Tapping Into The Growing Global ESG Bonds Market – Nigeria Punching Below its Weight
Given the US$ 1.2 billion chasm between the expectations of advanced and developing countries, Africa must find innovative ways to secure the necessary finance for climate action and development. Green bonds offer one means to do so. Nigeria is on a path to expanding its use of green bonds; however, it needs to do a lot more to increase the scale and success of these instruments.
New Climate Finance Goal: Different Topic, Same Arguments in Colombia
At the most recent meeting on the new climate finance target in Cartagena, countries redrew the same battle lines as last year’s loss and damage fund deliberations around who will pay, when, how much and for what actions. While there was some consensus on the framework for the text of the new goal, we are still very far from consensus on its substance.
The ICJ Climate Liability Opinion: Why Are African Countries So Quiet?
We spoke with Nomasango Masiye Moyo, an attorney at Natural Justice, about the pending request for an advisory opinion from the International Court of Justice on liability for climate change and the relatively muted response by African governments.
New IMF policy committee chair against fossil fuel phaseouts
The IMF has been thrust into the spotlight in recent years as a major actor within the global climate response. As the premier multilateral institution charged with ensuring the stability of the international monetary system, it has in recent years re-interpreted its mandate to include macro-critical issues such as climate change. In 2019, IMF Managing […]
African countries set their sights on an ambitious new climate finance target
Ahead of the upcoming climate finance meeting in Colombia this month, African countries have laid out an ambitious approach to the new collective quantified goal on climate finance, arguing for it to be based on the actual needs of countries and not just a political figure.
Proposed UN Tax Convention Sparks Hope for African Climate Finance
A recent UN Resolution to develop a global tax convention might stem illicit financial flows and create a more equitable and beneficial tax regime for Africa. The continent has long been championing these reforms, both to better its fiscal health and to enable domestic climate change responses.
Climate change fund replenishment falls vastly short
The latest replenishment of the UN’s climate fund, the GCF, barely moves the needle on what has been historically pledged. It also doesn’t touch sides with the amount needed by developing countries. This bodes poorly for the trust deficit between developed and developing countries at COP28.
Slow progress and small wins at the IMF and World Bank meetings
At their annual meetings in Marrakesh this month, the World Bank and IMF agreed to some incremental reforms, including increasing IMF lending resources, representation for Africa on the IMF Executive Board, and quicker administrative processes for World Bank lending. However, little was achieved on debt reform or capital increases for the Bank.
African Countries call for Finance Reform at the UNGA, but Lack of GCF Pledges is Worrying
African countries made impassioned and detailed statements on how the global finance architecture should change at this year’s UN General Assembly. The SDG Summit also highlighted key climate finance reforms needed. However, action was lacking at the Climate Ambition Summit, where GCF pledges were underwhelming.
Looking towards the IMF and World Bank meetings in Marrakech
Looking towards the IMF and World Bank Annual Meetings on 9 October in Marrakech, expectations are that climate related reforms should go beyond much needed capital increases and the re-channeling of SDRs. We discuss a recent report by the African Climate Foundation of what these reforms should entail.
