UN necessary?

The UN is back in session - the parties, events, meetings and side meetings are on in New York. With humanity facing multiple and worsening crises, and the United Nations , like its predecessor the League of nations, seemingly crippled by geopolitical issues and nations increasingly looking after their own interests rather than those of all humanity and the planet, it raises the questions of where should the UN focus its efforts and resources; should it be expanded, or replaced with something that recognizes the realities of the situation we face?

The theme of the 77th session of the UN General Assembly is “A watershed moment: transformative solutions to interlocking challenges.” To quote the UN: "The theme stems from the recognition that the world is at a critical moment in the history of the UN due to complex and interconnected crises, including the COVID-19 pandemic, the war in Ukraine, humanitarian challenges of unprecedented nature, a tipping point in climate change as well as growing concerns about threats to the global economy. It is therefore necessary to find and focus on joint solutions to these crises and build a more sustainable and resilient world for all and for the generations to come".

So, no pressure. The credibility and future of the UN is at stake - will it be able to help deal with these crises? The current situation has alarming comparisons with the 1930s, but with the added spice of accelerating climate catastrophe. We are all on the Titanic - will the UN be able to steer us away from the icebergs, or will the rich and powerful fight each other for the life boats and watch the others drown?

The UN has an annual regular budget of just over US$3 billion, plus additional funding for peacekeeping missions and other special projects. That has to pay for around 40,000 staff, in locations around the world. To put that figure in perspective, the annual budget for California's Department of Health Care Services is $145 billion. The shortfall in funding necessary to achieve the UN's Sustainable Development Goals (SDGs) in developing countries is estimated at up to $3 trillion a year.

With limited resources, and trapped by the straight jacket imposed by the warring powerful nations, is the UN limited to being little more than a talking shop airing the issues and appealing to our consciences and goodwill?

Environmental, Social & Governance (ESG) funds total over $35 trillion, estimated to continue to rise to $50+ trillion as young people increasingly want to invest to address climate and other social issues. If there is that much money available, clearly shortage of money is not the problem, so why do we have climate, food, fuel, poverty, health, education and other crises?

There is a lack of trust in developing market projects, governments and reporting regimes from a lot of the financiers and investors responsible for managing those funds. The perceived inadequacy of reporting, transparency, financial infrastructure and exit routes for investors in many of these markets is preventing funds flowing to where they are needed, and where there are opportunities to both do good and make money.

If I were speaking at the UN this week to the people that work there, and the countries and 8 billion people they represent, my message would be a simple one - the technology, money and other resources already exist to solve all the crises we currently face. The task of the UN is to work with the financiers, businesses, technology providers and national governments to put the financial structures and controls in place to build the confidence and trust needed for those managing the vast pools of money to let it flow into these fertile markets, which will not only provide food, jobs, security and wealth for the people in those markets, but profits for the investors, which generates further funds for continued development.

The picture above is the breakfast seminar I attended in NY earlier this week organized by the United Nations Foundation and Financial Times headlined "Reinforcing Cooperation in a Disrupted World: A Strategic Preview of the UN General Assembly", with the opening panel faturing His Excellency Martin Kimani, Damilola Ogunbiyi and David Nabarro discussing the key issue of the day, and the most urgent place for solutions to be deployed - "Food, Fuel & Finance", to address "the greatest cost of living increase in a generation".

It was followed by a panel on "Rescuing The Sustainable Development Goals" with Jayathma Wickramanayake Chido Cleopatra Mpemba and John McArthur , and "The Future Of Cooperation" with Elizabeth Cousens . Moderation of all panels was expertly done by Patrick Temple-West