Unlocking a Fairer Future: How the FfD4 Summit in Sevilla Can Pave the Way for Global Tax Reform – Insights from Greenpeace Africa

The world is facing serious challenges: climate change, poverty, and inequalities are rising. Many governments are struggling to meet the vital needs of their citizens. We truly need a change in the global financial system. A significant opportunity is coming soon— the Fourth International Conference on Financing for Development (FfD4) in Sevilla, Spain. This conference could be crucial in addressing these pressing issues.

As leaders gather for this event, there is a growing call from civil society for major reforms in debt and taxation. Recent geopolitical tensions and increasing debt burdens highlight the need for fair global tax policies. Without these changes, funding for critical services and climate action will remain inadequate.

Did you know the richest 1% owns almost half of the world’s wealth? Furthermore, the top 10% generates about two-thirds of global emissions. As a result, billions of people lack access to basic needs like healthcare and education. Countries are losing nearly half a trillion dollars annually due to tax dodging and profit shifting by wealthy individuals and corporations. This loss could have funded essential services and climate protection measures.

At the recent COP29 talks, there was an attempt to commit $300 billion annually for climate finance. However, experts agree this isn’t enough. Without new global tax rules, the wealth gap will widen, and the pressing needs of communities will remain unmet. Past conferences, like Monterrey, Doha, and Addis Ababa, have shown that tax reform can be a focal point. Now, we are seeing the groundwork for a UN Tax Convention, a potential game changer for tax rules across nations.

This convention represents a shift toward a more inclusive process. All countries could have a say in how global tax policies are shaped. More equitable taxation, particularly on wealth, could help reduce global inequalities while offering funds for vital services like education and healthcare. Progressive taxation has proven to be an effective tool for closing the wealth gap, but it requires the wealthy to contribute their fair share.

While progress is made, there is still a long road ahead. As we approach FfD4, we must continue to advocate for reform that prioritizes democracy, equity, and accountability. Each step taken in Sevilla could represent hope for a better future for both people and the planet.

Fred Njehu, Political Lead of the Fair Share campaign, Greenpeace Africa.

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