CONCORD position on upcoming Intergovernmental Committee of Experts on Sustainable Development Financing report.

The Intergovernmental Committee of Experts on Sustainable Development Financing (ICESDF) was mandated by the Rio+20 Conference on Sustainable Development in 2012, to ” assess financing needs, consider the effectiveness, consistency and synergies of existing instruments and frameworks, and evaluate additional initiatives, with a view to preparing a report proposing options on an effective sustainable development financing strategy to facilitate the mobilization of resources and their effective use in achieving sustainable development objectives.”

The Report of the Committee is a strategically important report as it will feed into the Third Conference on Financing for Development in July 2015 and the financing discussions of the Post-2015 framework and Sustainable Development Goals. The Report must be thorough and well-rounded, covering all aspects of the Committee’s mandate.
 
The Report must, as a minimum, put forward the following 11 critical outcomes:
 
  1. More domestic resources for sustainable development through progressive taxation and effective international tax cooperation
  2. The unique and specific role of public domestic and international finance is reinforced
  3. New public financing sources for development are set up
  4. A permanent and lasting solution to sovereign debt crises is reached
  5. Trade and investment is oriented to contributing to states’ human rights obligations and international social, environmental and climate change commitments
  6. Alternative credible monetary systems are established
  7. The contribution of private sources of finance to sustainable development is enhanced through regulation
  8. Foreign direct investment and other financial inflows assessed on quality not quantity
  9. Development effectiveness principles for the use of public funds to support the private sector are followed
  10. Developing countries voice and decision-making in international policy and outcomes are made equal to those of developed countries
  11. Policy coherence is recognised as essential for effective mobilisation and optimal investment of sustainable development finance.

 

CONCORD believe that these basic outcomes will be essential to ensure that finance in all its dimensions (international/domestic, public/private) and the financial systems itself contributes to putting all countries- and the international community- on track to fulfil their commitments to free humanity from poverty and hunger; and ensure the promotion of an economically, socially and environmentally sustainable future for our planet, and for present and future generations.