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European Commission

Press release

Brussels, 16 July 2013

EU proposes common approach to financing poverty eradication and sustainable development

The European Commission has today adopted a Communication to propose key principles for financing poverty eradication and sustainable development after 2015, when the target date of the current Millennium Development Goals (MDGs), is reached. Although the emphasis of the Communication is on developing countries, its approach can be universally applicable, with principles to which every citizen could relate to.

This Communication builds on the recent policy document 'A Decent Life for all: Ending poverty and giving the world a sustainable future', which focused on the "what" to put on the future development framework, to turn the attention to the "how" to finance it.

Welcoming the Communication, Development Commissioner, Andris Piebalgs said: “This is another big step towards putting in place the future post-2015 framework. In order to make progress in policy, we need to use all available resources and look at new, innovative and reliable ways to fund poverty eradication and achieve long term, sustainable development.”

Environment Commissioner Janez Potočnik said: “Today’s communication binds together the Millennium Development Goals review with the follow-up of Rio +20 into one overarching framework for post-2015. We are completing our joint vision today by confirming that we will bring together also the financing tracks for sustainable development and poverty eradication.

Today's policy paper examines the different financial resources available; public and private, both at the domestic and international level (from taxes to grants, private investment or philanthropy).

These are some of the guiding principles pointed out in the Communication:

  • Financing must go hand in hand with policy objectives. Money should go where it is most needed, but we also need to use it in an innovative an effective way to ensure the maximum results.

  • All financing sources should be considered as a whole, including Official Development Assistance (ODA) which remains essential 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.

  • The Communication also calls for enhanced transparency and mutual accountability at national and global level of all finance to ensure it is used more effectively on sustainable development.

Today the European Commission also publishes the annual EU Accountability Report on Financing for Development, which highlights significant progress in the areas of the private sector, trade, climate change mitigation and adaptation and the use of innovative financing sources and instruments. For the first time, and building on the commitments made at the Rio+20 summit last year, the report also assesses work on science, technology and innovation.

Background

The Commission Communication ‘Beyond 2015: towards a comprehensive and integrated approach to financing for poverty eradication and sustainable development’ recommends linking international financing discussions on tackling global challenges within an overarching setting.

This should enable more coherence and better coordination of specific financing and ongoing international negotiation processes; for example those on climate change, sustainable development and post-2015 development goals.

For more information

MEMO/13/688: "New EU communication sets out proposals for financing for poverty eradication and sustainable development post 2015"

Website of the European Commissioner for Development Andris Piebalgs:

http://ec.europa.eu/commission_2010-2014/piebalgs/index_en.htm

Communication ‘Beyond 2015: towards a comprehensive and integrated approach to financing for poverty eradication and sustainable development’ and EU accountability report will be published shortly here:

http://ec.europa.eu/europeaid/what/development-policies/financing_for_development/index_en.htm

Website of EuropeAid Development and Cooperation DG:

http://ec.europa.eu/europeaid/index_en.htm

Contacts :

Alexandre Polack (+32 2 299 06 77)

Maria Sanchez Aponte (+32 2 298 10 35)


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