Researchers on the New Frontiers in International Development Finance (NeF DeF) project recently submitted our views to the consultation by the Special Rapporteur on the Right to Development: Consultation on Good Practices, Challenges and Areas for Improvement on the Implementation of the Right to Development (RTD) in the area of Financing for Development (FFD).
Our research indicates that current policy and operational changes taking place in the aid and other official development finance arenas will have significant impacts on the capacity of states, as primary duty bearers, to create the necessary national and international conditions for the implementation of the RTD. More specifically, these changes risk undermining the commitments enshrined in the 1986 UN Declaration on the Right to Development (hereinafter UN Declaration) and in the aforementioned international instruments for development cooperation.
We submit that, without adequate safeguards, the rapid movement towards private financing for development will: (1) fail to mobilise the resources necessary to meet the Sustainable Development Goals (SDGs) and address other global challenges, such as humanitarian crises, disaster risks and the climate emergency, and (2) undermine existing domestic and international efforts to engender a just and equitable international economic order that is facilitative of the RTD (see Article 3(3) UN Declaration).
You can find our submission here.