Developing countries, and especially African nations, are under-represented at the levels of power including at financial institutions like the World Bank and political ones like the U.N. Security Council, whose five most powerful members — the U.S., Britain, France, Russia and China — date from the 1940s when the world body was created.
“Inequality starts at the top: in global institutions. Addressing inequality must start by reforming them,” Guterres said, offering some solutions.
A new generation of social protection is needed, including universal health coverage and perhaps maybe even a universal basic income he said, adding “individuals and corporations must pay their fair share.”
Education spending in low and middle-income countries should more than double by 2030 to $3 trillion a year, he said. And in the face of enormous shifts due to climate change, governments should tax carbon instead of people.
Answering questions after his speech, Guterres called for “massive support” for the developing world including debt write-offs. He said the suspension of debt payments until the end of this year, which was agreed upon by the G-20, the world’s 20 major economic powers, “is clearly not enough.”
And he noted, without naming names, that “leadership and power are not always aligned.”
“Let’s face facts,” Guterres said in his address. “The global political and economic system is not delivering on critical global public goods: public health, climate action, sustainable development, peace.”
The U.N. chief called for a new model of global governance with inclusive and equal participation.
“We see the beginnings of a new movement,” he said, adding it’s time to right the wrongs of the past.