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In the flagship report , UNESCO proposes to initiate an urgent reform of education, which allows to redress injustices and build a more sustainable future. This act of reimagining involves collaborating and seeking shared visions that address not only what actions to take towards sustainability but also how to take them. In this process, the financing of education assumes a major role.

While the importance of investment and financing as key pillars for achieving the Sustainable Development Goals (SDGs) is highlighted, the role of education in driving sustainable development is increasingly recognized in international economic fora. The link between finance and education becomes more evident, although data show a worrying trend in Latin America.

In the last few years, education financing has experienced a decline, exacerbated by the pandemic, which resulted in a significant economic contraction. According to the Economic Commission for Latin America and the Caribbean (CEPAL, by its initials in Spanish), on average, public spending on education in this region in 2023 represents 3.7% of the GDP, a figure that hides large regional inequalities and reveals how education remains an underinvested sector, and is below the international benchmark for public spending on education (4-6% of GDP), which makes it difficult to achieve the SDGs, especially the SDG4.

In this context, education financing has become a priority on the regional and international agendas. The SDG4 High-Level Steering Committee (HLSC), responsible for the global monitoring of the Education 2030 Agenda, is leading a debate on the financing architecture for education. Under the auspices of the HLSC, work is ongoing to develop a new narrative for the need to invest in education and explore the deployment of innovative financing solutions and sustainable funding approaches for the education sector aligned with country needs and requirements, including efforts to leverage cross-sector collaborations allowing joint resource mobilization for education. In addition, government-led coordination mechanisms for strategic financing and prioritization are sought to be strengthened at the country level to increase the alignment of support provided by multilateral agencies and other financial partners. 

In line with these agreements, from the , as the organization representing Latin America and the Caribbean in the High-Level Committee of the SDG4, and based on its accumulated experience as the leading organization in the Ibero-American cooperation system, we present some ideas on how cooperation can contribute to this process of reimagining financing in education:

1. Cooperation as a resource mobilizer: this involves recognizing that, while official development assistance (ODA) is a key resource, domestic financing remains the most important source to back up education policies. International support continues to be necessary, and it shall be ensured that developed countries meet their commitment to allocate 0.7% of their gross national income to ODA; however, this support should serve to mobilize domestic resources without replacing domestic commitments.

In this regard, and in consonance with what SDG17 also points out, international cooperation should align with local needs and contribute to improving the national capacity for tax collection and for mobilization of additional financial resources.

2. The need for coordination and alignment between cooperation institutions and organizations: further strengthening of the financing coordination between multilateral organizations would allow for more efficient actions. Moreover, a better alignment with country priorities and an improved positioning to respond to crises would be reached, therefore accelerating the achievement of the SDG4. On the other hand, a stronger coordination would increase the ability to mobilize financial resources from both public and private sectors and would contribute to mobilize international inputs earmarked for education, by becoming more attractive to other funders. 

3. The importance of promoting new models of governance, based on proposals of horizontal and South-South cooperation: this is closely linked to the need for developing and strengthening regional integration mechanisms. It is a model of cooperation in which the agenda must be driven by the countries of the South, and which is grounded on a solid partnership based on the principles of solidarity, respect, and mutual benefit. It is about promoting cooperation that fosters the exchange of practices and the support among developing countries, with the aim of increasing their participation in the international politics and in the decision-making processes, while supporting their efforts to achieve sustainable development.

Ultimately, the international community is facing a crucial moment. Achieving the Education 2030 Agenda must be a shared goal, which requires mobilizing resources and actors, setting clear commitments and targets, and adopting decisions that allow for the transformation of the financial architecture, prioritizing the most vulnerable populations and sectors. In this effort, international cooperation is a key actor to contribute to the definition of innovative and sustainable solutions that allow us to reimagine a more equitable and prosperous educational future for all.