UN General Assembly
2024

We advocate for the urgent capitalization of multilateral development banks and call for the increased use of new and innovative financing mechanisms, such as green and blue bonds, as well as debt-for-ecosystem services swaps. Middle-income countries and economies in transition, like Costa Rica, require the international financial system to provide development financing tools that are suitable for our specific needs, flexible, and adapted to fiscal and structural circumstances. We hope that the Fourth International Conference on Financing for Development will generate concrete agreements and demonstrate the political will necessary. Fourthly, and in order to ensure the well-being of future generations, multilateralism must also be blue. Costa Rica has developed a strong blue diplomacy that recognizes the crucial role the ocean plays in the health of the planet. To have a habitable planet, we need a healthy ocean. It produces 50% of the oxygen we breathe, is the world's largest source of protein, the greatest carbon sink, and a climate regulator, and its biodiversity supports the livelihoods of 3 billion people worldwide.