This week, the United Nations headquarters in New York is witnessing the second preparatory session of the Financing for Development Committee (FfD4), a space that promises ‘tobe crucial in determining the future of the global financial system’. The Civil Society platform for the FfD, supported by RIPESS, has raised strong criticisms during these three days, warning of the risk that this process will fall short of the structural challenges we face.
FfD4 represents an effort to review and reinforce global commitments towards sustainable development. If you are not sure you understand the concept of Financing for Development, you can visit this toolkit by the Civil Society Platform for FfD. This platform, in which civil society organisations, including networks such as RIPESS, point out on important dates such as these that the current approach lacks the ambition to address the structural inequalities and concentration of economic power that perpetuate poverty and exclusion; that it ignores the Sustainable Development Goals.
In its recent presentation of the draft elements of FfD4, the Civil Society Mechanism for FfD highlights key concerns such as:
- Lack of concrete action to combat tax evasion
- Increasing reliance on debt-based development models.
- Insufficient space given to countries from the Global South in international financial decision-making. These criticisms reflect civil society’s commitment to ensure that this process is truly aligned with the Sustainable Development Goals and social justice.
From RIPESS, we reiterate our position in favour of an approach that prioritises solidarity and transformative economies as the central axis of any financing for development strategy. In this sense, we support the demands of the Civil Society Mechanism for FfD, which include:
- Deep structural reforms in the international financial architecture, with an emphasis on redistributing power and resources to the Global South.
- Effective mechanisms to combat tax evasion and avoidance, enabling countries to retain key resources to finance their development.
- Greater inclusion of solidarity economy actors in global debates, recognising their role in creating resilient and just economic systems.
The IV International FfD Conference will take place in Seville, Spain, from 30 June to 3 July, and this is what this Civil Society Platform is preparing for.
In the words of the participating organisations, the FfD4 should be an opportunity to reimagine the global financial system and transform it into an engine of equity and sustainability. RIPESS calls on our allies, governments and the international community to listen to these voices and prioritise a people and planet-centred economic model.
We invite you to follow the updates on the networksand website of this process and to join the actions. Together, we can work towards a global financial system that truly works for all.
