The rise of China as the world’s largest official bilateral creditor has not come without debate. Within US policymaking circles in particular, concerns have been voiced of the impact of Chinese finance and whether China engages in ‘debt trap diplomacy,’ wherein finance is lent with the intent to seize a strategic public asset or gain […]
A dramatic scaling of renewable energy (RE) is needed to achieve global climate goals, particularly in the Global South. However, increasing geopolitical tensions between the United States and China have spilled over into the realm of climate cooperation, stymying collaboration and climate action. Time is of the essence for finding ways to leverage American and […]
By Timon Forster On March 29, 2023, the Boston University Global Development Policy Center, the Institute for Economic Development and the Department of Economics hosted its annual Paul Streeten Distinguished Lecture in Global Development Policy, which celebrates the legacy of BU Professor Paul Streeten as an eminent economist and interdisciplinary scholar of global development policy. […]
By Marilou Uy and Rishikesh Ram Bhandary The global transformation to achieve low-carbon and climate-resilient development poses macro-critical challenges for countries around the world. Countries need to accelerate the shift to low-carbon investments, build resilience to climate shocks, contend with loss and damage and navigate the cross-border impacts of the climate transition. Developing countries alone […]
By Ying Qian The year 2023 may prove devastating for Global South countries, as more and more find themselves engulfed in debt distress. Indeed, more than 60 countries have been identified by the International Monetary Fund (IMF) as being in moderate to high debt distress or already in outright debt distress. Several countries such as […]
Multiple and overlapping crises have intensified debt vulnerabilities of emerging economies in recent years. In 2023, more than 60 countries are at or near significant debt distress, according to the International Monetary Fund (IMF) and the United Nations Development Programme (UNDP). Despite continued efforts by creditors and international communities, significant challenges remain for systematic and […]
In 2021, economic losses from natural catastrophes totaled $270 billion. Poor climate physical risk assessment limits adaptation finance, which is still lagging behind mitigation finance in emerging markets and developing economies (EMDEs), but also high-income countries. A new policy brief published by the European Capital Markets Institute and authored by Irene Monasterolo, Kevin P. Gallagher, […]
By Luma Ramos and Rebecca Ray The Intergovernmental Panel on Climate Change declared that the world stands at a ‘now or never’ moment. In this decade, nations must make the necessary investments to prevent global warming from surpassing 1.5 degrees Celsius. Without those investments, the world will suffer severe consequences, including devastating human, ecological and […]
By Yangsiyu Lu, Cecilia Springer and Bjarne Steffen Increasing infrastructure finance is high on the agenda for achieving sustainable development targets and climate goals in developing countries. Many development finance institutions, including the World Bank, Asian Development Bank and Global Environment Facility, have identified cofinancing as a key tool for mobilizing more financial resources, which […]
In recent years, the concept of cofinancing has gained currency in policy discussions on development finance. Cofinancing, having multiple financiers in development projects from government agencies, development banks and private actors, is acknowledged as an important tool to bridge the finance gap in developing countries. Yet, relatively little is known about outcomes for cofinanced projects. […]