WASHINGTON (July 16, 2015)— Today, in Addis Ababa, Ethiopia, the 3rd Financing for Development Conference concluded with countries agreeing to the Addis Ababa Action Agenda, as reflected in the outcome document.

Following is a statement by Manish Bapna, managing director, World Resources Institute:

“The 193 member countries of the United Nations agreed on an action plan that can play a key role in financing the challenge of eradicating poverty by 2030 and accelerate the global shift towards sustainable development. The Addis Ababa Action Agenda is not a pledging document, but rather a framing document to deliver on the Sustainable Development Goals, which world leaders aim to finalize in September.

“The Action Agenda promotes a more comprehensive approach, which includes not only traditional instruments such as official development assistance (ODA), but also a wider range of tools that focus on domestic public resources; domestic and international private business and finance; international trade; debt and debt sustainability; as well as those that can address systemic issues such as science, technology, and capacity-building. Harnessing the private sector and especially the financial sector, including development banks, will be essential to meet the financing needs and align investments with sustainable development.

“We recognize the central role of infrastructure to accelerate sustainable development and applaud the establishment of a new global infrastructure forum. Crucial to success will be recognizing the infrastructure investment we need must be socially, environmentally and economically sustainable. This will often mean prioritizing smaller, more decentralized projects such as distributed renewable energy and urban public transit.

“The world will not achieve the sustainable development goals without deep decarbonization and a greater emphasis on climate adaptation, preparedness and resilience. The Action Agenda rightly emphasizes the need to substantially increase the share of renewable energy and double the global rate of energy efficiency. Nevertheless, bold climate action, including a stronger commitment to carbon pricing and eliminating fossil fuel subsidies, should have been more prominent in the agenda. It’s essential that accountability is embedded not only in nationally owned sustainable development strategies, but that it is supported by full delivery of the Addis Ababa Action Agenda. More specificity in the agenda on the ‘how’, ‘by whom’ and ‘by when’ would have created more accountability for global action.

“The Addis Ababa Action Agenda provides one part of the tripod to deliver sustainable development – the means of implementation. The coming months will need to deliver the other two legs of the tripod: the Sustainable Development Goals (in September) and an international climate agreement (in December). Connecting the dots between the SDGs, climate action and mobilization of financial resources is critical to move to a low-carbon, sustainable and more inclusive world. 2015 still holds the promise to put the world on course to eradicate poverty and to address these global challenges. World leaders must make sure we do not miss this opportunity.”