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22 June 2022

Which policy and investment shifts are needed to spark the system-wide socioeconomic transformation required to ensure prosperity and well-being for all?

Linear and fossil-based economic and finance models of the past are no longer an option in a world of increasing planetary crisis, climate risks, growing socioeconomic uncertainties, inequalities and poverty.

Our responsibility, Our opportunity: Revisiting Economics & Finance to Accelerate Action for People & Planet, the PAGE high-level event at Stockholm+50, revisited economics and finance to identify solutions for accelerating the implementation of the Sustainable Development Goals.

The high-level speakers from Government, Development agencies, UN system and civil society exchanged views, proposing ways that financial and political institutions can fast-track the transition towards an Inclusive Green Economic transformation.

The high-level discussion moderated by Alan Atkisson, Assistant Director-General, Partnership & Innovation, Sida, Sweden, also engaged with the audience on the opportunities and challenges of our time, with remarks from Ministers of Mozambique and Jordan, among others, and contributions from civil society including the Green Economy Coalition.

Minister of Land and Environment of Mozambique, Ms. Ivete Maibaze, highlighted the role of the Local Climate Adaptive Living Facility (LoCAL), hosted by the United Nations Capital Development Fund, in increasing financing for and investment in climate change adaptation at the local level in Least Developed Countries.

LoCAL combines performance-based climate resilience grants – which ensure programming and verification of climate change expenditures at the local level while offering strong incentives for performance improvements in enhanced resilience – with technical and capacity-building support.

Minister Maibaze spoke of the contribution of the joint UNDP UNDP–UNEP Poverty-Environment Action for Sustainable Development Goals (Poverty-Environment Action) to developing budget coding within the country’s public financial management system to support tracking of environment and climate funds.

“The Government of Mozambique believes that this system will contribute to the achievement of the Sustainable Development Goals by linking up to the priorities of the NDCs [Nationally Determined Contributions] as well as other international targets,” Minister Maibaze said.

At the side-event, the PAGE community welcomed Cambodia and Rwanda as the newest members of the Partnership. PAGE currently supports 22 countries in their efforts towards Inclusive Green Economic Transformation in Asia, Africa, Latin America and the Caribbean.

Mozambique is implementing LoCAL with support from Sweden and Switzerland and the European Union. Poverty-Environment Action for Sustainable Development Goals is supported by Austria, Belgium and Sweden and the European Union.