World leaders are adopting the United Nations’ Pact for the Future.

The Pact is a significant multilateral agreement aimed at overhauling global governance and addressing challenges such as climate change, technological advancement, and inequality. 

The Pact - accessible in PDF form, here - was finalised this week after years of international dialogue and is considered the most extensive international agreement in decades.

It includes several key components, such as the Global Digital Compact and the Declaration on Future Generations

These agreements reflect a collective commitment to address emerging threats while adapting international institutions to meet 21st-century realities. 

UN Secretary-General António Guterres said the agreement is a vital step to ensuring that global systems built in the post-World War II era are modernised to handle the challenges of today.

“We cannot create a future fit for our grandchildren with a system built by our grandparents,” he said. 

The Pact addresses an extensive range of issues, including peace and security, climate change, digital cooperation, and global governance reform.

An agreement was reached to reform the UN Security Council, a body that has faced longstanding criticism for its composition. 

There was a commitment to redress Africa's historical under-representation, making this the most progressive effort to reform the Council since the 1960s. 

Additionally, there was a renewed global commitment to nuclear disarmament, marking the first multilateral focus on this issue in over a decade.

On climate change, leaders recommitted to keeping global temperature rise to 1.5°C above pre-industrial levels. 

The Pact also includes significant reforms to the international financial architecture, seeking to empower developing nations by providing more equitable access to global finance. 

Other measures include increasing financial support for renewable energy initiatives and improving frameworks for managing sovereign debt sustainably.

The Global Digital Compact represents a breakthrough in AI governance and digital cooperation, setting out new frameworks that the UN says will ensure that emerging technologies benefit all of humanity. 

It includes commitments to provide universal Internet access and enhance AI governance with a focus on ethical standards, particularly in safeguarding children online.

Australia, represented by Foreign Affairs Minister Penny Wong, played an active role in the negotiations, particularly in the areas of climate change, humanitarian protection, and financial reform. 

Wong expressed the need for “stronger peacebuilding and conflict prevention architecture” at the UN and stressed the importance of reforming the Security Council. 

Australia, along with Tuvalu, led an innovative legal initiative aimed at preserving sovereignty in Pacific nations threatened by rising sea levels due to climate change. 

In terms of humanitarian issues, Wong highlighted Australia's commitment to ensuring the safety of aid workers, a group that has increasingly been targeted in conflict zones. 

Australia plans to spearhead discussions on a Declaration for the Protection of Humanitarian Personnel, ensuring that those delivering aid in hostile environments receive greater protection.

Australia also focused on addressing financing needs in the Asia-Pacific, pledging US$492 million to the Asian Development Fund, marking its commitment to helping vulnerable regional economies adapt to economic shocks exacerbated by climate change.

The Pact for the Future was largely hailed as a critical step toward modernising global governance, but it was not without its critics. 

Russia, along with a small group of nations including North Korea and Syria, opposed parts of the agreement, citing concerns over national sovereignty and a lack of consensus-building during negotiations. 

However, these objections were dismissed by the majority of the UN General Assembly, allowing the Pact to be adopted.

Despite this opposition, the agreement has been viewed as a much-needed revitalisation of multilateralism. 

“We are here to bring multilateralism back from the brink,” Guterres said.

While the Pact lays out ambitious goals, it is non-binding and depends heavily on follow-up action from UN member states. 

Key areas such as nuclear disarmament, digital governance, and financial reform require significant political will and international cooperation to succeed. 

Additionally, Security Council reform - which includes expanding its membership to better reflect the current geopolitical landscape - remains a contentious issue, especially given the veto power held by its permanent members.

While Australia has made a strong commitment to this global initiative, the success of the Pact for the Future will ultimately depend on whether countries follow through with their commitments.

The Summit of the Future has been billed as a “once-in-a-generation” opportunity to reshape the UN and, by extension, the world. 

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