Welcome to our new website! We're still in the process of making updates and improvements, so please stay with us.
The Civil Society Financing for Development Mechanism was present at the 8th Retreat of the Friends of Monterrey (FoM) held in Mexico City from March 20-22, 2024. This retreat marked a milestone in advancing the Financing for Development (FfD) process, which is instrumental in addressing systemic solutions to the broken global economic architecture.
The FfD process is rooted in supporting the implementation of agreements and commitments from major international conferences on FfD, including those in Monterrey (2002), Doha (2008), and Addis Ababa (2015). It also aligns with the FfD-related aspects of key United Nations conferences and summits, including the 2030 Agenda and the Sustainable Development Goals (SDGs).
Initiated by Germany, Mexico, and Switzerland, the Retreat of the Group of Friends of Monterrey has been a vital platform since 2016 for fostering dialogue on sustainable development finance. This informal space allows for substantive discussions without the constraints of formal negotiations, as all discussions are held under Chatham House Rules, facilitating ambitious consensus towards the ECOSOC FfD Forum and its outcome document.
The 8th Retreat built upon previous developments and lessons learned, while also addressing future trends in FfD. Discussions highlighted critical priorities such as climate finance, gender disparities, and bridging the digital divide, among others. With the 4th International Conference on FfD approaching in 2025, proactive engagement in preparation efforts is essential.
The 8th Retreat was driven by a set of objectives, aimed at advancing the Financing for Development (FfD) agenda and laying the groundwork for future initiatives:
Furthering Monterrey Consensus: Identifying actionable steps to advance the Monterrey Consensus and discussing potential reforms to the mandate of the FfD process, including preparations for FfD4.
Thematic Analysis of 2024 FSDR: Conducting an in-depth analysis of the thematic chapter of the 2024 draft Financing for Sustainable Development Report (FSDR) to provide effective preparation for FfD4.
Addressing Challenges and Opportunities: Highlighting challenges, achievements, and opportunities in implementing FfD commitments to strengthen the 2024 ECOSOC FfD Forum and the 4th International Conference on FfD in 2025.
Exploring Emerging Issues: Analyzing emerging issues such as the impact of digital technologies and reforms in the international financial architecture.
Promoting Agenda Interlinkages: Fostering coherence between global agendas including the Addis Ababa Action Agenda, the Paris Agreement, and the 2030 Agenda with its 17 Sustainable Development Goals (SDGs) in preparation for key events like the 2024 ECOSOC FfD Forum and the High-Level Political Forum for Sustainable Development.
Encouraging Multi-Stakeholder Engagement: Facilitating informal and multi-stakeholder engagement to discuss the latest trends and key issues in mobilizing FfD flows through open dialogue and interactions.
Promoting Peer Learning: Sharing experiences at both country and sector levels to promote peer learning and the exchange of best practices towards the implementation of the Addis Ababa Action Agenda.
Additionally, the retreat aimed to produce a comprehensive summary, including observations and recommendations on strategic and systemic development finance issues, particularly focusing on the 2024 draft FSDR. This summary would serve as a valuable resource for delegations participating in the 2024 ECOSOC FfD Forum in April, the 2024 High-Level Political Forum for Sustainable Development, and the preparatory process leading to the 4th International Conference on FfD.
Powerful presentations from the CS FfD Mechanism's participation, including Emilia Reyes Zúñiga and April Porteria on gender justice, Patricia Miranda on Multilateral Development Banks, Jason Braganza on 2024 FSDR main findings and challenges, and Chenai Mukumba on the urgency of FfD4 in 2025, provided invaluable insights into critical workstream priorities including the UN Tax Convention process, climate financing and its interconnections with all other key thematic issues.
As we look ahead to FfD4, we remain committed to the democratization of global economic governance, recognizing the right of every country to be at the decision-making table, and not only those concentrating power or resources.
