Heads of State and Government agreed in Rio to establish an intergovernmental process under the auspices of the General Assembly, with technical support from the United Nations system.

The process will be carried out in open and broad consultation with relevant international and regional financial institutions and other relevant stakeholders to assess financing needs, consider the effectiveness, consistency and synergies of existing instruments and frameworks, and evaluate additional initiatives, with a view to preparing a report proposing options on an effective sustainable development financing strategy to facilitate the mobilization of resources and their effective use in achieving sustainable development objectives.

An intergovernmental committee, comprising 30 experts nominated by regional groups, with equitable geographical representation has been tasked to implement this process, concluding its work by 2014. The committee was established by UN General Assembly decision 67/559, effective 21 June 2013. During its first session, the committee elected two co-chairs: H.E. Ambassador Pertti Majanen from Finland and Mr. Mansur Muhtar from Nigeria. A Working Group on Financing for Sustainable Development has been set up under the UN System Task Team (UNTT) to support the work of the committee.

252. We reaffirm that the means of implementation identified in Agenda 21, the Programme for the Further Implementation of Agenda 21, the Johannesburg Plan of Implementation, the Monterrey Consensus and the Doha Declaration on Financing for Development are indispensable for achieving the full and effective translation of sustainable development commitments into tangible sustainable development outcomes. We reiterate that each country has primary responsibility for its own economic and social development and that the role of national policies, domestic resources and development strategies cannot be overemphasized. We reaffirm that developing countries need additional resources for sustainable development. We recognize the need for significant mobilization of resources from a variety of sources and the effective use of financing in order to promote sustainable development. We acknowledge that good governance and the rule of law at the national and international levels are essential for sustained, inclusive and equitable economic growth, sustainable development and the eradication of poverty and hunger.

253. We call on all countries to prioritize sustainable development in the allocation of resources in accordance with national priorities and needs, and we recognize the crucial importance of enhancing financial support from all sources for sustainable development for all countries, in particular developing countries. We recognize the importance of international, regional and national financial mechanisms, including those accessible to subnational and local authorities, to the implementation of sustainable development programmes, and call for their strengthening and implementation. New partnerships and innovative sources of financing can play a role in complementing sources of financing for sustainable development. We encourage their further exploration and use, alongside the traditional means of implementation.

254. We recognize the need for significant mobilization of resources from a variety of sources and the effective use of financing, in order to give strong support to developing countries in their efforts to promote sustainable development, including through actions undertaken in accordance with the outcome of the United Nations Conference on Sustainable Development and for achieving sustainable development goals.

255. We agree to establish an intergovernmental process under the auspices of the General Assembly, with technical support from the United Nations system and in open and broad consultation with relevant international and regional financial institutions and other relevant stakeholders. The process will assess financing needs, consider the effectiveness, consistency and synergies of existing instruments and frameworks, and evaluate additional initiatives, with a view to preparing a report proposing options on an effective sustainable development financing strategy to facilitate the mobilization of resources and their effective use in achieving sustainable development objectives.

256. An intergovernmental committee, comprising 30 experts nominated by regional groups, with equitable geographical representation, will implement this process, concluding its work by 2014.

257. We request the General Assembly to consider the report of the intergovernmental committee and take appropriate action.