In a resolution adopted by consensus, the 193-member Assembly emphasised the need for an improved and more effective institutional framework for sustainable development, and decided that the Forum should provide "a dynamic platform for regular dialogue and for stocktaking and agenda-setting to advance that process."
The decision follows up on a key recommendation of 'The Future We Want,' the outcome document of last year's UN Conference on Sustainable Development, known as Rio+20.
"The Forum can provide the political leadership and action-oriented recommendations we need to follow up on all the Rio recommendations and meet urgent global economic, social and environmental challenges. Countries must do their utmost to realise the Forum's potential."
The Forum will convene annually at the ministerial level under the auspices of the UN Economic and Social Council (ECOSOC) and it will, every four years, bring together heads of State to provide added momentum for sustainable development.
Its first meeting will be held in September, during the Assembly's forthcoming 68th session.
"We are simply not doing enough to meet the fundamental challenges of our time: to end extreme poverty in this generation and significantly narrow the global gap between rich and poor, without inflicting irreparable damage to the environmental basis for our survival," said General Assembly President Vuk Jeremiae.
"The new Forum must be more than just a meeting place - it must be the place where countries and civil society generate the momentum for change."
Governments and civil society actors, however, came to share a belief in recent years that a higher-profile body was needed to guide sustainable development towards 'the future we want.'
The Assembly recommended that ECOSOC abolish the Commission upon the conclusion of its 20th session - whose timing, agenda and duration was postponed from May, pending progress on the format and organisational modalities of the Forum.
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