PART FOUR

Finance Serving the Common Good and the Sustainable Development of the World

Part 4 discusses financing sustainable development, which can be considered to a certain extent as a proxy for the common good. When we agree to shared objectives, the path to get to those objectives maybe uncertain, but finance can surely be one of the most effective mechanisms to help us achieve them.

The sheer magnitude of the goals we have set (and so desperately need for our world), such as the SDGs, requires us to revisit the basics of finance. We have to establish new ways of operating and working hand in hand. A refreshed approach calls for a combined movement involving the public sector, the private sector, and civil society. This approach requires a genuinely new type of partnership using transparency and honest communications to avoid the bear traps of suspicion. If we can achieve this, then we are going to be well positioned to put in place keystones that will help bring together the main principles of how we work together and maximize the use of the power of finance. The choice is in our hands and setting out some concrete examples of how we can all move now is the best way to make real what we wish for.

Chapter 13 looks at the specific roles of the multilateral development banks and reviews some of the innovations I have led over the past few years; these show that real change is possible and provide tangible examples of how things can be done. Chapter 14 considers the limitation of the model in today’s world and how we need to adapt the model and our instruments to finance sustainable development. Chapter 15 highlights the importance of cooperation between the public and private sectors and the challenges they face; it also discusses several instances where progress has been made. Finally, in Chapter 16, I bring it all together to show how we can put all of these principles into action, citing as examples healthcare, education, and the refugee crises. I show that where we have reasserted control over finance and joined all forces, the common good can be served effectively.