Revisiting Financing for Development

In preparing to mark the 20th anniversary of the first United Nations International Conference on Financing for Development held in Monterrey, Mexico in March 2002, a process that promised so much, it is only prudent to reflect on the history of the Financing for Development (FfD) processes, especially considering the negative impact of the COVID-19 pandemic on efforts to curb the widening of the gap between the rich and poor, both within and among countries. During these trying times, the poor and the most vulnerable are left at the mercy of ineffective regional and global policies. We are also witnessing the erosion of personal freedoms, even within the so-called bastions of democracy. Individual and corporate greed seems to be dictating the direction of these financial policies.

In light of the pandemic and a looming global recession, the UN Secretary-General Antonio Guterres sounded the alarm: “We must act quickly and decisively to protect people and strengthen societies in the face of this shock, which comes on top of a global climate emergency, soaring inequality and growing discontent with the economic and social order in general.”

The premise of the FfD process has been to eradicate poverty, achieve sustained economic growth and promote sustainable development in an inclusive and equitable global economic system. There needs to be a systemic transformation of the global financial architecture and global division of labor towards achieving a just, green, equitable and gender-sensitive recovery in the current and post-COVID-19 scenario.

Financial regulations that turn a blind eye toward tax-havens are indicators of the extent to which the privatization of wealth has generated today’s culture of shortsightedness. Morality is not arbitrary. The well-being of our planet and its 7.5 billion human inhabitants require a readjustment of perspective that justly distributes wealth, recognizing that shared prosperity sustains life.

As civil society organizations, we have the moral obligation, the responsibility and needed insights, and opportunities to join in advocating to change this narrative. This moment calls for a greater vision of the world that ought to be, than the empty promises of our current global social compact. This is the time to join forces to remove the malignant growth of addiction to individual/private gain/profit and promote communal gains and wellbeing by advocating for financial structures that support collaboration, transparency, and accountability.

We, as civil society, have the ability and insight to change the narrative. Let us start by reviewing our individual and collective roles and the prospects of the FfD process to invigorate our plan of action to bring about the change for which we have been clamoring.

Register here!

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CoNGO Notes: For more information on the NGO Committee on Financing for Development, an official Substantive Committee of the Conference of NGOs in Consultative Relationship with the United Nations, please visit ngosonffd.org. Likewise, for more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com.

The global debt crisis and the role of private creditors

Sharing responsibilities as well as benefits? The global debt crisis and the role of private creditors

The results of the G20 initiatives to relieve the debt of the Global South, which has been hard hit economically by the pandemic, are sobering. Many eligible countries are reluctant to enter into negotiations. They fear that debt relief will cut off their long-term access to private capital markets and cause them to lose the confidence of private investors. These concerns have been reinforced by creditors, especially from the private sector. And the G20? Despite its commitment to private sector participation in the Common Framework for Debt Treatments, it has so far not found the political will to make such participation mandatory. However, this would be a key step to shield debtor countries from uncooperative creditors and achieve substantial debt relief.

In the run-up to the joint meeting of G20 health and finance ministers this October we have invited international experts from academia, government, and financial institutions to discuss the following questions among others:

Is there empirical evidence that debt relief excludes countries from much-needed development finance?
On what grounds could the participation from the private sector in official debt relief initiatives, comparable to other creditors, be expected?
In what ways can the G20 compel private sector participation and equal burden-sharing?

Further event details will be forthcoming, but please stay apprised of updates here: https://ny.fes.de/

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CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. For more information on the NGO Committee on Sustainable Development-New York, please visit ngocsd-ny.org.

The global debt crisis and the role of private creditors

Sharing responsibilities as well as benefits? The global debt crisis and the role of private creditors

The results of the G20 initiatives to relieve the debt of the Global South, which has been hard hit economically by the pandemic, are sobering. Many eligible countries are reluctant to enter into negotiations. They fear that debt relief will cut off their long-term access to private capital markets and cause them to lose the confidence of private investors. These concerns have been reinforced by creditors, especially from the private sector. And the G20? Despite its commitment to private sector participation in the Common Framework for Debt Treatments, it has so far not found the political will to make such participation mandatory. However, this would be a key step to shield debtor countries from uncooperative creditors and achieve substantial debt relief.

In the run-up to the joint meeting of G20 health and finance ministers this October we have invited international experts from academia, government, and financial institutions to discuss the following questions among others:

Is there empirical evidence that debt relief excludes countries from much-needed development finance?
On what grounds could the participation from the private sector in official debt relief initiatives, comparable to other creditors, be expected?
In what ways can the G20 compel private sector participation and equal burden-sharing?

