The 0.7 per cent target refers to the commitment of developed countries to provide at least 0.7 per cent of gross national income (GNI) as official development assistance to the world’s poorest nations.
The g07 The g07 is a group of countries that have reached the 0.7 per cent target or are on a firm path towards reaching it: Norway, Sweden, Luxembourg, and Denmark, which have all met and exceeded the 0.7 per cent target, and the UK, which has set out clear plans to spend 0.7 per cent of national income on official development assistance from 2013. Britain will be the first country in the G20 to do so.
The g07 campaign aims to bring attention to the commitments made by developed countries to increase official development assistance (ODA) to 0.7 per cent of gross national income (GNI) and encourage stronger efforts towards reaching the target.
The 0.7 per cent targetThe 0.7 per cent target was first agreed in 1970 by the UN General Assembly where industrialised countries committed themselves to progressively increase official development assistance to developing countries and exert their best efforts to reach a minimum net amount of 0.7 per cent of its gross national product by the middle of the decade.
Since then, the 0.7 per cent target has repeatedly been re-endorsed at the highest levels at international aid and development conferences and serves as a reference for political commitments to increase official development assistance (ODA), not least from the European Union:
In March 2002, the Monterrey Consensus on Financing for Development urged “developed countries that have not done so to make concrete efforts towards the target of 0.7 per cent of gross national product (GNP) as ODA to developing countries”. The Monterrey Consensus was adopted by acclamation by participating countries and organisations, which included over fifty Heads of State and two hundred Ministers of Finance, Foreign Affairs, Development and Trade.
In May 2005, EU Member States were the first to pledge to meet the 0.7 per cent target by 2015. Newly-acceded Member States agreed to a lower target of 0.33 per cent by 2015.
Today, almost 42 years after the 0.7 per cent target was first endorsed, financing development remains a major challenge. More than 1 billion people still live in extreme poverty. While developing countries have the primary responsibility for their own development, developed countries must deliver on their commitments to support them in this endeavour.