taken into account in such important matters pertaining to global governance.

“We reiterate that, in light of the tightening global financial conditions and severe debt crises in many developing countries, reforms of the international financial architecture should better reflect the needs and priorities of developing countries and include a lasting and fair solution to the debt crisis and substantially enhance the capacity of and urge multilateral development banks to meet the financing needs of all developing countries, including low- and middle-income countries, through concessional finance and grants.”

The Group reaffirmed the need to ensure that developing countries have the necessary fiscal space for recovery and achieving the SDGs, noted the increasing financing gap and underlined that bridging this gap is essential to move towards recovery.

It said this would require, amongst other measures, fulfilment of ODA commitments, access to concessional finance by all developing countries, in particular low- and middle-income countries, debt treatment, enhanced financing mechanisms including innovative financing, combatting illicit financial flows that drain resources from developing countries, as well as larger FDI to the Global South.

“We reaffirm our call to seek ways in which concessional loans and grants can be scaled up. We reiterate the essential need to channel unutilized quotas of existing and newly allocated SDRs from developed countries with strong external positions to the developing countries most in need of liquidity and regional development banks.” The Group also called for new issuances of SDRs, driven by the need to enable the achievement of the Sustainable Development Goals, including eradicating poverty.

It noted with concern that countries with substantial IMF loans are burdened with additional interest in the form of surcharges, and that the existing structure of IMF charges and surcharges is inefficient since it operates procyclically, and inequitable since it leaves the most distressed countries bearing the heaviest financial burden.

In this regard, the Group urged the IMF to suspend the surcharge policy charge with immediate effect.

It recognized that the unsustainable debt burdens in developing countries are stretching social safety nets, causing socioeconomic distress and constraining sustainable development, while the multilateral response has been subdued, considering the severity of the situation.

“We call for an improved global sovereign debt architecture with the meaningful participation of developing countries, allowing for fair, balanced and development-oriented treatment.”

The Group reiterated the need for multilateral debt mechanisms to fully address sovereign external debt distress and provide an effective, efficient, equitable, comprehensive and predictable mechanism for managing debt crises in a way that is aligned with the development needs of all developing countries, in particular in low- and middle-income countries.

“We recognize the need to consider a concrete tool to incentivize, encourage, or ensure private creditors’ participation in debt treatments alongside the official sector to ensure comparable treatment of creditors.”

The Group reaffirmed the urgent need for scaling up debt swaps for SDGs, including debt swaps for climate and nature, to allow developing countries to use debt service payments for investments in sustainable development and taking multilateral measures to standardize the use of these mechanisms, while recognizing debt swaps cannot replace broader debt treatments in unsustainable debt situations.

“We urge for tangible progress in MDBs reform to bring forward actions to mobilize and provide additional development financing within their mandates to support developing countries to achieve the SDGs, including through securing increases to grants and concessional finance and technical assistance better leveraging their capital bases and considering ways to increase their capitalization, expanding local currency lending, participating in the formulation and new financial instruments and mechanisms for developing countries.”

The Group stressed that inaccurate credit ratings can impact the cost of borrowing and the stability of the international financial system.

It said given their role in either facilitating or hampering progress on debt treatment and affecting the cost of borrowing, it would be important that credit rating agencies ensure that their ratings are objective, independent and based on accurate information and sound analytical methods. We encourage transparency from credit rating agencies to consider adapting the use of criteria to extraordinary circumstances.

The Group reaffirmed the urgent need to establish the set of measures of progress on sustainable development that complement or go beyond gross domestic product through a UN-led intergovernmental process in consultation with all relevant stakeholders to inform access to concessional finance and technical cooperation for developing countries and to have a more inclusive approach to international cooperation.

“We emphasize that this will also require increased investment in national statistical systems, in data collection, and the provision and mobilization of the necessary resources to support capacity building for national statistical agencies in developing countries.”

The Group reaffirmed that Official Development Assistance (ODA) remains the main channel for international cooperation and stressed its paramount importance in supporting the sustainable development needs of developing countries, in particular countries in special situations and those facing specific challenges.

“We note with concern that target for developed countries to provide 0.7% of their GNI in ODA has not been met once since its formal approval more than 50 years ago.”

The Group urged developed countries to fulfil their unmet ODA commitments to developing countries, in keeping with their previous undertakings, and to scale up those efforts to play a meaningful role in eradicating poverty in all its forms and dimensions, and to increase their flows of ODA to 0.7 percent of GNI to developing countries and 0.15-0.20 per cent of GNI to LDCs, as called for in target 17.2 of the Sustainable Development Goals.

“We note that a significant portion of ODA is dedicated to in-donor services to refugees, which is not consistent with long-term and sustainable approach to financing for development to achieve 2030 Agenda targets.”

The Group stressed that, for ODA flows to be most effective, they should be aligned with national priorities and development strategies of the recipient countries and should not be tied to conditionalities.

