Last week, in Seville, Spain, the world leaders, including Cooperation Canada, met for a unique opportunity, which only presents itself once every ten years, to rethink our collective future. The fourth International Conference on Development Financing (FFD4) was held at a time when the world is struggling with convergent crises: climate change, mounted inequalities, conflicts and erosion of democracy. For Canada, Canadians, who attach great importance to multilateralism and equity, is a crucial moment.
The Ambassador of Canada to the United Nations, Bob Rae, occupied the front of the stage alongside the King of Spain and the Secretary General of the United Nations. The conference resulted in the signing of the Sevilla compromiso, a common commitment aimed at redefining the way in which the world finances sustainable development.
Who shines by his absence in this world consensus? The United States, which has withdrawn from the process in the last days. Their withdrawal left the rest of the world the possibility of saving the little ambition that remained.
Rae opened the plenary session by quoting Leonard Cohen: “ Ring the bells that still can ring. Forget your perfect offering. There is a crack in everything. That’s how the light gets in. The Compromiso is one of these cracks. It is far from perfect, but it opens up a space to rethink global finance.
Will Canada go into this light?
The FFD4 has clearly shown that, while the world is talking about change, many rich countries are still resisting there. Civic space has been restricted. The structural reforms have been watered down. And the rich countries, including Canada, have been little willing to tackle the deep causes of inequalities.
However, there have been signs of progress. Ideas defended for a long time by civil society – tax justice, cancellation of debt and reform of global financial institutions – are finally taken seriously. The countries of the South assert themselves with more clarity and unity. Brazil, South Africa and Spain notably launched a coalition to tax the richest in the world.
But there is still a lot to do. Countries with low income and intermediate income still use interest rates up to 12 times higher than those paid by a handful of privileged. About 3.5 billion people live in countries which devote more to their interests than to education and health. The term “budgetary consolidation”, favored by the International Monetary Fund, is only a new name to designate the policies of austerity and structural adjustment which guarantee neither equity nor justice.
What does that mean for Canada?
This means that we can no longer be content to focus on innovative funding and the mobilization of private capital. Canada has certainly contributed to the development of new approaches and new principles in terms of financing. But innovation without justice is not synonymous with leadership.
If Canada really wants to get involved, we have to ask ourselves more difficult questions: how to fight against massive tax evasion? How to cancel illegitimate and unbearable debts? How to establish a fair trade? How to build a financial system that serves citizens, not just creditors and financial markets? As a participant said, it is not an elephant in the room, it is a mammoth.
First, Canada should support the democratization of global financial governance. This implies promoting a tax reform and a significant debt reform and to make the voice of those who are too often ignored.
Second, we must refocus international aid on its initial objective: to fight poverty and inequalities. It is not a question of reopening the debate on the role of help. We already know what it is for. It is a question of respecting our own values and the priorities of the communities left behind. Canada deserves to be greeted for resisting the global tendency to reduce aid, but this fight is far from over. We must respect our commitments.
Third, we must restore confidence in multilateralism, starting with a coherent commitment to international humanitarian law. THE doubles standards In terms of human rights, including our inaction in the face of atrocities that are perpetuated in Palestine, feed suffering, aggravate insecurity and undermine Canada’s credibility.
Finally, we must rethink our role in the world, not as donors, but as partners. The term “help” is exceeded. It is a dressing that has never stopped the hemorrhage caused by the persistent heritage of colonialism. What we need is a new model of cooperation based on shared responsibility. Seville offers us this possibility. It is not a question of shortage. The increase in world military spending proves this. International development cooperation concerns the security of all communities, including ours, as Canadian and Canadians.
To be honest, reaching a consensus in the fractured geopolitical climate today is not an easy task. The role of Canada in the development of this result must be recognized. But consensus cannot become an excuse to rest on its laurels.
With COP30 in Brazil, the G20 in South Africa and Canada at the head of the G7 this year, we must be the champions of a significant change.
If we want to keep our place at the negotiating table, we must act as if we had our place there: by defending fairness, by investing in cooperation and by storing ourselves alongside the majority of the world population, that which is not only left behind, but which must also pay the price of crises for which it is not responsible.
Prime Minister Carney claims that Canada has to take over while others are retreating. This is one of those moments. Let’s not miss it.