Further event details will be forthcoming, but please stay apprised of updates here: https://ny.fes.de/

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CoNGO Notes: For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. For more information on the NGO Committee on Sustainable Development-New York, please visit ngocsd-ny.org.

Multilateralism & Multi-stakeholderism: Where does accountability for the corporate sector fit in?

Join this UNGA76 side event exploring corporate influence across the United Nations System, and identifying ways in which civil society and all actors can resist corporate influence with a view to build a more accountable and equitable system that operates in the interests of people and planet, rather than profit.

Register: bit.ly/AccountabilityForCorporateSector

Speakers will include:

Moderator: Barbara Adams, Global Policy Forum
Cai Yiping, Development Alternatives for Women (DAWN)
Emilia Reyes, Campaign of Campaigns/Equidad de Genero
Debbie Stothard, ALTSEAN / Steering Committee of Corporate Accountability Working Group at ESCR-Net

Some guiding questions:

How can pushes for inclusivity have unintended consequences for enhancing corporate influence across the United Nations system?
How do states and governments use PPPs and the idea of multistakeholderism to obfuscate responsibilities to their populations?
How can corporations be held accountable to Human Rights mechanisms and international law?
What changes are needed to transform the way in which the UN System is funded to reduce or combat corporate capture of decision-making?

This event will be recorded and uploaded to the Women’s Major Group YouTube Channel. Interpretation will be available in French and Spanish.

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CoNGO Notes: For more information on the NGO Major Group, please visit ngomg.org. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com.

Multilateralism & Multi-stakeholderism: Where does accountability for the corporate sector fit in?

Join this UNGA76 side event exploring corporate influence across the United Nations System, and identifying ways in which civil society and all actors can resist corporate influence with a view to build a more accountable and equitable system that operates in the interests of people and planet, rather than profit.

Register: bit.ly/AccountabilityForCorporateSector

Speakers will include:

Moderator: Barbara Adams, Global Policy Forum
Cai Yiping, Development Alternatives for Women (DAWN)
Emilia Reyes, Campaign of Campaigns/Equidad de Genero
Debbie Stothard, ALTSEAN / Steering Committee of Corporate Accountability Working Group at ESCR-Net

Some guiding questions:

How can pushes for inclusivity have unintended consequences for enhancing corporate influence across the United Nations system?
How do states and governments use PPPs and the idea of multistakeholderism to obfuscate responsibilities to their populations?
How can corporations be held accountable to Human Rights mechanisms and international law?
What changes are needed to transform the way in which the UN System is funded to reduce or combat corporate capture of decision-making?

This event will be recorded and uploaded to the Women’s Major Group YouTube Channel. Interpretation will be available in French and Spanish.

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CoNGO Notes: For more information on the NGO Major Group, please visit ngomg.org. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com.

Spotlight on Sustainable Development 2021: Demanding Justice Beyond Rhetoric

Policy responses to the COVID-19 pandemic and resulting economic crisis have exacerbated rather than reduced global inequalities. The most visible example of this is the global disparity in the distribution of vaccines. So far more than 60 percent of people in high-income countries have received at least one dose of COVID-19 vaccine, but less than 2 percent have done so in low-income countries. In view of this dramatic disparity, the “leave no one behind” mantra of the 2030 Agenda for Sustainable Development remains hollow. In fact, the vested interests of economic elites continue to dominate political decision-making. Given the urgency of the COVID-19 crisis and the other unresolved global problems, most notably the climate emergency, it is high time for transformative policies, strategies and structural changes.

This year’s Spotlight on Sustainable Development Report describes the highly uneven socio-economic impact of the COVID-19 crisis and analyses the policy responses to it. It explores beyond the rhetoric, highlighting deepening inequalities, self-serving and hypocritical policies and governance failures at national and international level. Addressing the imbalance in global vaccine production and distribution, the report also examines a few key areas where political and structural changes are necessary to correct the limited and asymmetric recovery. With this virtual launching event, we will present key findings of the report.

Brief snapshots by:

K.M. Gopakumar, Third World Network
Vanita Mukherjee, Development Alternatives with Women for a New Era (DAWN)
Roberto Bissio, Social Watch

Policy conclusions by:

Kate Donald, Center for Economic and Social Right
Daria Cibrario, Public Services International (PSI)
Isabel Ortiz,Global Social Justice

Moderators:

Bodo Ellmers, Global Policy Forum
María Graciela Cuervo, Development Alternatives with Women for a New Era (DAWN)

Register here: rsvp.globalpolicy.org/report-launch-spotlight-on-sustainable-development-2021-demanding-justice-beyond-rhetoric.

Participants will receive the login details one day before the event. Further information on the Spotlight Report 2021 will be available shortly at www.2030spotlight.org

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CoNGO Notes: For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org.

