By Samantha Igo Amid warnings from the Intergovernmental Panel on Climate Change that it is “now or never” for climate action, policymakers meet in Paris this week on June 22-23 for the Summit for a New Global Financing Pact. With the $100 billion climate finance commitment by advanced economies long overdue, and current estimates suggesting […]
Amid warnings from the Intergovernmental Panel on Climate Change that it is “now or never” to make the investments necessary to limit warming to 1.5°C and avoid catastrophic costs, policymakers are in Paris this week to discuss the international financial architecture and how to efficiently mobilize sufficient resources for a green transition. Multilateral development banks […]
The year 2023 offers political momentum for strengthening the global climate finance architecture under and outside the United Nations climate change regime. In November 2022, the 27th United Nations Conference on Climate Change (COP27) marked a breakthrough on loss and damage with an agreement for establishing new funding arrangements, including a fund. Parties also recognized […]
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 […]
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 […]
By Justin Yifu Lin and Yan Wang The global economy is facing three overlapping crises: the climate crisis, as shown by extreme weather disasters, Russia’s war in Ukraine, which has caused energy and food prices to skyrocket, and capital flight from emerging markets and developing countries, which refers to the rapid outflow of US dollar […]
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 2030, global emissions of greenhouse gasses (GHGs) must drop by 45 percent from 2010 levels to stay on a 1.5° path, while the cost of inaction could be as high as 4 percent of US growth domestic product. For the world to meet the decarbonization and climate mitigation goals set out in the Paris […]
China’s flagship infrastructure project, the Belt and Road Initiative (BRI), is known for being greenhouse gas intensive due to its historically large investments in fossil fuels. Chinese leader Xi Jinping announced in September 2021 that China would stop supporting the buildout of coal-fired power plants overseas, while likewise promising to scale up support for clean […]
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 […]