The World Communion of Reformed Churches (WCRC), along with global ecumenical partners, has released a joint message to the Fourth International Conference on Financing for Development (FfD4), calling for urgent and structural transformation of the global financial system.
The FfD process, coordinated by the United Nations, brings together governments, international financial institutions, civil society and the private sector to shape global policies that mobilize resources for sustainable development. FfD4, held June 30 to July 3 in Seville, Spain, is convening at a time of intensifying global inequality, economic fragility and climate disruption.
Representing more than 600 million Christians worldwide, the WCRC — in partnership with the World Council of Churches, Lutheran World Federation, World Methodist Council, Council for World Mission and United Society Partners in the Gospel — is urging global leaders to take bold steps toward economic, social and climate justice.
“Global finance must no longer serve the privileged few at the expense of the many,” said the Rev. Dr. Setri Naomi, general secretary of the WCRC. “This is a kairos moment. The world is facing interlocking crises that demand a complete rethinking of our financial systems — rooted in justice, equity and sustainability.”
A Call for a New Financial Architecture
The ecumenical coalition is advocating for what it calls a New International Financial and Economic Architecture (NIFEA) — a framework centered on limiting corporate greed, supporting grassroots economies and restoring environmental balance.
As part of this vision, the churches are urging action on several fronts:
- Tax justice: The coalition calls for progressive global and national wealth taxes, an end to tax havens, and a United Nations convention on tax cooperation. It also proposes carbon taxes on high-emission industries and financial transaction taxes to discourage speculation and fund public goods.
- Debt justice: With more than half of developing countries in or near debt distress, the churches are calling for cancellation of unjust sovereign debts, a permanent UN-led debt resolution framework, and non-debt-based climate finance.
- Democratic governance: The group is pressing for the creation of a UN Economic, Social and Ecological Security Council to lead coordinated responses to global financial and climate challenges. It also calls for reforms to international financial institutions that would give developing countries equal voice and eliminate harmful conditionalities.
Economic Justice as a Matter of Faith
For the WCRC and its partners, the debate over global finance is not merely political — it is theological. “Faith compels us to speak against systems that sacrifice the poor and the planet,” said the Rev. Philip Vinod Peacock, WCRC executive for justice and witness. “Economic inequality, environmental devastation and austerity are moral failures. FfD4 must be a turning point toward a just future.”
The coalition’s advocacy is rooted in two ecumenical campaigns: the Zacchaeus Tax campaign, which promotes tax justice, and the Turn Debt into Hope campaign, which seeks to end the cycle of debt and austerity in vulnerable nations.
According to the coalition, financial policies must be redirected to uphold human dignity, promote ecological sustainability and invest in communities.
“This is a call for transformation, not just reform,” Peacock said. “A just financial system is essential for building a future where all can flourish.”
