A major United Nations conference on financing for development began on Monday in Seville, Spain, aiming to rally renewed global support for combating poverty, hunger, disease, and climate change.

However, the sector faces a serious crisis as funding cuts led by the United States threaten progress toward the UN’s 2030 sustainable development goals.

More than 50 world leaders, including French President Emmanuel Macron, Kenya’s William Ruto, EU Commission President Ursula von der Leyen, and UN Secretary-General António Guterres, gathered from June 30 to July 3 to discuss reforms and renewed commitments. Notably, the United States—historically a key funder—chose to skip the conference, signaling declining international cooperation.

South African President Cyril Ramaphosa also canceled his attendance due to domestic political concerns, despite his country’s efforts to promote Global South priorities like debt relief during its G20 presidency.

Over 4,000 representatives from governments, businesses, civil society, and financial institutions participated in the Fourth International Conference on Financing for Development. Yet, with leading donors like the US slashing budgets—exemplified by cuts to USAID—and countries such as Germany, Britain, and France also reducing aid amid competing priorities, the gap in development funding has widened dramatically. The UN estimates a $4 trillion annual shortfall in development finance.

The World Bank reports that over 800 million people survive on less than $3 per day, with extreme poverty rising especially in sub-Saharan Africa. Trade disruptions caused by tariffs and ongoing conflicts in the Middle East and Ukraine have further strained diplomatic efforts needed to fight global poverty.

A major focus of the conference was reforming international financial systems to help poorer nations manage soaring debt, which has more than tripled for least developed countries over 15 years. A report coordinated by Nobel laureate Joseph Stiglitz highlighted that 3.3 billion people live in countries paying more on debt interest than on health care.

Critics called for reforms to institutions like the World Bank and IMF to better represent Global South interests. Though a common declaration reaffirming commitments to poverty eradication, gender equality, tax reform, and enhanced development bank lending was agreed upon, it only came after the US walked out of negotiations.

While the “Seville Commitment” aims to increase multilateral cooperation and financial support, campaigners say it lacks ambition and fails to address rising global inequality. Oxfam International’s executive director Amitabh Behar warned that global development is “desperately failing” as the interests of the wealthy few continue to override those of the majority.