Speech by the Spanish Presidency, special meeting on innovative financing, New York October 13th 2011

Statement by SPAIN on Innovative Financing for Development, NY October 13th

"The following delegations, all of which are members of the Leading Group of Innovative Financing for Development, align themselves with this statement : Belgium, Brazil, Chile, Congo, Cyprus, Ethiopia, Finland, France, Germany, Guinea, Italy, Luxembourg, Mali, Morocco, Norway and Senegal. The European Commission, as a member of the Leading Group, also supports the content of this statement.

Mr. President,

Since the ground-breaking initiative of 2004 by the Heads of State and Government of Brazil, Chile, France and Spain, the issue of Innovative Financing for Development has been on the agenda of the United Nations. Spain holds currently the rotating Presidency of the Leading Group of Innovative Financing for Development, to which 63 member States, various agencies and organisations within the UN System and a sizeable number of NGOs and Foundations belong.

Innovative Financing for Development is today on the agenda of the United Nations, the G8 and G20, the Least Developed Countries, Africa, Europe, International Organizations, NGOs and Philanthropic Organizations and Foundations, and more countries are adopting innovative mechanisms to complement their traditional means of development assistance.

GA Resolution 65/146 was a milestone in the process of recognising the importance of innovative mechanisms of financing, and today we welcome the report of the Secretary General, doc. A/66/334, which brings together valuable detailed information and puts forward very interesting and constructive recommendations which could be used as a way of optimising the effectiveness of innovative mechanisms.

We believe that all of us, developed and developing countries alike, have a shared responsibility to eradicate hunger and poverty in the world, promote sustainable development and ensure prosperity for all. In order to reach this common goal, it is essential that developed countries maintain their ODA commitments for 2015 and that the principles of aid effectiveness be fully respected by all. But all this, on its own, will not be enough.

We are determined to innovate in order to help development, especially in Africa. New resources must be added to traditional sources and thus make financing for development more stable and sustainable, helping to protect it at the same time from budgetary fluctuations or political changes, especially in times of economic and financial crisis.

More than 5 Billion US Dollars have been collected through innovative mechanisms since 2006. We are convinced that innovative mechanisms improve aid effectiveness and have a greater impact on poverty reduction through the contribution of those sectors of activity that have most benefitted from globalisation.

Innovative mechanisms of financing have been successfully implemented in more than 20 countries. We have now examples of best practices that could make the base for a broader action on a greater scale. There is great potential among the areas identified, such as revenues from carbon emission allowances or the introduction of a tax on financial transactions, which could allow collecting resources from a number of pioneer countries.

Spain, together with the rest of the members of the Leading Group, understands that there are many options to increase the scale of this exercise, following the growing international demand in this field.

We welcome the opportunity of this timely debate and we thank you, Mr. President".

Le 17 octobre 2011

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