15 May 2015: The First Additional Session for the Preparatory Process for the Third International Conference on Financing for Development (FfD3) convened at UN Headquarters in New York, US, from 12-15 May 2015. Throughout the four-day session, delegates commented on a revised draft of the outcome document, the Addis Ababa Accord, which Co-Facilitators George Talbot, Permanent Representative of Guyana, and Geir Pedersen, Permanent Representative of Norway, had circulated prior to the session.

The revised draft outcome document consists of three main sections, addressing: a global framework for financing sustainable development; an action agenda; and data, monitoring and follow-up. The action agenda is divided into chapters addressing: domestic public resources; domestic and international private business and finance; international public finance; international trade as an engine for development; debt and debt sustainability; addressing systemic issues; and science, technology, innovation and capacity building.

Delegates offered general comments on the revised draft, and then conducted a paragraph-by-paragraph review of the text. Among the areas of tension that were revealed during the discussions were debates related to proposed text on infrastructure, fossil fuel subsidies, remittances, the rights of women to own land, fragile states, climate finance, South-South cooperation, Trade-Related Aspects of Intellectual Property Rights (TRIPs), the status of the outcome from the Open Working Group (OWG) on Sustainable Development Goals (SDGs), and adopting the FfD3 outcome with reservations.

Closing the meeting on Friday afternoon, 15 May, Co-Facilitator Talbot thanked Member States for their spirit of collaboration and announced that a compilation text, containing the proposed modifications, will be made available shortly. He explained that the Co-Facilitators would not prepare a revised text, but would develop proposals to bridge the paragraphs where they “see opportunities for bridging.”

The next session of informal consultations are scheduled for 26-29 May 2015, and Talbot confirmed that an additional session of informal consultations would take place from 1-5 June 2015. Talbot expressed his hope that the negotiations would reach an agreement by mid-June, and added that, “The task of facilitation will not be only on us, but we will call on some of you to help with facilitation in certain areas.” [IISD RS coverage of FfD3 negotiations][Sustainable Development Policy & Practice news on revised draft]