Global Leaders Call for Bretton Woods Reform to Meet 2030 Sustainable Development Goals

New York City 24th September- As the world inches closer to 2030, a deadline for achieving the United Nations Sustainable Development Goals (SDGs), a growing sense of urgency is prompting global leaders to rethink how the international financial system operates. The frameworks established nearly 80 years ago by the Bretton Woods Conference are now seen as outdated, unable to meet the challenges of today’s interconnected, climate-vulnerable world.

This urgency came to a head at a roundtable discussion titled “From Bretton Woods to 2030: Reforming Financial Rules for a Sustainable World,” held alongside the 79th United Nations General Assembly. Hosted by Ambition Loop’s Climate Capital Mobilization Accelerator, Africatalyst, and Columbia University, the event brought together thought leaders, finance experts, and policymakers to discuss the future of international finance and its role in driving sustainable development.

One of the key voices at the table was Daouda Sembene, CEO of Africatalyst. He painted a picture of the critical role credit rating agencies play in steering investment flows into developing nations. However, he argued that these agencies’ outdated methodologies are creating barriers for countries that desperately need capital for growth and climate resilience.

 “Credit rating agencies are powerful influencers in global finance, but the way they assess countries needs to be rethought,” Sembene said. “This event gave us a chance to look at what’s working and what’s not, and to explore how policy and regulatory changes can help these agencies guide investment more effectively, while also supporting countries in mobilizing the funds they need.”

The roundtable buzzed with ideas on how to overhaul the Bretton Woods system to better align with today’s realities. With the SDGs looming, participants agreed that the world needs an economic framework that can mobilize massive amounts of capital—particularly for developing countries—if it hopes to meet global goals like the Paris Agreement’s 1.5°C climate target.

Jean-Paul Adam, Director of Policy, Monitoring, and Advocacy at the UN Office of the Special Advisor on Africa, emphasized how much potential exists in emerging regions like Africa and Latin America.

“These regions are ripe for transformation, especially in renewable energy and climate adaptation,” Adam said. “But the big challenge is risk—particularly currency risk, which accounted for a whopping 70% of Africa’s additional debt servicing costs last year. If we can address those risks, we’ll open the door to private sector investment in a way we’ve never seen before.”

The discussions quickly zeroed in on the need to innovate. Sara Lemniei, CEO of SLK Capital, shared how de-risking projects—through tools like blended finance and guarantees—could make climate and development projects more attractive to investors.

“It’s not just about de-risking on a macro level,” Lemniei explained. “We also need to help companies in these regions package their projects in ways that appeal to investors. If we do both, we’ll speed up the flow of capital to where it’s needed most.”

The event closed with a clear consensus: the world’s financial rules need to change—and fast. The Bretton Woods system, designed in 1944, simply cannot address the challenges of a world grappling with climate change, inequality, and massive investment needs. By rethinking outdated credit rating systems, creating new financial tools, and fostering cross-border investment, the participants believe we can unlock billions of dollars in capital for climate and development.

This roundtable sets the stage for the Ambition Loop’s *Rules of the Game* program, which is dedicated to pushing forward the regulatory reforms needed to transform the flow of capital. Immediate next steps will involve drafting concrete recommendations for new policies and evaluating the impact of removing barriers identified during the discussions.