New York, USA// – Governments meeting in New York have initiated discussions on global public investment to embed it within the global financial architecture by 2028.
In July this year, a commitment to advancing global public investment was included in the Financing for Development Conference’s Sevilla Platform for Action. This week’s meeting, on the sidelines of the United Nations General Assembly, marked the beginning of regular gatherings to explore how to implement Global Public Investment as a new framework for global financing.
Global public investment applies the principles of everyone benefits, everyone contributes according to their means, and everyone decides together. From this cooperative approach, all benefit.
The convening was initiated by the Government of Uruguay, the Development Bank of Latin America and the Caribbean (CAF), and Club de Madrid, the world’s largest forum of democratic former Presidents and Prime Ministers. The process is supported by the Global Public Investment Network, which brings together the insights of hundreds of organisations and leading experts on how the approach can be put into practice. A diverse group of more than a dozen governments from around the world took part, building broad representation and political ownership. Over a dozen other nations have indicated their interest in joining the initiative.
Regular meetings will take place in 2025, 2026, and 2027, as governments will work with civil society and international institutions through regional dialogues, policy research, and pilot projects to pilot and scale a framework for global public investment.
This inclusive approach will ensure that implementation reflects the requirements of international cooperation in the 21st century. The work will showcase practical mechanisms for shared governance, fair contribution frameworks, and common priority areas, including biodiversity protection, pandemic preparedness, and the energy transition.
By delivering a proof of concept, the aim is to embed global public investment within the global financial architecture by 2028.
Martin Clavijo, Executive Director of the Agency for International Cooperation of Uruguay, said:
“Global public investment will help revitalise multilateralism, reshape international cooperation, and renew the social contract. It is a major step forward that the planning of the implementation of global public investment has now begun. No one country has all the answers – but collectively we will get there. We invite more partners to join in this effort to build a safe, fair, sustainable world – together.”
María Elena Agüero, Secretary General of Club de Madrid, said: “The energy shown by governments at the inaugural planning meeting showed how much the momentum for global public investment has accelerated. In a time of polycrises, building a new international architecture based around global public investment is necessary, urgent, feasible, and widely supported.”
Harpinder Collacott, Executive Director of the Global Public Investment Network, said:
“These pioneering governments are showing political leadership and vision at a time when the world needs good ideas which can respond to the greatest challenges of our time. Global public investment has moved from being a good idea to a real policy option. These leaders are coming together to build a new future which can become a reality by 2028.”