Category: Climate Finance

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.
  • Climate Finance

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.
  • Climate Finance, Climate Negotiations

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.
  • Climate Finance

Interview with Egypt’s Lead Climate Change Negotiator, Ambassador Mohamed Nasr, on Climate Finance and the Africa Climate Summit

We spoke with Egypt’s chief climate negotiator, Ambassador Mohamed Nasr, who headed the COP27 Presidency’s team and led many of the negotiation tracks at COP27 in Egypt last year, about his thoughts on climate finance, Africa’s priorities and the upcoming African Climate Summit.
  • Climate Finance, Climate Negotiations, Uncategorized

Making the Global Financial System Work for Africa

Building a financing ecosystem that works for Africa requires a systemic transformation of existing approaches to debt, lending practices, the global development finance system, tax and trade. These measures should address the continent’s debt overhang, create a fairer financial ecosystem, and unlock financial flows while preserving fiscal sovereignty.
  • Climate Finance, Climate Negotiations

Urgent Call for Adaptation Investment Plans to Catalyse Adaptation Finance

Adaptation investment planning spur investments in prioritised projects and support the the implementation of adaptation and resilience measures in Africa. In this analysis, Sarah Wewege and Chipo Rusere discuss the advantages of this approach and how it can present a compelling case for investment.
  • Climate Finance

Wrangling over Climate Finance Language in SDG Summit Declaration

The US, the UK and a handful of developed countries have pushed back on climate finance language within a draft declaration on the SDGs ahead of the SDG summit in New York in September. Issues of contention included the manner in which calls to reform the international financial system were phrased, and the establishment of a multibillion-dollar development stimulus plan.
  • Climate Finance, Climate Negotiations

Ruto calls for the creation of a Global Green Bank

Kenyan President William Ruto is looking to radically shake up the global climate finance architecture, proposing that multilateral lenders provide at least $500 billion/year to settle existing debts and free up domestic resources for climate and development priorities. He also wants the establishment of a global Green Bank, financed by carbon taxes and other climate levies.
  • Climate Finance, Climate Negotiations

IMO Mulls a Global Shipping Levy: Africa May Lose out While Others Gain

Following the agreement of revised targets for the shipping sector, the IMO is discussing the introduction of a global shipping levy. A group of African nations initially came out in support of but then went quiet during negotiations. A recent study anticipates that African GDPs will be significantly impacted by a levy whilst the GDPs of EU and the US stand to benefit.
  • Climate Finance

African Governors Propose Targeted Reforms to Climate Finance Architecture

African governors of the IMF and World Bank met in Cabo Verde to discuss reforms to the global climate finance architecture. Their clearly articulated set of proposed reforms focuses on the need to jointly address global public goods and SDGs, reduce African debt insecurities, and enable a country owned and driven approach.
  • Climate Finance