Oil prices are down. Economic growth is down. Employment rates are stagnant. Household debt is climbing to record highs. Canadians could use a break. The 2015 federal budget has one for you.

Despite one of the largest humanitarian disasters of recent years unfolding on their doorstep, and another 700 deaths on April 19, the EU and its Member States seem totally paralyzed and incapable of providing an urgent and appropriate response. The deaths of men, women and children only seem to promote further rounds of discussion. These will – in due course - no doubt result in yet another political declaration and yet more empty promises.

The outcome of the Third International Conference on Financing for Development (FfD3) will affect the ability of states to fulfill their human rights obligations, and achieve the Sustainable Development Goals (SDGs) and targets being set for the post-2015 agenda. Both human rights and the SDGs are similar in that they are universal, and entail individual as well as common responsibilities, taking into account varying national capacities to achieve them.

The SDGs take three different forms: those of particular relevance to the internal affairs of all countries, including rich ones, requiring changes in their domestic policies; those that address the need to change domestic policies in order to reduce negative external effects beyond a country’s borders; and those that zero in on international duties and responsibilities. The last two mainly apply to wealthier countries.

Getting the right balance between public and private sector roles and responsibilities in the Financing for Development and Post-2015 process will be fundamental to prospects for sustainable, inclusive development. Yet early evidence suggests this balance is already awry, skewed far in favour of private interests. Are we seeing a process of outsourcing the international agenda?

There’s no question that businesses around the world are sources of growth and employment. But they are also the source of the most serious threats to sustainable development—from pollution to illicit financial flows that undermine prospects for public resources.

Can we have a transformative development agenda without the transformation of business?

As the negotiations on the zero draft of the Third Financing for Development Conference (FFD3) progress civil society organizations, Governments and the UN met at the occasion of the roundtable entitled Towards a Private Sector Accountability Protocol for Sustainable Development to discuss the proposal of a Private Sector Accountability Protocol for Sustainable Development. Such a framework would entail, among others, mandatory social and environmental reporting and financial transparency rules to align the private sector’s activities with SDG’s and human rights obligations.

Most agree that the private sector plays an important role in development as it creates jobs, transfers technology, spurs innovation and allows for economic growth. However, as the private sector entities’ main goal is to make a profit, in some cases obtained at the expense of the environment and of human rights, there continue to be widespread concerns over their involvement in development.