UN Secretary-General António Guterres warned on Monday that the 2030 Agenda for Sustainable Development is turning into a “mirage of what might have been,” at the opening of the Financing for Development Forum (FfD), taking place at UN Headquarters in New York.

The Secretary-General pointed to reports showing that, since the pandemic, the richest one percent of people around the world have captured nearly twice as much new wealth as the rest of the world combined.

Inequalities within some countries, he said, are regressing towards early 20th Century levels, a time when women did not have the right to vote; and before widespread acceptance of the concept of social protection.

The UN’s SDG Stimulus Plan, explained the UN chief, aims to boost investments that will help to achieve the Sustainable Development Goals (SDGs), relieve the debt burden of developing countries, and improving access to funding.

Mr. Guterres called for Multilateral Development Banks, such as the World Bank and Asian Development Bank, to use their funds to attract more private finance to developing countries, and for Member States to meet their government aid commitments.

In the longer term, said the UN chief, the global financial architecture, which “has failed countries at their moment of greatest need,” needs to be comprehensively overhauled, in favour of a system that is “coherent and coordinated, and reflects today’s global economic reality.