Beyond the United Nations’ Summit of the Future: Co-Presidents of the Africa-Europe Foundation outline pathways to translate renewed global commitments into action

The Women Leaders Network of the Africa-Europe Foundation (AEF) convened in New York on 23 September 2024 on the occasion of the United Nations’ Summit of the Future.

The annual agenda-setting AEF meeting brought together some of the world’s most influential women from Africa and Europe, among them Amina Mohammed (United Nations Deputy Secretary-General and Chair of the UN Sustainable Development Forum), Kristalina Georgieva (Managing Director of the International Monetary Fund) and Ngozi Okonjo-Iweala (Director General of the World Trade Organization).

Our shared view, as African and European Women Leaders, is that despite, or indeed because of, the acute geopolitical tensions and trust deficit in institutions, the partnership between Africa and Europe is more critical than ever – as also illustrated in finding common ground for the newly adopted Pact for the Future. While the Pact signals a shared commitment to reforming multilateralism, the key will be the how, and that’s where Africa and Europe have a unique role to play.

The Summit has highlighted the multiple crises facing our world— climate change, multiplying conflicts, pandemics and inequality — which are compounded by a growing crisis of trust in institutions, and turning away from multilateralism. This deepening multilayered crisis must be urgently addressed in the days and weeks ahead. Each of us, across our different platforms and organisations, need to focus on what we can do to unlock funding, rebuild trust and confidence between warring parties, and speed up actions so vital to deliver on our shared development goals.

The Financing for Development International Conference next year will be an important milestone for the results of our collective mobilisation today. Through our partnerships across Africa and Europe, we need to deliver real money and smart investments.

The Summit of the Future and its associated Pact makes very clear what citizens across our societies already know -- the close interconnections between conflicts, unrest and economic, climate and health crises.

The future can’t wait for solutions to these pressing issues. If governments actually implement what they have agreed and create space for new actors—civil society, private sector innovators, and young leaders driving social change—significant progress is within reach. But many civil society voices have been silenced and the voices of the vulnerable dismissed. Multiple commitments are not being met, double-standards are rife, and too many governments are back-sliding on promises on finance, climate and inclusion. With global powers split into antagonistic camps, no-one is crossing the floor to build the collective response so urgently needed.

Beyond the Summit and the challenge of building international political consensus, our work on the ground shows that progress is happening – and it’s not just about what we achieve, but how we get there. The Africa-Europe partnership promises much in terms of the paradigm shift needed in international cooperation. Let’s move away from outdated development models where Europe is proposing to help sort out African challenges and defining the supply, while Africa comes to Europe seeking pledges. Instead, let’s look for a win-win partnership—built on equal footing, mutual learning and interests, and shared opportunities. There is so much to be gained from combining our respective assets – capital, natural resources, technology and expertise.

As we leave the Summit, sustainable finance and domestic resource mobilisation need to be in central focus, leveraging the various sources available to bridge critical SDG funding gaps. Annual debt payments by Africa exceed amounts received in Official Development Assistance. The current real dangers posed by debt burdens must be addressed through urgent restructuring and scaling of innovative and better finance.

Special Drawing Rights must be used to their full potential, recycling them through Multilateral Development Banks as hybrid capital for concessional loans. Reserve assets should not sit idly when the needs of the world are so great.

In the fight against Illicit Financial Flows (IFFs), effective regulation and leveraging digitalisation are key. Africa loses $88.6 billion annually to IFFs, with Europe a major recipient. Both continents can use new technologies to detect, track and recover illegal transactions.

Strengthening carbon market governance is equally essential. Done right, carbon pricing and markets can unlock large-scale finance, accelerate climate action in Africa and Europe and boost industrial competitiveness.

Governments paid out fossil fuel subsidies worth $7 trillion in 2023. Global economic drivers must push us in the right direction instead of reinforcing negative cycles. Global solidarity levies on financial transactions, shipping, aviation and beyond have the potential to generate major revenues for investment in sustainability, but political will is needed to get to scale. Brazil in its role in the G20 and with next year’s COP30 has a strong position to continue to advocate for this change.

On transition minerals, now’s the time for Africa to capitalise on critical materials to finance its development. First steps are being made to forge a ‘social and economic contract’ between Africa and Europe to ensure benefaction at the source, local transformation, aligning supply and demand, developing investment capacity while promoting sustainable mining practices. Harmonising criteria across funding institutions will streamline access to sustainable finance by reducing bureaucratic barriers.

Addressing non-financial barriers that hinder the use of available finance is a critical part of the equation, including in trade policy. Export restrictions on covid-19 vaccines cost lives. The subsequent ambition to manufacture and produce vaccines locally hinges on ensuring robust legal and regulatory frameworks are in place.

As we co-design the digital infrastructure of tomorrow, our work on leveraging AI and satellite technologies shows how to drive progress across sectors from health to agri-food and energy transitions. We must continue to invest in AI and digital technologies to turbocharge development.

The health agenda is being neglected and must be brought back front and centre. Health resilience is a systems issue, we have the responsibility to go beyond quick fixes. With the surge of Mpox, support to initiatives like Gavi, the Vaccine Alliance are critical, as are ongoing partnerships between the EIB, AfDB and WHO to strengthen primary health delivery.

Finally, Africa and Europe should push together for reform of global governance, amplifying underrepresented voices to reshape the international financial system, which remains wildly at odds with the world of today, and ill-suited to address the problems facing low and middle-income countries.