Why in news?
The fourth International Financing for Development Conference (FfD4) was held in Seville, Spain, to overhaul the global financial architecture and align development finance with climate goals.
Key points
- Purpose: A United Nations forum that brings together governments, multilateral development banks, civil society and experts to address funding gaps in the Sustainable Development Goals.
- Main agenda: Restructure multilateral development banks, address debt and tax issues, and enhance accountability. Discussions emphasised scaling climate finance to US$1.3 trillion by 2035, as part of the “Baku to Belem” road map ahead of COP30.
- Equity and justice: Calls were made to include indigenous peoples, women and youth in decision‑making and to introduce global solidarity levies (such as taxes on private jets) to fund climate action. The richest 1 per cent’s responsibility for half of global emissions was highlighted.
- Significance: The conference supports the Global South’s demands for climate justice, urges reforms in global financial institutions and promotes more accessible, grant‑based finance rather than debt‑heavy loans.