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SPOTLIGHT
The World Bank and International Monetary Fund are having their annual meetings in Marrakech next week, and attention from the international climate community is at an all-time high. Check out this letter from Global Citizen and other global civil society organizations outlining their key asks from the meetings.
The United States has expressed support for increased lending to climate resilience projects and making loan conditions responsive to climate disasters through measures such as pausing debt repayments. However, the Biden Administration’s push to make up to $50 billion (or $3 billion using less creative accounting) available to the Bank and IMF was not part of a package agreed by Congress over the weekend.
Last month, G20 countries also pledged to rechannel Special Drawing Rights to countries most “in need” through the IMF, but a US pledge of $21 billion is also stuck without congressional approval (see the ONE Campaign’s SDR tracker here).
A recent study by the Rockefeller Foundation found $190 billion could be unlocked through reforms to the World Bank that wouldn’t jeopardize their “AAA” credit rating. President Ajay Banga made his own calculations, proposing new contributions from wealthy countries combined with balance sheet changes that could boost the bank's lending capacity by $100 billion to $125 billion over a decade – a move opposed by Treasury Secretary Janet Yellen as well as some climate activists.
Debt on the other hand does not seem to be a major focus of the week, even though many of the countries most vulnerable to the climate crisis are in debt distress or at significant risk of it. With the IMF pointing to private finance for climate investments and carbon pricing as a way to reduce countries’ debt, there’s cause for concern that deeper, structural reforms needed by borrowing nations won’t happen soon. Civil society groups have actions planned throughout the week, demanding more action on debt and climate, including a counter summit and mass march on October 12th, culminating in a Day of Action on the 13th to demand an end to fossil fuel financing.
Journalists: Want to learn more about the climate finance implications of the annual meetings?RSVPto our media briefing Thursday, 10/5, at 10am ET featuring: Irene Monasterolo, the Global Economic Governance Initiative; Iskander Erzini Vernoit, founder of the Imal Initiative for Climate and Development; and Brandon Wu, ActionAid USA.
ON OUR RADAR
Executives from the oil, gas, cement, aluminum and other heavily polluting industries met in Abu Dhabi earlier this week for the Abu Dhabi International Petroleum Exhibition and Conference. Under the leadership of COP28 President Sultan Al-Jaber, apparently more than 20 firmscommitted to “decarbonization” by 2050, while others also pledgedto eliminate methane emissions and gas flaring by 2030. Which firms? And what exactly are their commitments? The details haven’t been disclosed – but the announcement is expected during COP28. Unsurprisingly, the climate community is wary.
PS - the COP28 provisional agendas for all bodies is now out:
COP:After U.N. meeting, countries brace for COP28 fossil fuel fight (Reuters)
UAE: UAE proposes to host UN climate summit for second year as Russia blocks talks (Financial Times), ADNOC and Occidental to advance megaton-scale DAC facility in the UAE (Carbon Herald)
Climate court: Six young activists devote years to climate fight with 32 governments. Now comes their day in court (AP News)
US-China in the Pacific: Biden makes new pledges to Pacific island leaders as China's influence grows (Reuters)
More US-China: China and U.S. face mounting calls to strike a climate deal at COP28 (The Washington Post), China climate envoy says phasing out fossil fuels 'unrealistic' (Reuters)
Coal: ADB set to launch first coal early retirement scheme in Indonesia (Climate Home)
Nationally determined contributions: Cop28 climate targets urged by its boss are met with indifference (Climate Home)
International Finance
GCF: GCF replenishment tests climate commitment (The Asset), The world’s biggest climate fund wants to get bigger (Semafor)
Development funds:Exclusive: US balked at advancing UN $500B development stimulus (Devex), Donors raiding development aid to pay for climate, report warns (Devex)
Carbon tax: Europe just launched the world’s first carbon tariff. Will the United States follow suit? (Inside Climate News)
MDBs: ‘China’s World Bank’ plans to triple climate change lending by 2030 (Financial Times, Reuters), AfDB maps steps African nations need to mobilize climate finance (Bloomberg)
Health: More aid money spent on clean air than fossil fuels for first time (The Guardian), WHO's Vanessa Kerry on climate crisis: 'Human survival is on the line' (Devex)
Impacts
Loss and damage: Funding loss & damage: Differences persist as COP28 looms (Down To Earth, Devex), Developed nations' L&D funding proposals threaten progress at COP28, Global South experts warn (The Hindu BusinessLine)
Local efforts: Climate Analytics Caribbean launches loss and damage research project (Trinidad and Tobago Guardian)
Activist crackdowns: Vietnam detains energy think tank chief in latest arrest of environmental expert (The Guardian)
At a glance: Byanalyzing the World Bank and IMF’s climate policies and practices via recent operations in Pakistan, authors raise concerns about the need to reform these institutions before expanding them to ensure meaningful climate action that is long term, strategic and just.
At a glance: The study identifies key barriers and opportunities to synergize multilateral health and climate adaptation and mitigation finance, which to-date have not been leveraged significantly.
