Pact for Prosperity, People and the Planet (4P) meeting in Sevilla.

4P High level meeting - Sevilla conference on financing for development

Rebuilding multilateralism: a paradigm shift for country-led solutions to the challenges of our time

Two years after the Summit for a New Global Financing Pact held in June 2023 in Paris, where the Pact for Prosperity, People and the Planet (4P) was born, the Fourth International Conference on Financing for Development (FfD-4), hosted by Spain, provided an opportunity for President Emmanuel Macron and President William Ruto to gather 4P Leaders.

Against rising geopolitical tensions, mounting pressure on multilateral cooperation and fiscal and financial constraints facing traditional development co-operation providers, all of which resulting in cuts for international solidarity and the fight against the climate crisis at the global level, Leaders demonstrated that the 4P stands out as a positive platform for constructive multilateralism.

Since its launch, the 4P has become a vibrant community encompassing 73 countries from all income levels and all continents, with the support of the 4P Secretariat. Together, these countries are committed to accelerate efforts to build the international financial architecture of the 21st century and promote country ownership on the development agenda, so that ‘no country has to choose between fighting poverty and saving the planet’.

In support of the success of FfD-4 and of the Sevilla Platform for Action, the 4P is launching numerous initiatives delivering on the roadmap established in June 2023 at the Summit for a New Global Financing Pact, in particular:

To better address the new financial vulnerabilities related to the effects of climate change:

• the assessment of the links between debt and needs arising from environmental protection by the Independent Expert Review on Debt, Nature and Climate with an implementation pathway of a core set of recommendations to be discussed in Sevilla;
• the launch of a roadmap to better reflect multidimensional vulnerability beyond GDP into resources allocation models (or frameworks);
• the establishment of a group to explore the next generation of risk-resilient financing instruments and support the implementation and scaling-up of Debt Pause Clauses.

To acknowledge the need to leverage additional resources to fund our global public goods, the advancement of research and mobilization in favour of global solidarity levies and the launch of a coalition on Premium Flyers contribution for fair transitions;

To unlock the private capital necessary to the transition and the fight against poverty, the launch of an Eminent Persons group to tackle barriers to investments in Emerging Markets and Development Economies in support to the work conducted by the G20 on the cost of capital.

In presence of the World Bank Group, the World Trade Organization, and the Organisation for Economic Co-operation and Development, Leaders reaffirmed their willingness to work together to renew approaches to financing current development challenges – placing impact and country-led approaches at their core through coalitions of the willing. They stressed the importance of ensuring trade and sustainable development are mutually supportive and restated their commitment to the multilateral trading system based on rules while acknowledging the need for its meaningful reform. Building on this method, they mapped out a path for future progress, including by targeting urgent common challenges such as financing for health and fair climate transitions.

To advance these priorities and to raise the level of ambition in all fora, especially COP30, they announced that President Moussa Faki will become the new 4P Special Envoy, succeeding Minister Chrysoula Zacharopoulou.

Signatory leaders

• Emmanuel MACRON, President of the French Republic
• William RUTO, President of the Republic of Kenya
• Pedro SANCHEZ, President of the Spanish Government
• João LOURENÇO, President of the Republic of Angola
• Gustavo PETRO, President of Colombia
• Cyril RAMAPHOSA, President of South Africa
• Friedrich MERZ, Federal Chancellor of
• Mia MOTTLEY, Prime minister of Barbados
• Mark CARNEY, Prime minister of Canada
• Tharman SHANMUGARATNAM, President of the Republic of Singapore
• Mohammed VI, King of Morocco
• Bassirou Diomaye FAYE, President of the Republic of Senegal
• Bola TINUBU, President of the Republic of Nigeria
• Ursula VON DER LEYEN, President of the European Commission
• Antonio COSTA, President of the European Council