From Seville to Johannesburg and onto Belem: Why South Africa Must Lead on Equitable Access to Quality Finance Now

By Nkateko Chauke and Amir Bagherioromi

The world has just closed the Fourth International Conference on Financing for Development in Seville. Leaders left with what they now call the Seville Commitment; a plan that promises to fund the global fight against poverty, climate change and widening inequality. But for millions across Africa, and for South Africa itself, this promise will mean very little if we do not demand action to implement the commitments made in Seville. 

At the conference, governments pledged to triple loans through development banks, cut borrowing costs for poorer countries and strengthen tax systems and cooperation to close unfair loopholes. They also repeated old promises about helping countries face debt burdens and protecting people through better social safety nets. These steps are long overdue. The harsh truth is that global willingness to back these words with real money is fading just as food prices hike, climate disasters escalate, and debt repayments rise. 

Since the start of last year, many wealthy countries have cut aid budgets. The United States has slashed billions that once supported schools, much needed basic services such as adequate access to health, clean water and sustainable food systems across the Global South. Europe is not far behind. Wars in Ukraine and Gaza have diverted billions more. The United Nations now warns that the world faces a funding gap of four trillion dollars to reach the Sustainable Development Goals by 2030. 

South Africa is not outside this crisis. The same week the Seville talks ended, National Treasury figures confirmed that debt service costs now take up more than 20 percent of the national budget, which is more than we spend on policing or basic services. This is money we should be putting into clinics, public transport, safe schools and fair wages. With South Africa chairing the G20 this year, and the African Union seated as a full member for the first time, our government can help move the world from empty talk to real change. 

At Oxfam South Africa, we believe the Seville outcome, our own G20 presidency and the coming Conference of Parties (COP30) in Brazil must be treated as one test. Will global leaders choose to stand up to the few who hoard wealth, or will they once again avoid the hard choices that fairness and equity demands? 

First, we must speak plainly. The time has come to tax extreme wealth properly. Last year alone, the world’s billionaires added more than two trillion dollars to their fortunes while most South Africans struggled to buy enough food. In addition, the Oxfam Africa’s Inequality Crisis report highlights that over the past 25 years, Africa has generated 23 billionaires whose collective wealth account for 56% of the wealth on the Continent; this all happens while 850 million people in Africa continue to experience extreme hunger. A fair wealth tax on the richest could lift billions of people out of poverty and rebuild the public services that every person deserves. South Africa, in solidarity with Spain and Brazil, gave its support to the Seville Platform for Action on Taxation of High-Net-Worth Individuals at the Fourth International Conference on Financing for Development (FFD4). Oxfam supported the lead governments in the conceptualisation of this SPA and will continue to support this work beyond the G20 this year. 

Second, we must fix the broken rules on debt. The Seville talks mentioned debt relief but failed to change the power imbalance that keeps poorer countries locked in unfair repayment cycles. Our government should work with other African leaders to push for fairer debt deals that put people before creditors. 

Third, climate promises must stop being promises. At the last climate talks, rich countries said they would find three hundred billion dollars each year to help developing countries adapt and cut pollution. The truth is Africa needs five times that just to deal with floods, droughts and the cost of moving to cleaner energy. The  G20 stage is the platform for South Africa to push for a new Just Energy Transition Fund and make sure the richest polluters pay their share. 

For us at Oxfam South Africa, this all comes down to a simple idea: fairness and equity. The Seville talks remind us that fairness is never given; and that inequality is a stark reality that communities grapple with daily. It must be fought for, by countries that choose to stand together. From Seville to Johannesburg and on to Belem in Brazil for COP30, South Africa can collectively lead a new alliance that stands for equitable access to quality climate finance, fair taxation regimes and a future that works for people and for the planet. 

If we do not, the fine words signed in conference halls will stay exactly where they are: on paper. From the page to the stage; it is time to act in solidarity to secure a future that is equal for all.