To promote sustainable growth and poverty reduction, this must not come at the cost of less resilience. As such, the FSB is working to understand better both the potential benefits and risks technology poses to the financial system. (iv)  Resilient  I want to conclude by underscoring how fundamental the FSB’s core mission is to achieving the SDGs. Without an open, global financial system that can support sustainable crossborder investment flows, there can be no sustained economic growth or financial contribution sufficient to achieve the development goals. In this way, the FSB’s core work complements broader G20 initiatives to promote in inclusion, infrastructure, innovation and green growth. Inevitably, since the crisis, the FSB’s principal focus has been on agreeing reforms to fix the fault lines in banking that led to that crisis. Given the enormous progress made, we are now increasingly concentrating on building a diverse and resilient system that will harness the potential of market-based finance. Since the crisis, market-based finance has grown significantly, bringing new sources of credit and investment, promoting financial openness and international capital flows, and adding welcome diversity to the system. Emerging market and developing economies (EMDEs) have particularly benefited from these developments, doubling their stock of international bonds to $ trillion over the past five years. 15 And average annual portfolio flows to EMDEs have more than tripled from their average in the decade prior the crisis. 16 For the SDGs to be achieved, such flows must be larger, more reliable and better utilised.
Mark Carney: The Sustainable Development Goal imperative Remarks by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at the United Nations General Assembly, High-Level Thematic Debate on Achieving the Sustainable Development Goals, New York City, 21 April 2016. * 1. *  *  The SDG imperative  The Sustainable Development Goals are a moral imperative, with objectives that include nothing less than ending poverty, fighting inequality and injustice, and tackling climate change. 1 The SDGs are also an economic imperative. Their achievement would mean greater productivity, increased labour supply and ultimately stronger growth. In short, they could pull the global economy out of its current malaise of secular stagnation. 2. The scale of investment required to achieve the SDGs is immense  Achieving the SDGs will require both a step change in the quantum of investment and a marked reorientation of its destination. Over the next 15 years, the global population is expected to grow by just over a billion. 2 Another one and a half billion people are expected to urbanise. 3 Although moving to a low-carbon future will not necessarily require substantially more investment than business as usual, 4 it will require a radical re-focusing of that investment from high- to lower carbon technologies. Overall, it is estimated investments of between $ and $ trillion a year are needed for infrastructure, clean energy, water, sanitation, agriculture, and the other SDGs. 5 This is significant but achievable. 3.