At a time when we face widening socioeconomic disparities and a convergence of crises in the form of climate change, energy insecurity, global supply chain disruptions, inflation shocks and rising debt burdens, never has the world more urgently needed large-scale investments.

And yet the public budgets and global co-operation to confront the crises and keep up with technological, environmental and infrastructure advancements are declining. Europe is the exception. While others are stepping back, we remain the world’s largest provider of development finance. Close to half of all official development assistance globally comes from Europe.

Since 2021, we have already mobilised more than…