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The United Nations (UN) is set to establish a global task force focused on digital financing. The task force will be co-chaired by UN chief António Guterres and his Special Envoy for Financing the 2030 Agenda, Mahmoud Mohieldinin.
The decision to create the task force comes amid the growing importance of digital technology in all areas of our lives. With financial transactions increasingly being conducted digitally, the UN hopes to harness this trend to make progress on the 2030 Agenda for Sustainable Development, which seeks to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity.
The task force will bring together experts from the private sector, government, and civil society to explore how digital tools can be leveraged to increase and improve financing for development. This includes financial inclusion, access to credit, and investment in areas such as healthcare, education, and renewable energy.
The UN asserts that the task force will “support the efforts of governments and societies to build back better from the COVID-19 pandemic and to achieve the Sustainable Development Goals (SDGs).” The COVID-19 pandemic has highlighted the potential of digital financing to reach those who are traditionally excluded from traditional financial systems, such as small businesses, women, and marginalized communities.
The task force will also look into the risks associated with digital financing, such as cyber security and data privacy, to ensure that these are adequately addressed. It will also aim to increase global cooperation, foster innovation, and promote ethical standards in the use of digital technology for financing development.
The establishment of this task force demonstrates the UN’s commitment to harnessing the potential of digital financing to achieve the ambitious goals of the 2030 Agenda. By leveraging digital tools and bringing together experts from various sectors, the UN hopes to create actionable solutions for financing development in a more efficient, inclusive, and sustainable way.