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India’s Envoy to the United Nations Calls for Transformative Global Financing Reforms at FfD4 Briefing

Ambassador Harish emphasizes the need to bridge the North-South divide

by T. Vishnudatta Jayaraman
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Ambassador P Harish during his FfD4 briefing on January 22, 2025, at the United Nations in New York. PHOTO: ScreenshotX@IndiaUNNewYork

Permanent Representative of India to the United Nations, Ambassador Parvathaneni Harish, has emphasized the critical role of global partnerships in bridging the North-South divide and advancing sustainable development.

On January 22, 2025, Ambassador Harish addressed the Permanent Representative-level briefing on the zero draft of the Outcome Document for the Fourth International Conference on Financing for Development (FfD4) at the United Nations. 

He highlighted India’s commitment to fostering global collaboration, enhancing digital inclusion, and advocating for equitable financing solutions.

Ambassador Harish praised the co-facilitators of the FfD4, including Nepal, Zambia, Mexico, and Norway, for their efforts in drafting an ambitious zero draft and setting a detailed roadmap for negotiations. 

Commending the draft’s vision, he noted, “We believe it provides a good basis to start discussions,” but emphasized that India would have preferred a “more action-oriented approach,” for greater impact.

In his speech, Ambassador Harish announced India’s readiness to invest in digital public infrastructure and digital public goods. He said, “Democratizing technology and promoting digital inclusion by advancing digital literacy, vocational skills, and access to digital tools,” especially empowering women, youth, and the marginalized, is a vital step towards bridging the digital divide.”

The Ambassador underscored the gaps in financing sustainable development, noting that despite progress since the Addis Ababa Action Agenda, significant challenges remain. He welcomed the zero draft’s focus on strengthening the financing capacity of multilateral development banks (MDBs) and leveraging innovative measures to attract private capital.

“We support enhanced debt transparency through early collaboration between debtors and creditors, quick reconciliation of outstanding debt, and stronger incentives for creditor participation,” he stated.

However, he criticized sovereign credit rating agencies for inflating “perceived risks,” which limit private investment in low-income and emerging markets. 

“The zero draft alludes to this key barrier,” he pointed out.

Ambassador Harish also addressed the challenges posed by unilateral measures like the Carbon Border Adjustment Mechanism (CBAM), which he argued impose undue burdens on developing countries. “While the current language refers to these concerns, it does not discuss addressing this issue to deliver on a fair multilateral trading system for all,” he said.

He further stressed the importance of distinguishing between climate finance and development finance to ensure resources for sustainable development are not diluted. Referring to the outcome of COP29 in Baku, he remarked, “We are deeply disappointed with the outcome of the New Collective Quantified Goal on Climate Finance.”

Concluding his address, Ambassador Harish urged for a transformative approach in the FfD4 Outcome Document to tackle global development challenges effectively. 

He reiterated India’s commitment to engaging constructively in the process, stating, India is committed to ensuring that this document translates into tangible outcomes that meet the diverse needs of its people and the planet.

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