Commentary Financing Sustainable Development: Crises of Legitimacy

Abstract: This year presents us with two important opportunities to influence the direction of sustainable development financing – the UN Summit on Financing for Development and the World Summit on Sustainable Development. We may ultimately remember both as missed opportunities. We need to take a fresh look at the entire system of financing for development and reorient it towards a sustainable development orientation. This requires focusing on questions of legitimacy, accountability and capacity. Such action would challenge the now entrenched orientation of the regime as a ‘financing ’ regime. It will require a re-examination of the institu-tions that are entrusted with the agenda and will find nearly all lacking in necessary capacities. An expanded institutional framework that incorporates intermediary and local non-government organizations (NGOs) would be absolutely critical. Finally, institutions (at all levels) will need to be invested in with a different set of performance metrics; measures which gauge the ability of institutions to deliver on their developmental goals, rather than focus only on financial accounting. “Take some more tea, ” the March Hare said to Alice, very earnestly. “I’ve had nothing yet, ” Alice replied in an offended tone: “so I can’t take more.” “You mean you can’t take less, ” said the Hatter: “it’s very easy to take more than nothing.” Alice’s Adventures in Wonderland