Spotlight on Sustainable Development 2021: Demanding Justice Beyond Rhetoric

Policy responses to the COVID-19 pandemic and resulting economic crisis have exacerbated rather than reduced global inequalities. The most visible example of this is the global disparity in the distribution of vaccines. So far more than 60 percent of people in high-income countries have received at least one dose of COVID-19 vaccine, but less than 2 percent have done so in low-income countries. In view of this dramatic disparity, the “leave no one behind” mantra of the 2030 Agenda for Sustainable Development remains hollow. In fact, the vested interests of economic elites continue to dominate political decision-making. Given the urgency of the COVID-19 crisis and the other unresolved global problems, most notably the climate emergency, it is high time for transformative policies, strategies and structural changes.

This year’s Spotlight on Sustainable Development Report describes the highly uneven socio-economic impact of the COVID-19 crisis and analyses the policy responses to it. It explores beyond the rhetoric, highlighting deepening inequalities, self-serving and hypocritical policies and governance failures at national and international level. Addressing the imbalance in global vaccine production and distribution, the report also examines a few key areas where political and structural changes are necessary to correct the limited and asymmetric recovery. With this virtual launching event, we will present key findings of the report.

Brief snapshots by:

K.M. Gopakumar, Third World Network
Vanita Mukherjee, Development Alternatives with Women for a New Era (DAWN)
Roberto Bissio, Social Watch

Policy conclusions by:

Kate Donald, Center for Economic and Social Right
Daria Cibrario, Public Services International (PSI)
Isabel Ortiz,Global Social Justice

Moderators:

Bodo Ellmers, Global Policy Forum
María Graciela Cuervo, Development Alternatives with Women for a New Era (DAWN)

Register here: rsvp.globalpolicy.org/report-launch-spotlight-on-sustainable-development-2021-demanding-justice-beyond-rhetoric.

Participants will receive the login details one day before the event. Further information on the Spotlight Report 2021 will be available shortly at www.2030spotlight.org

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CoNGO Notes: For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit congocsd.wordpress.com. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org.

Global Interfaith Dialogue on Food Systems

In the run up to the UN Food Systems Summit later in September, the Global Inter-faith Dialogue on Food Systems builds up on the dialogue held in July, aiming to bring together faith-based organisations, Indigenous communities, and others whose work is grounded in values and spirituality and who play an essential role in the sustainable transformation of the food systems.

Register here: https://zoom.us/meeting/register/tJEqcO-vqzMiGNDWKYK3YiRDYqg0G0IkyAL7

The specific objectives of the consultation are:

1. Promote engagement and partnerships between faith-based organisations, indigenous peoples, governments, multilateral organisations, and corporations for more sustainable and just food systems

2. Facilitate conversation around the role of values, ethics, and belief systems into new and better food systems, with a focus on areas for action

Expected outputs:

1. Increased awareness of the important role of faith, values, and belief systems in food systems transformation

2. Lift up good practices and areas for collective action between the work of faith-based, indigenous communities, and other stakeholders in support of achieving the SDGs by 2030

3. An interfaith reflection and a Statement for a sustainable food system

Co-Convenors: Dr. Agnes Kalibata, UN Secretary-General’s Special Envoy of the 2021 Food Systems Summit, and Andrew Schwartz, Director of Sustainability and Global Affairs, Center for Earth Ethics. Curator: Dr. Manoj Kurian, Coordinator, World Council of Churches- Ecumenical Advocacy Alliance

The programme will have brief inputs from key discussants and there will be a substantial session for group work and reporting. The discussants include Ms. Karenna Gore, Director of the Center for Earth Ethics, Rev. Andrew Morley, President and CEO, World Vision International, and ordained curate of the Anglican Church, Ms. Lyla June Johnston, representing Indigenous Peoples, Mr. Anwar Khan, President, of Islamic Relief USA and Bishop Rev. Dr. Sabu K. Cherian, from the Church of South India.

As part of the output, an interfaith Reflection and Statement that is addressed to the UN Food Systems Summit will be introduced and be read by Mr. Steve Chiu – Buddhist Tzu Chi Foundation and Dr. Meera Baindur – Associate Professor (Philosophy), Department of Arts, Manipal University Jaipur.

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CoNGO Notes: For more information on the Committee of Religious NGOs at the United Nations, please visit rngos.wordpress.com. For more information on the NGO Committee on Sustainable Development-NY, please visit ngocsd-ny.org. For more information on the NGO Committee on Sustainable Development-Vienna, please visit ngocsdvienna.org. For more information on the NGO Committee on Financing for Development, please visit ngosonffd.org.