Lorraine Williamson
As southern Spain swelters through a brutal heatwave, Sevilla finds itself at the epicentre of something even more intense than the soaring temperatures: a global reckoning with a financial system many now see as failing the planet.
From 30 June to 3 July, the Andalucian capital hosts the Fourth International Conference on Financing for Development—a high-stakes UN gathering that brings together over 70 world leaders, UN delegates, economists and campaigners. Their task? To revive the stalled ambitions of the 2030 Agenda for Sustainable Development, and with it, the promise of a fairer global economy.
Broken promises, missing trillions
The financial gap is no longer theoretical. It’s a gaping $4 trillion shortfall every year—money that should be going towards eradicating poverty, combating climate change, improving healthcare, and ensuring quality education. The goals are already agreed. The problem is how to fund them.
To that end, delegates are debating reforms that would have been unthinkable just a few years ago:
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Global levies on carbon emissions, wealth, and multinational profits
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Debt restructuring tools to relieve low-income countries
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Direct climate finance for vulnerable nations, including funding for loss and damage
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Greater transparency in corporate financial flows
The result will be a non-binding but politically significant roadmap: the Compromiso de Sevilla.
Spain steps Into the spotlight
Hosting such a summit is a diplomatic coup, and Spain is making the most of it. Prime Minister Pedro Sánchez used his opening address to call for unity in a fractured world. The city, meanwhile, has gone into logistical overdrive—hundreds of roads closed, over 8,000 police deployed, and the historic Real Alcázar shut to the public. Even the UN flag now flies in Sevilla’s main square.
The symbolism matters. With Spain presenting itself as a bridge between Europe and Latin America—and a champion of multilateralism—it’s a moment of real geopolitical visibility.
The missing superpower
But for all the carefully choreographed diplomacy, one absence looms large: the United States. Washington refused to endorse the summit’s draft conclusions, citing objections to proposed language on gender equality, climate funding and debt relief.
European officials have not hidden their frustration. EU foreign affairs chief Josep Borrell described the US stance as “a retreat from solidarity”. Campaigners warn that without US buy-in, any reform risks being toothless.
Street-level dissent and NGO frustration
Inside FIBES, the tone is earnest. Outside, it’s urgent. A few kilometres away, Sevilla’s Foro Social—a counter-conference of civil society groups—has drawn over 1,500 activists. Their message is blunt: technocratic fixes won’t be enough.
Groups like Greenpeace, Oxfam, and Salud por Derecho have dismissed the summit’s draft text as “all promise, no power.” The concern? That once the summit ends, wealthier nations will quietly walk away from commitments—again.
Their demands include binding debt cancellation, autonomous funding for local governments, and a seat for grassroots groups in all major financial negotiations.
What could come next
Whether the Sevilla UN finance summit becomes a footnote or a turning point will depend on what follows. The draft proposals could feed into the UN General Assembly in New York this autumn and the climate summit in Brazil this December.
But if Sevilla has proven anything, it’s that pressure is building—on streets and on stages—for a global system that values people over profit. Amid record heat and geopolitical divisions, this could be the last real chance to make the money match the mission.
Sources: Cadena Ser, The Diplomat, Verenigde Naties