For the future, the European Parliament calls for a more effective, coordinated and coherent European Financial Architecture for Development (AFED) to contribute to the achievement of the UN Sustainable Development Goals (SDGs), despite the multiple crises and the public funding gap, at a time when the needs are enormous.
The recommendations in the report by Charles Goerens (Renew Europe, Luxembourgish) were adopted on Thursday 24 November by a large majority (461 votes in favour, 35 against, 78 abstentions), without any amendments (see EUROPE 13053/18).
Parliament wants the EU’s external action budget (the NDCI ‘Global Europe’ instrument), European development finance institutions (EIB, EBRD) and those of EU Member States to be part of a collective and coordinated approach, which makes it possible to close the gap in public funding and to meet all the commitments made at the UN in 2015, whether in terms of financing for development (according to the Addis Abeba), the SDGs or even the objectives of the Paris Climate Agreement.
“These financial institutions are expected to mobilise private capital to fill the public financing gap. This gap is estimated at $4.2 trillion per year to achieve the Sustainable Development Goals. We would like to see this multitude of actors organised in order to reduce duplication and incoherence, with a view to favouring the complementarity of actors in a global EU approach”, said Charles Goerens during the debate to summarise the issue (see EUROPE 12741/23).
EU Member States are called upon to fulfil their long-standing commitment to collectively allocate 0.7% of their GNI to Official Development Assistance (ODA).
Furthermore, the European Parliament wants all implementing partners to apply the full range of European social, human rights, procurement, transparency, environmental and rule of law standards.
See the resolution: https://aeur.eu/f/49s (Original version in French by Aminata Niang)