This month, world leaders will gather in Sevilla, Spain, to address a critical mission: fixing the way we invest in sustainable development.
The stakes are immense. A decade after the adoption of the Sustainable Development Goals (SDGs), progress is faltering. Two-thirds of the targets are off track, and developing countries face an annual financing shortfall of over $4 trillion to meet these commitments by 2030.
This crisis is unfolding against a backdrop of a slowing global economy, rising trade tensions, declining aid budgets, surging military spending, and unprecedented strains on international cooperation.
The consequences are stark: families going to bed hungry, children without vaccinations, girls forced to leave school, and communities deprived of basic services.
It is time to change course. The Fourth International Conference on Financing for Development in Sevilla must deliver an ambitious, globally supported plan to fund the SDGs and unlock their transformative promise.
That plan should be built on three critical pillars.
First, Sevilla must accelerate the flow of resources to the countries that need them most — and do so urgently.
Domestic resource mobilization is essential. Countries must strengthen revenue collection and tackle tax evasion, money laundering, and illicit financial flows through robust international cooperation. These efforts would enable investment in key areas such as education, healthcare, jobs, social protection, food security, and renewable energy.
Simultaneously, national development banks, regional banks, and multilateral development banks must come together to finance major investments. Their lending capacity should be tripled to ensure that developing countries can access affordable capital with longer repayment terms.
This should include reallocating Special Drawing Rights to developing countries, preferably through multilateral development banks to maximize impact.
Private investment must also be mobilized by easing pathways for private finance to support viable development projects and by promoting innovative solutions to mitigate currency risks and blend public and private finance more effectively.
Throughout, donors must honor their development finance commitments.
Second, we must fix the global debt system — which is both unjust and unsustainable.
Today, debt service payments exceed $1.4 trillion annually, often surpassing spending on healthcare and education combined. Many developing countries see little hope in a system that prioritizes debt repayments over human well-being.
Sevilla must produce tangible steps to lower borrowing costs, enable timely and effective debt restructuring for countries struggling under unsustainable debt, and prevent future debt crises.
Proposals already on the table include creating mechanisms to pause debt servicing during emergencies, establishing a single debt registry to enhance transparency, and improving how the IMF, World Bank, and credit rating agencies assess risks in developing countries.
Finally, Sevilla must amplify the voice and influence of developing countries in the global financial system to ensure it truly serves their needs.
Reforms of international financial institutions’ governance structures are crucial, giving developing countries a greater say in managing the systems they depend on.
The world also needs a fairer global tax system, shaped by all governments — not just the wealthiest.
The establishment of a “borrowers’ club” could further help developing countries coordinate their approaches and learn from one another, reducing the imbalance of power that hampers sustainable progress.
This gathering in Sevilla is not about charity; it is about justice — and building a future in which all countries can thrive and prosper together. In today’s interconnected world, a future of haves and have-nots only breeds greater insecurity and holds back progress for all.
With renewed global resolve and concrete action, Sevilla can reignite momentum, restore faith in international cooperation, and advance sustainable development for both people and planet.
In Sevilla, leaders must act together — and ensure this rescue mission succeeds.
