Global leaders are set to gather for the UN’s Summit of the Future, where a transformative Pact for the Future could reshape international governance.
On September 22 and 23, global leaders will convene in New York at the United Nations headquarters for the historic Summit of the Future. This high-level gathering is aimed at signing the Pact for the Future, a document designed to accelerate progress towards the UN’s Sustainable Development Goals (SDGs) and Agenda 2030. Despite the magnitude of this event, public awareness is severely lacking, with minimal media attention.
The Summit of the Future, which will take place during the 79th session of the UN General Assembly, is the culmination of efforts initiated by UN Secretary-General António Guterres, who has been calling for increased financial resources to achieve the Agenda 2030 goals. However, much of the public remains unaware of the summit’s potential to reshape global governance and the international financial system.
One of the few points to break through into mainstream media coverage involves the removal and subsequent reinstatement of references to fossil fuels in the Pact for the Future. A letter signed by 77 Nobel laureates and world leaders, voicing concerns over the omission of fossil fuel language, spurred the UN to reinstate these critical references into the pact after public outcry.
The theme of the summit, “Multilateral Solutions for a Better Tomorrow,” reflects the UN’s focus on fortifying its infrastructure to address planetary emergencies. Key areas of concern include climate change, biodiversity loss, and geopolitical instability. According to the latest draft of the Pact for the Future, these crises require international cooperation, as no single nation-state can manage them alone.
One of the most contentious proposals in the Pact for the Future is the creation of “emergency platforms” that would allow the UN to coordinate global responses to what the pact calls “complex global shocks.” These shocks, which could include climate-related disasters, pandemics, or financial crises, demand a unified and immediate response. However, critics are concerned that these platforms could infringe on national sovereignty, despite the draft’s assurances that they will only be activated temporarily for specific emergencies.TLAV has previously reported that the summit may result in the creation of what is being referred to as “UN 2.0,” a more robust and influential version of the current United Nations framework. The draft Pact for the Future discusses the need for reforming global governance structures to better address future crises, including climate change, conflicts, and environmental degradation.
“We recognize that the multilateral system and its institutions, with the United Nations and its Charter at the center, must be strengthened to keep pace with a changing world,” states the current draft of the Pact for the Future. “They must be fit for the present and the future — effective, capable, prepared for the future, just, democratic, equitable, and representative of today’s world.”
The Pact for the Future also outlines a significant transformation of the international financial architecture, particularly in response to what it calls “global economic shocks.” The draft proposes using Special Drawing Rights (SDRs), which are reserve assets managed by the International Monetary Fund (IMF), to stabilize economies and support climate action in developing countries. As independent researcher James Corbett has warned, SDRs have the potential to become a global reserve currency, a significant step in reshaping the global financial system.
UN Secretary-General Guterres has previously pointed to the “New Bretton Woods moment” as the financial blueprint for the future. In 2022, the IMF allocated $650 billion in SDRs, with wealthy nations like those in the European Union receiving the majority share, while developing countries in Africa received just a fraction of the allocation.
The Club of Rome, a think tank advocating for global governance reforms since 2019, continues to emphasize the urgency of declaring a planetary emergency. Their “Planetary Emergency Plan” calls for a comprehensive approach to restoring balance between the planet, people, and prosperity.
As the world approaches the Summit of the Future, many anticipate significant reforms in global governance and international finance. The Pact for the Future could very well mark the beginning of what some are calling the era of “UN 2.0”. However, the summit’s outcome remains uncertain, with global leaders under increasing pressure to ensure that national sovereignty is respected while tackling global challenges.
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