Urgent Call to Action for Sustainable Development Financing at FfD4 Conference

The world is facing an unprecedented combination of challenges, including economic instability, environmental degradation, and social inequality.

As the world faces multiple crises, an independent human rights expert is sounding the alarm on the urgent need to secure financing for the sustainable development agenda. Surya Deva, the UN Special Rapporteur on the Right to Development, has called on world leaders to take decisive action at the upcoming 4th International Conference on Financing for Development (FfD4), emphasizing that time is running out to ensure the future of humanity is one built on sustainability and human rights.

In his latest statement, Deva stressed the critical importance of shifting financial priorities away from military expenditures and conflict-driven economies toward investing in the people and the planet. He advocates for a new approach that prioritizes sustainable development, including efforts to eliminate poverty, end hunger, reduce inequalities, tackle climate change, and foster inclusive and peaceful societies. His message is clear: the Sustainable Development Goals (SDGs) must be at the forefront of international financial efforts, particularly when it comes to addressing the most pressing issues of our time.

The world is facing an unprecedented combination of challenges, including economic instability, environmental degradation, and social inequality. Many nations, particularly Least Developed Countries (LDCs), Land Locked Developing Countries (LLDCs), and Small Island Developing States (SIDS), are grappling with severe funding gaps. These gaps are further compounded by crippling debt burdens, trade barriers, declining Official Development Assistance (ODA), and an unfair international financial system that allows for widespread tax avoidance by corporations.

Deva emphasized the need for a transformative pathway to overcome these challenges, one that centers on the right to development. The principles of fair distribution, self-determination, intergenerational equity, and international cooperation must guide discussions at the FfD4 conference, he noted. The current financial system is failing the world's most vulnerable populations, and it is time for a radical shift toward development that leaves no one behind.

One of the key concerns raised by the UN expert is the fact that many developing countries, particularly in Africa, Asia, and Latin America, are experiencing an unsustainable debt burden that stifles their growth and ability to invest in their people. As Deva pointed out, this situation is exacerbated by the high cost of borrowing and the lack of support for countries in crisis. He called for a range of measures to address these issues, including debt swaps for climate action, long-term concessional loans, grants, and debt service suspension during natural disasters.

Deva also urged the FfD4 outcome document to strengthen the relationship between the three core pillars of the United Nations: peace and security, sustainable development, and human rights. He argued that it is essential to adopt an integrated approach that considers the interconnections between these issues, as well as the need for a more targeted and efficient ODA process.

Central to Deva’s call is the need to prioritize gender equality. With women and girls comprising approximately half of the global population, their full participation in sustainable development processes is critical. The FfD4 outcome document, according to the Special Rapporteur, must include a clear commitment to achieving substantive gender equality as a central goal, not merely as an ancillary issue.

Another significant aspect of the upcoming FfD4 discussions will be the role of technology in sustainable development. As Deva pointed out, access to affordable, safe, and green technologies is essential for achieving the SDGs. He called for measures to facilitate the transfer of such technologies to developing countries, enabling them to transition to a more sustainable, low-carbon economy.

Furthermore, the reform of the international financial architecture is another key area that Deva highlighted in his brief. Developing countries continue to face significant barriers in accessing finance and resources, due in part to a financial system that is skewed in favor of wealthier nations. The UN expert called for a fundamental restructuring of this system, ensuring that resources are more fairly distributed and that developing countries are able to access the financing they need to drive their own development.

In his negotiation brief, Deva outlined several specific recommendations for the FfD4 outcome document, including:

1. Debt Relief and Concessional Loans: Address the unsustainable debt burden of developing countries through debt swaps for climate action, long-term concessional loans, and grants. Debt service suspension should be considered in the event of natural disasters.

2. Gender Equality: Mainstream gender equality as an overarching goal of sustainable development, ensuring that women and girls have the opportunities and resources to participate fully in development processes.

3. Innovative Financing: Leverage additional sources of innovative financing, including private sector investments and climate financing mechanisms, to support the SDGs.

4. International Financial Cooperation: Strengthen international financial cooperation to reduce the cost of borrowing and address barriers to accessing financing for development.

5. Reform of the International Financial System: Reform the international financial system to ensure fairer access to resources for developing countries, particularly LDCs, LLDCs, and SIDS.

6. Technology Access: Ensure developing countries have access to affordable, safe, and green technologies to facilitate sustainable development.

7. Good Governance: Promote stronger governance frameworks and anti-corruption measures to ensure that funds are used effectively and transparently.

Deva concluded by calling on developed countries to honor their financial commitments, including the long-standing pledge to provide 0.7% of their gross national income (GNI) in ODA to developing countries, and 0.15-0.20% of GNI to LDCs. He urged governments to act with urgency, emphasizing that the window of opportunity to secure financing for sustainable development is closing fast. The upcoming FfD4 conference is a critical moment for world leaders to demonstrate the political will to confront these challenges and make a lasting commitment to financing a sustainable, just, and peaceful future for all.