Civil Society FfD Mechanism Submission to FfD4 Elements Paper

The Civil Society FfD Mechanism calls for a fundamental overhaul of the global financial architecture through the establishment of several UN-led conventions and regulatory bodies. Key proposals include a UN Framework Convention on International Tax Cooperation to create a fairer tax system, a UN Framework Convention on Sovereign Debt to resolve debt crises, and a UN Convention on International Development Cooperation to shift the narrative from charity to justice and reparations. The submission advocates for the cessation of Investor-State-Dispute-Settlement (ISDS) provisions, the regulation of Credit Rating Agencies via an ECOSOC Commission, and the immediate cancellation of unsustainable and illegitimate debts. Furthermore, it demands a transition away from GDP-centric growth models toward ecological stability, urging Global North countries to provide additional, grants-based climate finance rather than loans.

• The submission advocates for the adoption of a UN Framework Convention on International Tax Cooperation (FCITC) to mobilize domestic public resources and reform the global corporate tax system, specifically urging Member States to "Endorse the Terms of Reference for the negotiation of a new UN Framework Convention on International Tax Cooperation and two early protocols by the end of 2027".
• The document calls for a comprehensive reform of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs), recommending the abandonment of the "one-dollar, one-vote governance structure" and a shift away from "private finance-first and market-oriented approaches to development".
• To address sovereign debt, the authors propose a UN Framework Convention on Sovereign Debt to establish a "fair and transparent multilateral sovereign debt resolution mechanism" and an "Automatic debt service cancellation mechanism" to protect Global South countries from external shocks.
• The submission demands the immediate and unconditional cancellation of all unsustainable and illegitimate debts, stating that current debt servicing occurs "at the expense of human rights, SDGs, gender equality, and climate action".
• Regarding international trade, the document recommends a multilateral agreement for the "coordinated and permanent cessation of Investor-State-Dispute-Settlement (ISDS) provision" and a ban on unilateral trade measures (UTMs), such as the Deforestation Act and Climate Border Adjustment Measures, which it claims "discriminate against developing countries".
• The authors propose the creation of a universal, intergovernmental ECOSOC Commission to regulate Credit Rating Agencies (CRAs) and ESG rating bureaus to correct "bias and pro-cyclicality in ratings" and address conflicts of interest.
• The document argues that the global financial system must move beyond a "GDP-growth-centric-model" and that climate finance from the Global North should be "additional to already existing ODA commitments" and provided as public grants rather than loans, noting that "70% of international public climate finance is being delivered through loans".

APA

African Forum and Network on Debt and Development (2024). Civil Society FfD Mechanism Submission to FfD4 Elements Paper. https://www.afrodad.org/news-events/news/civil-society-ffd-mechanism-submission-ffd4-elements-paper

Chicago

African Forum and Network on Debt and Development. Civil Society FfD Mechanism Submission to FfD4 Elements Paper. 2024. https://www.afrodad.org/news-events/news/civil-society-ffd-mechanism-submission-ffd4-elements-paper.

Wikipedia

{{cite press release |author=African Forum and Network on Debt and Development |title=Civil Society FfD Mechanism Submission to FfD4 Elements Paper |date=15 October 2024 |url=https://www.afrodad.org/news-events/news/civil-society-ffd-mechanism-submission-ffd4-elements-paper |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{africanforumandnetworkondebtanddevelopment2024civil, author = {{African Forum and Network on Debt and Development}}, title = {{Civil Society FfD Mechanism Submission to FfD4 Elements Paper}}, publisher = {African Forum and Network on Debt and Development}, year = {2024}, month = oct, url = {https://www.afrodad.org/news-events/news/civil-society-ffd-mechanism-submission-ffd4-elements-paper}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }