Development in Latin America and the Caribbean Beyond 2030

The adoption of the 2030 Agenda and the Sustainable Development Goals (SDGs) marked a milestone in international cooperation and the pursuit of equitable, inclusive, and sustainable development. However, as we approach 2030, it is crucial to reflect on the progress made, lessons learned, and, most importantly, the remaining challenges regarding global governance and development financing.

In Latin America and the Caribbean, we know that only a third of the SDG targets are likely to be met. Our region is also characterized by unique particularities and diversity: countries with significant disparities in development and income levels, which predetermine access to certain resources; territories with specific needs such as Small Island Developing States (SIDS); countries highly vulnerable to climate change; and stark contrasts in development and capacities at the subnational level.

The "Pact for the Future," which will be presented during the 2024 Summit of the Future, offers a renewed vision of how our countries can cooperate to address contemporary challenges that we have so far been unable to resolve. This pact emphasizes the need to strengthen multilateralism by adapting global institutions to a constantly changing world and proposes concrete actions in critical areas such as sustainable development, peace and security, and human rights.

Global Governance: A Fundamental Pillar for the Future

One of the main challenges we face, both nationally and globally, is the growing distrust in democratic and multilateral institutions. This distrust is fueled by rising inequalities, recurring economic crises, and the lack of effective responses to global problems such as climate change, pandemics, and armed conflicts. Building on the work that CAF has conducted with UNDP throughout 2024 on Governance for Development, we will present significant findings during the High-Level Week of the 79th United Nations General Assembly on the importance of strengthening governance in all its forms and at all levels to "enable" the region’s development potential.

The "Pact for the Future," currently under discussion, underscores the importance of renewing the commitment to multilateralism, based on respect for international law and sustained international cooperation that fosters global solidarity. In this sense, reforming global governance is essential. Multilateral institutions have a unique opportunity to drive reforms that make them more inclusive, representative, and effective in responding to current and future challenges. The ability of these institutions to anticipate and respond to crises is crucial to preventing them from escalating into large-scale conflicts.

Moreover, it is imperative that these institutions are financially stable and equipped to fulfill their mandates in an increasingly interconnected and complex world. This not only involves structural reform but also strengthening cooperation between state and non-state actors at the subnational level, including the private sector, civil society, and international organizations.

Development Financing: Closing the Gaps

Development financing is another major challenge facing developing countries, particularly in Latin America and the Caribbean. Despite progress, the financing gap to achieve the SDGs remains significant. The "Pact for the Future" highlights the need to mobilize and deliver substantial and adequate resources from all sources to support sustainable development. In our region, the situation is diverse: while in some countries the focus must be on capacity building and better national revenue collection and resource mobilization, others will need to continue strengthening official development assistance and promoting impact-oriented investment and new financial flows, such as remittances.

The pact emphasizes the importance of closing the financing gap through the mobilization of national and international resources, including official development assistance and private sector investment. However, it also recognizes the importance of creating an enabling environment at the global, regional, and national levels to increase domestic resource mobilization and strengthen the capacities of developing countries. In this regard, CAF will host a conference in partnership with Asuntos del Sur during the Summit of the Future’s Action Days to discuss the key institutional capacities needed in the region to navigate a complex and interconnected world that demands green and digital transitions to foster more just, inclusive, and sustainable development.

The Summit of the Future will also address the need to combat illicit financial flows, tax evasion, organized crime, and corruption, which erode the resources needed for development. In this context, international cooperation on fiscal matters becomes a critical tool to ensure that developing countries can access the resources necessary to finance their own development.

Beyond 2030: A New Cycle of Commitments

The year 2030 is no longer seen as a final goal in the wake of the COVID-19 crisis and the conflicts that preceded it. The UN Secretary-General, with great relevance, sees it as a turning point toward a new cycle of global commitments. At the international level, we must continue advancing toward building a sustainable and just future for all generations. During the Action Days, we will also premiere in New York a series of audiovisual stories documenting the resilience of people in Latin America and the Caribbean who are searching for solutions for the development of their communities—an initiative resulting from a partnership with UNDP and Detonante.

The post-2030 turning point not only involves the implementation of existing commitments but also adapting to new realities and emerging challenges: the triple green, digital, and socioeconomic transition. Partnerships and collaboration among the various entities working for the region's development will become increasingly vital as drivers for this new cycle of commitments. It is our responsibility to work toward translating this pact into concrete actions that benefit everyone, leaving no one behind.

Discover all the activities CAF has planned for the Summit of the Future and the High-Level Week of the 79th United Nations General Assembly.