An International Monetary Fund meeting Friday united six panelists to set goals on how to finance international campaigns for the economy and the environment.
The panel laid out steps to reach 17 targets that will improve daily life without exploiting the Earth’s resources. All the goals can be completed by the end of the year, panelists said.
Here are the panelists’ conclusions:
1. Specificity is key
The panelists said the 17 goals have been divided into six categories: dignity, people, planet, prosperity, justice and partnership.
Jeffrey Sachs, the director of the Earth Institute, which deals with issues related to challenges the Earth faces, said he’s concerned about the broadness of the initiatives. He added that the goals need to be fleshed out more and the focus should be on coming up with a much more specific framework for the goals.
“We cannot just say how beautiful the new proposal of [sustainable development goals] is,” Sachs said. “What’s new and what’s real are what’s more important.”
2. Evening the playing field
Wu Hongbo, the United Nations’ under-secretary-general for economic and social affairs, said a closer relationship with financial institutions will help the goals come to fruition more effectively.
Sachs said he’s worried that the public sector isn’t doing enough to finance the development goals. He said many government leaders know it’s important to help finance countries that are in need of help, but most haven’t taken action.
“The only country seriously financing development in other countries is China,” Sachs said.
He called for both developing and developed countries to put money on the table to finance the goals.
3. Incorporating the private sector
Sachs said there are more than 1,800 billionaires in the world with $7.1 trillion, and if those billionaires would endow the the goals with just 5 percent of their wealth, they would be investing more than $365 billion into the initiatives.
Min Zhu, the deputy managing director of the IMF and a former deputy governor of the People’s Bank of China, said economic leaders should shift their focus to providing more resources for those trying to reach the goals.
“We should move away from focus on [Official Development Assistance] to mobilizing domestic and private resources for development,” Zhu said.