The Fourth International Conference on Financing for Development (FfD4) officially opened in Sevilla yesterday, marking the culmination of more than a year of intense negotiations and preparations. Against the backdrop of soaring temperatures exceeding 40°C, delegates gathered in the packed FIBES Conference Centre for a high-level opening ceremony.

The event featured addresses by Spanish King Felipe VI, Prime Minister Pedro Sánchez, UN Secretary-General António Guterres, World Bank President Ajay Banga and more than 50 heads of state and government. The tone was set for what many see as a critical moment for rebuilding trust in multilateralism and accelerating action on global development.

The central focus of the conference: How to mobilise the financing needed to close the massive gap in funding for the Sustainable Development Goals (SDGs), now estimated to total more than $4 trillion per year. In his opening speech, António Guterres highlighted the deepening debt crisis, noting that over $1 trillion is lost annually to debt service – money that could otherwise be invested in countries' education, healthcare, social protection and sustainable infrastructure.

In the afternoon, the first official roundtable took place, focusing on domestic resource mobilisation and international tax cooperation. Key issues included tackling illicit financial flows, improving tax transparency and advancing discussions on new forms of taxation – including the proposed billionaire tax, which has gained traction among civil society actors. Side events filled the venue, covering a broad range of topics. .

As the sun sets on a sweltering Day 1, negotiations and advocacy efforts are just heating up.