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EU: Commission proposes pooling world development aid funding

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Monday, 29 July 2013

EU: Commission proposes pooling world development aid funding

On 16 July, the European Commission adopted a communication proposing that all types of development aid in the post-2015 period be considered as “a whole”, by binding current major international efforts and using all their financial resources in the post-2015 period in “a new, innovative way”.
While the EU executive recently focused on “what” to put in the future development framework – as defined in the communication on a ‘Decent life for all by 2030’, it is now turning its attention on "how" to finance it, said Andris Piebalgs, EU development commissioner.  In a statement, Piebalgs calls the newest communication “another big step towards putting in place the future post-2015 framework”. This paper is supposed to define EU’s position into the global framework, EurActiv reports.
It examines the different financial resources available – public and private, both at the domestic and international levels (from taxes to grants, private investment or philanthropy), and singles out the following “guiding principles” for post-2015 financing:
•    Financing must go hand-in-hand with policy objectives; money should go where it is most needed
•    All financing sources should be considered as a whole, including Official Development Assistance (ODA) for low-income countries.
•    Emerging economies and upper middle income countries can contribute their fair share to assist the poorest and most fragile.
•    Different policy goals need to be mutually reinforcing, so every euro spent should aim to reach several policy objectives simultaneously. For instance, better food security is essential for poverty eradication and can be achieved through better preservation of biodiversity and forests, which in turn help to combat climate change.
•    Partner countries should be in the driving seat when choosing resource priorities
•    Enhance transparency and mutual accountability of all finance at national and global, to ensure that this is used more effectively.
The paper also points out to the linkage of the UN Millennium Development Goals (MDGs) with the follow-up of the Rio+20 conference on sustainable development “into one overarching framework for post-2015”, in line with the ideas highlighted in the ‘Decent life for all by 2030’ proposal. “We are completing our joint vision today by confirming that we will bring together also the financing tracks for sustainable development and poverty eradication,” Environment Commissioner Janez Potočnik said in a statement.
Although the emphasis of the financing communication is on developing countries, its approach can be universally applicable, the Commission says. This is in line with the political thinking, which recently suggests that the post-2015 MDGs will apply universally, and not only to the world’s poorest countries, EurActiv writes.

Source: EurActiv