The UN General Assembly’s (UNGA) committee on economic and financial issues (Second Committee) has completed its work for the 77th session. The Committee, which was chaired by Lachezara Stoeva of Bulgaria, reached agreement on, among other issues, protection of the global climate for present and future generations, implementation of the Convention on Biological Diversity (CBD), addressing obstacles to women’s development, and international trade and development.

The Committee began its work for the 77th session on 29 September 2022. It held a general debate from 3-4 October, preceded by a keynote address by Michael Kremer, University of Chicago Professor and winner of the 2019 Nobel Memorial Prize in Economic Sciences, who stressed the importance of innovation in addressing global challenges, including COVID-19 pandemic recovery, poverty, and climate change.

Governments and groupings highlighted that geopolitical tensions and “debilitating” effects of climate change have heightened vulnerabilities of countries and people around the globe. They called for, inter alia:

• expanded concessional financing and reduced borrowing costs for developing countries;
• a renewed commitment to poverty eradication; and
• strengthening resilience against future shocks and ensuring an effective recovery.

Highlighting increasing climate change impacts and vulnerabilities, they urged developed countries to meet the climate finance pledge of providing USD 100 billion a year to developing States.