UN’s 2024 budget set at $3.59 billion, with focus on peacebuilding

The United Nations General Assembly, in a significant move, has approved a budget of $3.59 billion for the year 2024. This financial plan includes a noteworthy component: the establishment of a special account dedicated to the Organization’s peacebuilding fund, a major step in supporting global peace initiatives. Late on Friday evening, the 193-member General Assembly further agreed to allocate nearly $50 million in additional funding.

UN's 2024 budget set at $3.59 billion, with focus on peacebuilding

This sum is earmarked for the decisions made by the Human Rights Council, the UN’s principal body focusing on human rights issues, as reported by the UN News website. A key feature of this budgetary allocation is the creation of the Peacebuilding Account. This dedicated multi-year special account is designed as a new modality for financing the Peacebuilding Fund.

Starting January 1, 2025, the Account will receive $50 million annually in assessed contributions, ensuring sustained financial support for peacebuilding activities. The Peacebuilding Fund stands as the UN’s primary tool for investing in prevention and peacebuilding efforts. It plays a crucial role in supporting collaborative responses to address significant peacebuilding opportunities, effectively bridging the gap between development, humanitarian aid, human rights, and peacebuilding efforts.