New York, 19 July 2022 (TDI): The United Nations Joint Sustainable Development Goals (SDG) Fund formed a Development Emergency Modality. This emergency modality aims to respond to the unveiling of world food, energy, and financial crises.
The @UN Global Crisis Response Group shared a 3-dimensional crisis as an impact of the war in Ukraine.@RGrynspan, SG @UNCTAD, shares how the @JointSDGFund’s rapid emergency response with a focus on long-term solutions is tackling the global crisis.https://t.co/WJnxGeXzgg pic.twitter.com/RkHLhukVAM
— Joint SDG Fund (@JointSDGFund) July 18, 2022
The Russia-Ukraine war has led to a three-dimensional crisis that is causing continuous negative effects on the world economy. The rate at which these effects are spreading is alarming. Therefore, this calls for the quick response of the United Nations Development System to help countries solve these socio-economic effects.
It also calls for a faster renewable energy transition, economic diversification, and food staples, quickening progress towards the SDGs.
The Triple Crisis
Currently, countries hardly access basic food from the markets. Unfortunately, if this is not solved, it will lead to more social and political instabilities. Interventions aim to provide support to resolve immediate food insecurity and nutritional impacts. This will provide long-term financing solutions for resilient food systems.
The increase in energy prices is also affecting the poorest people. Therefore, interventions will promote the accessibility of affordable energy. This will thus reduce the effects of high energy prices and dependency on fossil fuels.
The increased volatility in financial markets will also affect developing countries negatively. High inflation levels, unemployment, disruption of value chains, and monetary pressures on local currencies are likely to cause more inequalities.
Joint SDG Fund quick response
The joint SDG fund offered US$ 22. 9 million with the help of the United Nations Global Crisis Response Group (GCRG). This is a food, energy, and financial response for 87 UN country teams covering more than 100 countries and territories experiencing the global crisis.
The Fund also provides support to UN country teams under Resident Coordinators. This ensures the quick movement to generate analytics around the crisis and work with governments and partners. Their cooperation identifies and executes preventive measures.
The Development Emergency Modality provides a faster platform where donors and development partners contribute demand-driven financing. This ensures a coordinated UN response for six months to address the three-dimensional crisis.
During a meeting with the Joint SDG Fund leadership at the HLPF, the Parliamentary Secretary of State of Germany’s Ministry of Development Barbel Kofler appreciated the Development Emergency Modality.
He said, “We are impressed by the speed of the Development Emergency Modality’s disbursements and the broad integration of many different agencies into this ambitious undertaking.”
He also added, “We are proud to contribute to the Emergency Modality a further US$2.7 Million from Germany, earmarked to support food security”.