66th Session of the Economic and Social Commission for Asia and the Pacific
Financing an Inclusive and Green Future
The 66th session of the Commission took place in Incheon, Republic of Korea from 13 to 19 May 2010.
The Commission session comprised two parts:
- Senior Officials Segment from 13-15 May 2010
- Ministerial Segment from 17-19 May 2010
Forty eight Member states and Associate member states attended the sessions with high level representation and over 300 delegates participated in the deliberations.
The Ministerial segment was inaugurated His Excellency Mr. Chung Un-Chan, Prime Minister of the Republic of Korea. Her Excellency Sheikh Hasina, Prime Minister of Bangladesh, addressed the session, bringing to the meeting the message from the Least Developed countries and the Dhaka outcome document on the review of the Brussels Prgramme of Action. His Excellency Edward Natapei, Prime Minister of Vanuatu also addressed the session tabling the Port Vila Outcome Statement on future priorities for sustainable development in the Pacific Island Developing nations following the regions midterm review of progress towards implementation of the Mauritius Strategy.
The following special events were held during the Ministerial Segment:
- Ministerial round table on the theme of the 66 session Supportive Financial System and Green Growth for Achieving the Millennium Development Goals in the Asia – Pacific Region
- High- level panel on Sustaining the Recovery and Dynamism for inclusive Development.
From the artistic performance of the traditional Korean drums at the opening session to the adoption of the report at the closing session the meetings progressed in seamless fashion, creating a harmonious platform for countries in Asia and the Pacific to share with each other their successes and challenges as they strive to achieve the Millennium Development Goals.
Theme Study: Supportive Financial Systems and Green Growth for Achieving the Millennium Development Goals in the Asia Pacific Region
The Asia-Pacific region has made considerable progress towards the Millennium Development Goals (MDGs). The rapid economic growth achieved in many countries of the region has helped lift millions of people out of poverty. Governments have made substantial investments in education and health services and in protecting their most vulnerable people. Nevertheless, the region is still off track on many crucial MDG indicators, including child and maternal mortality. In many countries, economic achievements have also had environmental costs. The situation could deteriorate further as countries put greater pressure on their natural resource base, which could undermine many existing MDG achievements. Moreover, the lack of environmental sustainability can increase the economic vulnerability of the region, including in terms of energy and food security, as experienced with the food and fuel crisis in 2008.
Financing an Inclusive and Green Future considers the challenges the region faces for achieving these Goals and shows that they are still within reach, given sufficient determination and financial resources. It starts by estimating the financial needs of the region for closing the gaps in achievement of the MDG targets and identifies potential sources for those funds at national, regional and international levels. It also shows how Asia and the Pacific can take the lead in developing a more inclusive and development friendly financial system that will reach out to the millions of 'unbanked' - providing them with the opportunities and security of a well functioning financial system. Finally, the report discusses challenges -including technology and finance- for promoting growth that is both inclusive and sustainable -green growth- that will help the region achieve the Millennium Development Goals.