“We note with deep concern the increase in the illicit financial flows, particularly from developing countries, and the negative impact it poses with respect to the realization of the Sustainable Development Goals, the rule of law and the security of nations.”

It urged all States to scale up the level of cooperation to curb illicit financial flows and recover the proceeds of crime, including embezzled public funds, stolen assets and unaccounted-for assets that are found in safe havens, and to demonstrate strong commitment to ensuring the return of such assets to the countries of origin.

We also urge the international community to enhance its support for the efforts of Member States to develop and strengthen capacities in various areas, inter alia, their national tax authorities, legal and regulatory institutions, businesses and financial institutions, and for increased public awareness to enhance accountability mechanisms and help to combat illicit financial flows.”

In addition, the Group called upon States to consider the possibility of waiving or reducing to the barest minimum the processes and costs of the recovery of assets, in particular by reducing the administrative and legal bottlenecks in the recovery of illicit assets.

It emphasized that promoting inclusive and effective international tax cooperation remains a critical prerequisite to the achievement of the SDGs, since it enables developing countries to effectively mobilize their domestic resources. It is clear that current international tax governance structures need considerable improvements.

“We look forward to the successful completion of the process initiated by the resolution “Promotion of inclusive and effective international tax cooperation at the United Nations” and call upon all countries to continue to participate and negotiate in good faith.”

MULTILATERAL TRADING SYSTEM

The Group committed to promoting a universal, rules-based, open, transparent, predictable, inclusive, non- discriminatory, and equitable multilateral trade system that has development in its centre, as well as meaningful trade liberalization.

“We emphasize the importance of facilitating the accession of developing countries to the WTO, promotion of preferential trade access for developing countries and strengthening and operationalizing the principle of special and differential treatment for developing countries, while continuing WTO negotiations, with a view to achieve positive results within the given mandates at the 13th WTO Ministerial Conference.”

The Group called on all WTO Members to work on the necessary reform of the Organization and to restore the Appellate Body, recognising the importance and urgency of addressing current and future challenges in international trade, thus enhancing its relevance and effectiveness in placing development at its centre.

“We stress that the reform must, inter alia, preserve the centrality, core values and fundamental principles of the WTO.”

The Group reiterated that the multilateral trading system should contribute to the achievement of the Sustainable Development Goals, providing policy space for national development objectives, poverty eradication and sustainable development, consistent with relevant international rules and countries’ commitments, and promote export-led growth in the developing countries through, inter alia, preferential trade access for developing countries, special and differential treatment that responds to the development needs of developing countries, in particular least developed countries, and the elimination of trade barriers that are inconsistent with WTO agreements.

“We look forward to the 13th session of the WTO Ministerial Conference, from 26 to 29 February 2024 in Abu Dhabi, United Arab Emirates as an opportunity to advance on the reform of the WTO.”

The Group expressed deep concern with the increase in unilateral and protectionist measures, which run counter to the spirit and rules of the WTO and the purposes and principles of the UN, and not only undermine the multilateral trading system, but also leads to negative impact on access of the developing countries’ exports to the global markets.

“We emphasize the importance of promoting an open world economy and generating greater positive effects of globalization.”

The Group reaffirmed its firm rejection of the imposition of laws and regulations with extraterritorial impact and all other forms of coercive economic measures, including unilateral sanctions, against developing countries and reiterated the urgent need to eliminate them immediately.

“We emphasize that such actions not only undermine the principles enshrined in the Charter of the UN and international law but also severely threaten the freedom of trade and investment. We therefore call upon the international community to adopt urgent and effective measures to eliminate the use of unilateral coercive economic measures against developing countries.”

The Group also expressed deep concern regarding unilateral protectionist measures taken by some trade partners that would constitute a means of arbitrary or unjustifiable discrimination between countries or a disguised restriction on international trade, including, unilateral and discriminatory border adjustment mechanisms and taxes.

It recalled that Article 3.5 of the UNFCCC, which states that “The Parties should cooperate to promote a supportive and open international economic system that would lead to sustainable economic growth and development in all Parties, particularly developing country Parties, thus enabling them better to address the problems of climate change. Measures taken to combat climate change, including unilateral ones, should not constitute a means of arbitrary or unjustifiable discrimination or a disguised restriction on international trade,” and Article 4.15 of the Paris Agreement, which states that “Parties shall take into consideration in the implementation of this Agreement the concerns of Parties with economies most affected by the impacts of response measures, particularly developing country Parties.”

In this regard, the Group welcomed the recognition in the Global Stock Take at COP28 that measures taken to combat climate change, including unilateral ones, should not constitute a means of arbitrary or unjustifiable discrimination or a disguised restriction on international trade, and called on parties to reconsider such measures and suspend their implementation.

The Group stressed the critical importance of industrialization for developing countries, as a critical source of economic growth, economic diversification, and value addition.

