Tuesday, May 12, 2015

Financing for development

This week at the United Nations, additional sessions for consultations on the Revised draft of the Outcome document of the Third International Conference on Financing for Development (12-15 May)

There have been some substantive and promising steps forward including some dampening down on the blatant references to Public-private partnerships and less overt courting of the private sector and foundations.  There appears to be a lot of effort being dedicated to ensure that the synergies between the FFD process and Post-2015 development agenda are maximized. But if you go beyond words or political “hot air” then there appears to be a fundamental lack of economic commitment to action or belief in the possibility to achieve genuine change.

One positive was the addition of “Our goal is to eradicate poverty and hunger in this generation” yet a number of delegations appeared to find “in this generation” to be unclear and did not support its inclusion. While putting a specific timeframe on eliminating poverty is hard – within one lifetime should be achievable and if we were to be ambitions we would aim for sooner rather than step away from specifics. By 2050, the human population is projected to be 9.5 billion (UNEP, 2015) and the extremes of wealth and poverty have been widening at unacceptable speeds. As Oxfam noted early this year, if current trends continue, the world’s richest one percent would own more than 50 percent of the world’s wealth by 2016.

The aspect of the Post-2015 development agenda that appears to have any likelihood of contributing the impetus we need to accelerate change appears to the Sustainable Development Goals. They are numerous, and messy but the time for quick and easy fixes has long passed. We have to be willing go beyond the simple and actually dive deep to find the root causes such as greed and inequality.

As the post-2015 summit looms closer, hopes increase for an “ambitious” development agenda. But a lot of key actors are taking a pragmatic look at the costs and asking — where is the money going to be coming from?

It’s not going to be the private sector.

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