The third edition of the LDC Future Forum, which opened on Monday, focusses on how these 44 nations can better withstand systemic shocks, including the adverse effects of climate change and other global crises.
The objective is to develop actionable solutions that will contribute to sustainable development and resilience building in these countries.
Challenges and commitments
The forum aligns with Priority 5 of the Doha Programme of Action (DPoA), a decade-long initiative adopted in 2022 that aims to renew and strengthen commitments between LDCs and their development partners.
Priority 5 concerns addressing climate change, environmental degradation, recovering from the COVID-19 pandemic and building resilience against future shocks for risk-informed sustainable development.
LDC countries often grapple with limited domestic resources, hindering their ability to weather economic downturns, natural disasters and health emergencies, according to the UN Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS).
Moreover, accessing international capital markets is difficult due to low creditworthiness and perceived risks.
Women’s voices critical
The forum will feature a High-level Dialogue focusing on the critical need for financing to bolster LDCs’ resilience in the face of various challenges. Special emphasis will be on gender equality as the participation of women and girls in the discussions will be critical to developing holistic and inclusive solutions.
Rabab Fatima, High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, highlighted the significance of the event.
She noted that for the first time the forum is taking place in an LDC, “offering a unique opportunity to galvanize global support for the world’s most vulnerable countries as they navigate the challenges of an ever-changing global landscape.”
The forum was organized by UN-OHRLLS together with the Governments of Finland and Zambia, in collaboration with the UN University World Institute for Development Economics Research (UNU-WIDER), the Organisation for Economic Co-operation and Development (OECD) and the Foundation for Studies and Research on International Development (FERDI).
Private sector participation
Highlights include four thematic sessions addressing key areas: climate-smart agriculture practices to improve food security and ensure sustainable agricultural development, sustainable water and energy solutions to enhance resilience, circular economy and green industrialization to promote diversification and resilience and targeted social protection programs to strengthen resilience to multiple shocks.
A High-level Dialogue will focus on financing strategies to support more resilient economies in LDCs, addressing the critical need for resources to combat economic instability, natural disasters and health emergencies.
Additionally, private sector representatives will participate in a Fireside Chat to examine how businesses can drive the transition toward a circular economy, fostering sustainable development and resilience in LDCs.
Discussions will centre on strategies for transitioning to a circular economy, building local capacity and skills, ensuring supply chain sustainability and promoting women’s participation in corporate sustainability planning.