Climate, Development and International Financial Institutions: Perspectives from the Global South

Precisely at a time when a rapid mobilization of resources is required to achieve development and climate change goals, the cost of capital has soared, economic growth has remained sluggish, climate impacts have intensified, sovereign debt is dampening investments, and geopolitical tensions are straining an already fraught international financial system. Achieving shared climate and development goals, therefore, requires deep reform of the international financial architecture. Leaders from the Global South, such as Barbados Prime Minister Mia Mottley and the Climate Vulnerable Forum of the Vulnerable 20 Group (V20) of Finance Ministers, have spearheaded bold, ambitious proposals for what such reform should look like. Most recently, through the Task Force on Climate, Development and the International Monetary Fund, the Intergovernmental Group of Twenty Four (G24) and the V20 have advanced an IMF 2030 Action Agenda for a climate-transformed IMF.

On Tuesday, October 22, Global Economy and Development at Brookings and the Boston University Global Development Policy Center will host Barbados Prime Minister Mia Amor Mottley for a keynote address on international financial architecture reform for the Global South. Brookings Institution Vice President Brahima Coulibaly will provide opening remarks. Kevin P. Gallagher, director of the Boston University Global Development Policy Center will share insights from the new Task Force report on reforming the International Monetary Fund. Senior Fellow Amar Bhattacharya will then moderate a ministerial-level panel to discuss the priorities, opportunities, and challenges of Global South leaders in advancing shared development and climate goals. Iyabo Masha, director of the Intergovernmental Group of Twenty-Four, will provide closing remarks.

Speakers:

- Keynote: Mia Amor Mottley, Prime Minister, Barbados; Chair, Climate Vulnerable Forum, Vulnerable Group of Twenty

- Brahima Sangafowa Coulibaly, Vice President and Director, Global Economy and Development; Senior Fellow, Global Economy and Development, Brookings Institution

- Kevin P. Gallagher, Director, Boston University Global Development Policy Center

- Olavo Avelino Garcia Correia, Vice Prime Minister and Minister of Finance, Cabo Verde

- Mohammed Amin Adam, Minister of Finance, Ghana

- Ketleen Florestal, Minister of Finance, Haiti

- N.K. Singh, Co-chair, G20 Independent Expert Group on Strengthening Multilateral Development Banks

- Iyabo Masha, Director, Intergovernmental Group of Twenty-Four

- Amar Bhattacharya (moderator), Senior Fellow, Global Economy and Development, Brookings Institution