Vienna, 20 September 2024 — Officials from the United Nations Industrial Development Organization (UNIDO) and the International Monetary Fund (IMF) explored options for aligning strategic priorities of the two Organizations, to maximize impact to accelerate sustainable development, especially in emerging markets and developing economies.

Discussions focused on various themes that include initiatives designed to support industrial policy, climate finance for renewable energy and regional manufacturing hubs for resilience building - addressing today’s most pressing economic and environmental challenges.

At the high-level meeting, Ciyong Zou, Deputy to the Director General and Managing Director of UNIDO, emphasized the need for coordinated efforts to advance joint initiatives aimed at fostering industrial development, scaling climate finance, and strengthening pandemic resilience. “By leveraging our respective strengths, UNIDO and the IMF can drive significant advancements in providing emerging economies with inclusive solutions and tools they need to transition to a sustainable future," he said.

Bo Li, Deputy Managing Director of the IMF, highlighted that this cooperation will leverage the combined expertise of the IMF and UNIDO to enhance institutional frameworks and drive significant capacity development. He added “the IMF is committed to supporting the global green transition. Working with UNIDO, we aim to accelerate scalable solutions in developing economies, contributing to a more resilient and sustainable global economy.”

While UNIDO and IMF exchanged their institutional views on industrial policies, it was agreed that capacity development is at the core of policy implementation where there is a need to support institutions to continuously develop and enhance. Additionally, when discussing the pathways to scale climate finance and expand renewable energy initiatives in emerging markets, it was agreed that decarbonization efforts, clean and renewable energy sources, and the utilization of green hydrogen provide a foundation for potential collaboration for scaling-up climate financing. Lastly, while touching upon the pandemic resilience needs, it was agreed that broad principles need to be established for national, regional, and global health industries in order to strengthen capacities and institutions that can respond to future poly-health crises.

The meeting marks a significant step toward fostering sustainable development in emerging markets. By combining their strengths and resources, both UNIDO and IMF are well-positioned to create lasting, positive impacts in developing economies and drive forward a shared vision for inclusive and sustainable economic growth.

 

For more information, please contact:

Directorate of Technical Cooperation and Sustainable Industrial Development

TCS@UNIDO.ORG