Abstract
How did the global framework for financing sustainable development evolve in the past ten years? We argue that its evolution is deeply connected to multilateral initiatives such as the Monterrey consensus,the Addis Ababa Action Agenda, the Sustainable Development Goals and the Paris Agreement on climate change. Therefore, the year 2015 may be considered as a landmark. In this vein, we identified five keychanges that affect the global framework for financing development worldwide, showing how traditional international cooperation mechanisms coexist with new ones. They are discussed in the followingorder: the evolution of global development agendas; systemic power relations and financial flows; the institutional entrepreneurship of emerging powers; the increased role of development banks; and from official development aid (ODA) to international public finance. Under the United Nations auspices or not, middle-income countries started to play a bigger role in financing mechanisms. Likewise, some national development banks became more important and started to act more closely under the International Development Finance Club (IDFC) auspices. Brazil, Colombia and South Africa are mentioned as cases for future research.
Highlights
Since the 2002 Monterrey meeting, the global development agenda was profoundly reshaped
With the increasing focus put on international public finance, the Ababa Action Agenda (AAAA) stresses the role of development banks, a category of actors that was barely mentioned in the Monterrey Consensus
This is the case in paragraph 33 that “notes the role that well-functioning national and regional development bank can play in financing sustainable development, in credit market segments in which commercial banks are not fully engaged and where large financing gaps exist (...)”
Summary
Since the 2002 Monterrey meeting, the global development agenda was profoundly reshaped. The same concept may be useful for assessing BRICS countries’ agenda (Stuenkel 2019) and the global framework for public finance for sustainable development (FSDR 2019; Chimhowu et al 2019). In this scenario, middle-income countries (MIC) (Saad Filho 2004; Gu et al 2016) and development banks may be considered increasingly important actors (Ferraz et al 2013; Ferraz and Countinho 2019; Orliange 2020). Many of them have been operating for decades (and some even for centuries), but the new global framework for public finance for sustainable development referred to above gives them an increased relevance (Ferraz and Countinho 2019; Orliange 2020). The fifth relates to the international public finance framework as a result of the other previous changes
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