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.

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.

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.

Africa Climate Summit under fire from CSOs

Civil Society Organisations are arguing that the African Climate Summit has been “hijacked by Western governments, consultancy companies, Global North think tanks and philanthropy organisations/ foundations.”

Scottish Scientist, Jim Skea, elected to chair IPCC, outwinning Brazilian and South African nominees

Scottish scientist Jim Skea was recently nominated to chair the IPCC. His election extends an unbroken run of male leaders since the IPCC was established in 1988. Skea was also preferred against South African candidate Debra Roberts, who actively campaigned for more representation of women and scientists from the global south. She also wanted to address data gaps for the south, particularly Africa.

UAE to Put Trade on COP28 Agenda as Australia Joins Climate Club

The UAE intends to introduce a special focus on trade at COP28, as countries are increasingly using trade to pursue their climate and growth objectives. The decision comes as Australia decides to join the G7’s Climate Club, a group that may increasingly see trade used to disadvantage countries with unambitious targets.

What Happened at the Bonn Climate Negotiations?

The lack of an agreed agenda dominated discussions at Bonn, as its setting is increasingly becoming a platform to tackle substantive issues. In our analysis we discuss what caused the hold-up, as well as other key matters on the negotiation table, including loss and damage, finance, Just Transitions, the Global Stocktake, trade, adaptation and carbon markets.