Development leaders have converged on Sevilla, Spain, for the Fourth International Conference on Financing for Development, or FfD4 — the first such gathering in a decade — as shrinking aid budgets and a U.S. retreat from multilateral commitments reshape the sector. At the 2015 conference in Addis Ababa, Ethiopia, official development assistance was at record levels amid ambitious “billions to trillions” rhetoric — the idea that limited public funds could catalyze massive private investment to tackle global challenges such as climate change. Today’s backdrop includes the pandemic fallout, inflation, the war in Ukraine, and sweeping aid cuts. The U.S. participated in outcome document negotiations until the final stages, reportedly proposing 400 amendments to soften the language on climate and gender before withdrawing entirely, citing too many “red lines.” In this special live podcast episode recorded at Casa Devex, Devex’s events hub for the next few days, reporters Elissa Miolene and Jesse Chase-Lubitz sit down with Executive Editor Kate Warren to discuss what’s at stake and why this “once-in-a-decade” forum has taken on heightened significance.