The Fourth International Conference on Financing for Development, a U.N.-hosted series, concluded with a pledge to increase climate finance and the launch of 130 new initiatives.
The conference ended with the Sevilla Commitment (Compromiso de Sevilla), a plan that aims to boost sustainable development investment and address the global debt crisis. It also seeks to give developing nations a stronger voice in international finance.
More than 15,000 people attended, including nearly 50 heads of state, but the notable exception was the United States. They struggled to close a significant financial gap amid global economic pressures, not least of which are the drastic cuts to U.S. funding for foreign aid under the Trump administration.
Amid the blistering temperatures of a European heat wave, the conference took place on the heels of London's Climate Action Week, which drew 45,000 people to talk about financing and innovation.
U.N. Deputy Secretary-General Amina Mohammed acknowledged the challenges. Pointing to rising debt, trade tensions, and cuts to development aid, she called the conference’s outcome a "strong response" and a"unifying outcome document focused on solutions." Mohammed emphasized choosing "cooperation over fragmentation."
Spanish Economy Minister Carlos Cuerpo called Sevilla a "launchpad for action." U.N. Undersecretary-General Li Junhua described the U.N. as a "powerful platform for solutions."
The closing document, adopted by consensus, is the first inter-governmentally agreed financing framework since 2015. It seeks to close a $4 trillion annual financing gap for the U.N.'s 17 Sustainable Development Goals for 2030 in developing countries, an unlikely outcome in the face of current geopolitical and economic challenges.
The framework targets three areas: increasing sustainable development investment, addressing the debt crisis, and reforming global financial architecture. Under the Sevilla Platform for Action, 130 initiatives were unveiled. These aim to increase public and private investment and strengthen tax systems. Their practical impact is still to be seen.
Climate finance and debt relief
A significant part of the conference focused on new ways to fund climate action, especially for climate-vulnerable developing nations. Leaders supported new financial systems and potential new taxes. These included carbon taxes and fees on air and shipping travel.
A coalition led by France, Kenya, and Barbados will explore taxes on premium air travel and private jets. Spain and Brazil launched an initiative for taxing wealthy individuals. These proposals aim for new revenue, but their global adoption faces challenges.
New debt mechanisms were also introduced. Spain and the World Bank will lead a debt swaps for development hub, while Italy launched a debt-for-development swap program. An alliance committed to suspending debt payments during crises; the Sevilla Forum on Debt hopes to improve coordination and offer solutions to the systemic debt crisis.
Other initiatives included the SCALED blended finance platform and new multilateral development bank tools. The commitment also called for more climate fund access for developing countries. It also aims to boost multilateral development banks' climate financing capacity.
Private sector engagement
The International Business Forum was held concurrently. Business leaders urged unlocking private capital for sustainable development. Developing nations pitched over $5 billion in projects at the SDG Investment Fair. While private sector engagement is vital, directing capital to the SDGs in riskier developing markets has been difficult.
The conference, which included more than 470 side events, aimed to strengthen global cooperation. Leaders hope the Sevilla Commitment will lead to tangible improvements in livelihoods and sustainable development.
"Sevilla is not an endpoint," said Li. "It is a launchpad for a new era of implementation, accountability, and solidarity."
