Development Co-operation Report 2014

Mobilising Resources for Sustainable Development

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The Development Co-operation Report (DCR) is a yearly report by the Chair of the Development Assistance Committee (DAC) that addresses important challenges for the international development community and provides practical guidance and recommendations on how to tackle them. Moreover, it reports the profiles and performance of DAC development co-operation providers and presents DAC statistics on official development assistance (ODA) and private resource flows.

The Development Co-operation Report 2014: Mobilising resources for sustainable development is the second in a trilogy (2013-15) focusing on “Global Development Co-operation Post-2015: Managing Interdependence”. The report provides an overview of the sources of finance available to developing countries and proposes recommendations on how to mobilise further resources. It also explores how to mobilise resources to finance the provision of global public goods: for example, to combat climate change, promote peace and security, and create a fair and equal trading system.

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Innovating to finance development

Innovative financing for development initiatives aim to narrow the gap between the resources needed to achieve the Millennium Development Goals and the resources actually available. While there is no agreed definition of innovative financing for development, existing initiatives can be broadly classified as those aiming to raise new funds for development (innovative sourcing) and those which optimise the use of traditional funding sources (innovative spending). Innovative financing for development initiatives have so far mobilised only part of the shortfall they aim to eliminate. However, their potential is still to be exploited. An array of mechanisms with large fundraising potential has been proposed over the past decade. Out of these initiatives, a tax on transactions in the financial markets has gained new political momentum and is already being implemented in a few countries. It is estimated that this mechanism, if implemented in G20 countries, could make available over USD 50 billion for development every year.This chapter also includes an opinion piece by Philippe Douste-Blazy, United Nations Under-Secretary-General and Special Advisor on Innovative Financing for Development, on how innovative financing can put the world’s wealth to work for all people.

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