The year 2025 will be main for multilateralism. Challenges ahead – growing inequality, climate change and gap of funding for sustainable development – are urgent and interconnected. Addressing their necessary bold, coordinated action – not by withdrawing in insulation, unilateral action or disorder.
The three main global gatherings offer a unique opportunity to display the path to a righteous, including and sustainable world: the fourth international development conference (FFD4) in Seville (Spain), 30th Conference of Parties (COP30) Framework Convention of the United Nations on Climate Change (UNFCCC) in Berém (Brazil). These meetings should not be as business as usual: they must achieve real progress.
A multilateral moment we can’t lose
Confidence in the multilateral institutions is voltage, but the need for dialogue and global cooperation has never been greater. We must reaffirm that multilateralism, when it is ambitious and oriented to action, remains the most effective means of resolving joint challenges and improving common interests.
We need to upgrade to the successes of multilateralism, especially Agenda 2030 and the Paris Agreement. The FFD4, COP30 and G20 must serve as a turning point in the renewed dedication of inclusivity, sustainable development and shared prosperity. This will require strong political will, the complete participation of all relevant stakeholders, creative thinking and the ability to understand the restrictions and priorities of all economies.
Resolving inequality through renewed financial architecture
Income inequality is expanded – both inside and between nations. Many developing countries are struggling under unsustainable debt loads, limited fiscal space and obstacles to the fair approach to the capital. Basic services such as health or education must compete with growing interest rates.
This is not just a moral failure; It’s an economic risk for everyone. Global financial architecture must be reformed in order to give countries in the global south a greater voice and a national team and a more honest and predictable approach to resources.
We need to improve the initiatives to release debt, promote innovative financing mechanisms and work to identify and resolve the causes of the high costs of capital that most developing countries face. The G20, under the South African Presidency, is prioritized by these three areas.
At the same time, the Seville FFD4 will be a decisive moment to ensure obligations for stronger international financial cooperation for sustainable development, including better taxation of global wealth and negative externalities, improvement of domestic resources mobilization and more influential and more effective re -filling of special drawing rights.
Only transitions toward the development of resistance to climate
For many developing countries, only climate transitions remain out of reach due to lack of funds and development limits. That must change. At the Cop30 in Belém, the host at the heart of the Amazon, we must ensure that our climate financing obligations are transformed into a concrete action.
The success of the COP30 will depend on whether we can bridge the gap between promises and delivery. According to the UNFCCC, the key COP30 Foundation will be submitted to new and ambitious nationally established contributions (NDC) by all sides and grandmothers on the Belém Road to increase the financing of parties in the development of climate action from all public and private sources to at least 1.3 trillion annually.
We need to significantly increase the financing of climate adjustment, use the investment in the private sector and ensure that the multilateral development banks take on a greater role in climate financing. The FFD4 in Seville will supplement these efforts by ensuring that climate financing does not come at the cost of development.
Inclusive response to global threats
The world is more and more fragmented, and that is why we have to double our efforts in finding common ground. Seville, Belém and Johannesburg have to serve as lighthous multilateral cooperation, showing that nations can unite about common interests.
In Seville we will work on mobilizing public and private capital for sustainable development, admitting that financial stability and climate action are inseparable. In Belem we will stand together to protect our planet. And in Johannesburg, the G20 will confirm the importance of inclusive economic growth.
As we look in advance by 2025, we invite all nations, international institutions, private sector and civil society to rise to this moment. Multilateralism can and must be delivered – because roles are too high for failure.
The views expressed in this article are the author’s and do not reflect the editorial position of Al Jazeere.
