Governments meet in Doha this weekend to review the global system of development financing, the means by which resources flow globally to support sustainable development. The system is broken, though the conferees are unlikely to say so clearly.
Just as we need an overhaul of financial market regulation, we also need an overhaul of development finance, if we are to address problems of poverty, hunger, and climate change.
Development financing involves three main processes: development aid for the poorest countries, those which cannot attract market-based financing for necessary investments; direct and portfolio investments, mainly for emerging markets and resource-rich poor countries; and financing for global public goods, such as climate-change mitigation and adaptation.
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