Climate change and policy responses to address climate change pose significant risks to financial and fiscal stability, poverty and inequality, and the long-run growth prospects of the world economy. In the midst of a global pandemic, 2021 has already been marked by a slew of extreme weather events, wreaking havoc on countries and economies across […]
By Xu Chen International finance of low carbon technologies is a major driver for the global transition towards a net-zero emissions energy system. As more and more countries work towards national decarbonization targets and align domestic finance with their targets, it is imperative that cross-border finance is also aligned with the Paris Agreement. A new […]
Decarbonizing the power sector will require a fundamental redirection of global finance from fossil fuel infrastructure towards low carbon technologies. Bilateral finance will play an important role in the global energy transition to non-fossil energy, but an understanding of its impact has so far been limited. In a new Science Direct article, Kevin P. Gallagher, […]
Southern-Led Development Finance, a new book edited by Diana Barrowclough, Kevin P. Gallagher and Richard Kozul-Wright, examines some of the innovative new South-South financial arrangements and institutions that have emerged in recent years, as countries from the Global South seek to transform their economies and shield themselves from global economic turbulence. Even before the COVID-19 […]
By Xinyue Ma As more and more countries make concrete domestic decarbonization commitments, it is paramount that national pledges aren’t met by shifting fossil fuel investments overseas. At the G7 Climate and Environment Ministers meeting in May 2021, the group committed “to take concrete steps towards an absolute end to new direct government support for […]
At the June 2021 G7 Summit, leaders made a significant commitment to restrict international investments in coal, but the impact of the commitment was stymied by its exclusion of private finance. There is a misconception that the majority of new funding for overseas coal plants comes from public financing institutions in China, which is partly […]
By Rebecca Ray The triple crisis of public health, the global economy, and climate change are looming for the world, but focusing their havoc on developing countries in particular. While low and middle-income countries (LMICs) have faced wave after wave of the COVID-19 pandemic, the pandemic also made foreign capital and hard currency scarce, necessitating […]
A debt crisis is looming in the Global South, compounded by the threat of climate change. World leaders such as Kristalina Georgieva, David Malpass, the Biden administration and 23 former Finance Ministers and Central Bank Governors have added their voices to a growing chorus calling for comprehensive debt relief linked to a green and inclusive […]
By Natalia Marino On Thursday, June 10, the Boston University Global Development Policy Center hosted a webinar to discuss a new working paper analyzing the proposed EU-MERCOSUR free trade agreement (FTA), which has yet to take effect, but would represent the largest trade deal for both blocs in terms of number of citizens involved. Moderated […]
Why have China’s two policy banks with global operations, the China Development Bank and the Export-Import Bank of China, globalized their overseas development finance for coal-fired power plants, while leading development finance institutions elsewhere have pulled back from coal and China has cut back on coal-fired power expansion at home and augmented its international commitment […]