With just five years left to achieve the Sustainable Development Goals, the global financing gap has widened to $4.3 trillion per year. The Fourth International Conference on Financing for Development (FfD), held in Sevilla in July 2025, sought to renew multilateral consensus around mobilizing resources for sustainable development.

This issue brief by David Mulet analyzes the Compromiso de Sevilla—the conference’s negotiated outcome—and the Sevilla Platform for Action (SPA), a voluntary registry of 130 coalitions and initiatives. It highlights how new mechanisms on sovereign debt, blended finance, and climate-linked instruments are translating commitments into action. 

At the same time, the brief underscores persistent gaps in systemic reform, including of the international debt architecture, international tax cooperation, the large-scale reallocation of special drawing rights, governance of the multilateral development banks, and climate finance. It argues that closing the global financing gap requires bridging intergovernmental commitments with voluntary innovation to ensure that experimentation accumulates into structural change.