“We will invest in promoting inclusive and sustainable industrial development to effectively address major challenges. In this regard, we welcome relevant cooperation within the United Nations system, including the United Nations Industrial Development Organization (UNIDO), and we further encourage their role in advancing the linkages between infrastructure development, inclusive and sustainable industrialization and innovation.”

The Group called on the international community to urgently support countries affected by the food crisis, including through coordinated actions and enhanced partnership among countries and other relevant stakeholders, in such areas as food production, storage, transport, food loss and waste reduction, and improve food security, nutrition and food self-sufficiency of developing countries.

“We reaffirm the importance of keeping food and agriculture supply chains functioning, and ensuring trade channels and markets open for food, fuel, fertilizer and other agricultural products, by promoting a universal, rules-based, open, non-discriminatory, and equitable multilateral trading system under the WTO.”

The Group recognized that gender equality and the full participation of women in all spheres are integral to building a just society for all and must be at the centre of all economic and social development.

“We recommit ourselves to the urgent goal of achieving gender equality, to eliminating discrimination and violence against women and to ensuring their full participation in all areas of life and at all levels.”

The Group recognized the importance and different history and particularities of South-South cooperation, and reaffirmed its view of South-South cooperation as a manifestation of solidarity among peoples and countries of the South that contributes to their national well-being, their national and collective self-reliance and the attainment of internationally agreed development goals, including the Sustainable Development Goals, according to national priorities and plans.

It said that South-South cooperation and its agenda have to be set by countries of the South and should continue to be guided by the principles of respect for national sovereignty, national ownership and independence, equality, non-conditionality, non-interference in domestic affairs and mutual benefit.

“Developed countries should bear the primary responsibility in financing for development, which is essential to address current development imbalances and the challenges of the 21st century. We reiterate that South-South cooperation is not a substitute for, but rather a complement to, North-South cooperation and reaffirmed that South-South cooperation is a collective endeavour of developing countries.”

The Group reiterated that international development cooperation, especially North-South cooperation, remains a fundamental catalyst to sustainable development.

“As North-South cooperation is the main channel of development financing, the international community must uphold the principle of “common but differentiated responsibilities” (CBDR) and reinvigorate North-South cooperation to continue to play its key role.”

The Group called upon the international community and relevant bodies of the United Nations system to take urgent action aimed at reducing all digital divides, and inequalities in data generation, infrastructure and accessibility within and among countries and regions, as well as between developed and developing countries, with special attention to the poorest and most vulnerable among them.

“We urge the creation of the necessary conditions to provide developing countries with affordable and reliable connectivity, aimed, inter alia, at promoting digital access and inclusion, including for people in remote and rural communities, as well as to ensure ethical, reliable, and more equitable development, access and use of artificial intelligence.”

It recognized that currently, there is no multilaterally agreed approach on data governance and that dealing with data and associated opportunities and challenges, will require a global response, with the equal participation of all countries, and stressed the need to strengthen international cooperation, and pursue greater harmonization in this regard.

“We reject technological monopolies and other unfair practices that hinder the technological development of developing countries. States which have monopoly and dominance in the Information and Communication Technologies environment, including Internet, should not use Information and Communication Technologies advances as tools for containment and suppression of the legitimate economic and technological development of other States.”

The Group called upon the international community to foster an open, fair, inclusive and non-discriminatory environment for scientific and technological development.

It further called on the international community to strengthen its support to developing countries, especially given the inequalities and additional strains that overlapping crises have placed on public finances, and to increase the resources available to them to build their capacities to meaningfully participate in and benefit from e-commerce and the digital economy.

The Group emphasized that the international community must address the challenges and needs faced by developing countries, especially countries in special situations, in particular, African countries, least developed countries, landlocked developing countries and small island developing States as well as specific challenges faced by many middle-income countries, conflict and post-conflict countries and countries and peoples living under foreign occupation.

CLIMATE CHANGE

The Group reaffirmed that “climate change is one of the greatest challenges of our time and its widespread, unprecedented impacts disproportionately burden all developing countries and in particular the poorest and most vulnerable among them. Extreme weather events and slow on-set events affected the environment, the economy and society and reversed hard-earned developmental gains, increasing the adverse impact on people and local communities.”

They reiterated the objective of the UNFCCC, and its principles, including the principle of equity and common but differentiated responsibilities and respective capabilities, in the light of different national circumstances, while recognizing the need for an effective and progressive response to the urgent threat of climate change on the basis of the best available scientific knowledge and in the context of sustainable development and efforts to eradicate poverty, while recognizing historic responsibilities, in that regard.

The Group stressed the urgency of the provision of means of implementation from developed countries to developing countries to ensure the effective implementation of UNFCCC and the Paris Agreement adopted under the Convention.

“We stress on the importance of the provision of new, additional, adequate, predictable and sustainable financial resources by developed countries, distinct from ODA to address the special needs of developing countries in the context of addressing the adverse impacts of climate change.”

[The full text of the Outcome Document can be found at: https://www.g77.org/doc/3southsummit_outcome.htm] +