From Monterrey to Addis Ababa and beyond

a new global framework for public finance for sustainable development?

Resumen

How did the global framework for financing sustainable development evolve in the past ten years? We argue that its evolution is deeply connected to multilateral initiatives such as the Monterrey consensus,
the Addis Ababa Action Agenda, the Sustainable Development Goals and the Paris Agreement on climate change. Therefore, the year 2015 may be considered as a landmark. In this vein, we identified five key
changes that affect the global framework for financing development worldwide, showing how traditional international cooperation mechanisms coexist with new ones. They are discussed in the following
order: the evolution of global development agendas; systemic power relations and financial flows; the institutional entrepreneurship of emerging powers; the increased role of development banks; and from official development aid (ODA) to international public finance. Under the United Nations auspices or not, middle-income countries started to play a bigger role in financing mechanisms. Likewise, some national development banks became more important and started to act more closely under the International Development Finance Club (IDFC) auspices. Brazil, Colombia and South Africa are mentioned as cases for future research.