In parallel to a chaotic 27th UN Climate Change Conference (COP27) in Sharm El-Sheikh, Egypt, leaders of Group of 20 (G20) countries met in Bali, Indonesia from November 15-16 for the G20 Leaders’ Summit against a backdrop of worsening climate impacts, an ongoing energy crisis, Russia’s war in Ukraine and skyrocketing inflation. Expectations for the […]
By Amanda Brown Leaders from Group of 20 (G20) countries gather in Bali, Indonesia from November 16-17 – a highly anticipated policy event as developing countries face rocketing inflation, supply chain pressures from Russia’s war in Ukraine, the lingering financial bottlenecks of COVID-19 and devastating climate impacts. In the World Bank’s latest Global Economic Prospects […]
By Amanda Brown and Samantha Igo The 27th United Nations Climate Change Conference (COP27) is underway in Sharm El-Sheikh, Egypt from November 6-18, bringing together policymakers, climate activists, researchers, civil society representatives and more to deliver action on climate change. From reducing greenhouse gas emissions to supporting climate action in developing countries, the conference will […]
On August 23, 2021, the International Monetary Fund (IMF) allocated a historic $650 billion worth of Special Drawing Rights (SDRs) in a general allocation to its 190 members, proportional to their quota. SDRs are an international reserve asset that can be exchanged for hard currency or donated among member countries. These new SDRs added much-needed […]
By Amanda Brown The international system is at a crossroads, facing increasingly global challenges and struggling to meet the needs of all countries amid rising levels of unsustainable debt and climate disasters. Against this backdrop, the IMF and World Bank kick off their Annual Meetings in Washington, D.C. from October 10-16, 2022. As these institutions […]
The level of debt distress among emerging market and developing economies (EMDEs) has been a concern even before the COVID-19 pandemic, and there is now a burgeoning consensus that a full-blown debt crisis may loom on the horizon. Even without a widespread crisis, the increasing number of countries who are losing their fiscal space jeopardizes […]
Although Africa has contributed only 3.8 percent of total global emissions, it has borne the brunt of climate change. With a substantial lack of energy access in Sub-Saharan Africa, the continent must balance the need to combat climate change with an urgency to develop the continent’s economies to alleviate hunger and poverty, which are exacerbated […]
In 2021, the Vulnerable Group of Twenty (V20) made a call for debt flexibility, invoking insufficient fiscal resources to finance responses to health and social crises caused by the COVID-19 pandemic as well as urgent investments in climate adaptation. The service of public debt crowds out crucial investments that countries require to climate-proof their economies and establish […]
By Yan Wang and Ying Qian After nearly three years of the COVID-19 pandemic and its aftermath, the global economy is facing three overlapping crises: 1) the climate crisis, as shown by extreme weather disasters, 2) Russia’s war in Ukraine, which has led to energy and food prices to skyrocket and 3) capital outflows from […]
The Vulnerable Twenty (V20) Group of Finance Ministers, a dedicated initiative of 55 climate vulnerable economies, is at the epicenter of looming debt and climate crises which are threatening their ability to build resilient and low-carbon economies. When scarce public finances are mostly spent on debt service rather than on investments to build a more resilient […]