Top story

Blended finance for climate action: Good value for money?

During the 2023 United Nations climate conference in Dubai (COP28), the issue of ‘blended finance’ for climate action was a major focus at the inaugural Business and Philanthropy Climate Forum. This event saw global funds – the Green Climate Fund, Allied Climate Partners and Allianz Global Investors – collectively announce the mobilisation of US$ 5 billion through several blended finance structures, bringing together philanthropies, development finance institutions (DFIs), and the private and public sectors.

But what is blended finance and what role does – and should – it have in climate action? There is already extensive literature on blended finance for development. But the case for blended finance for climate action is still relatively unexplored. This report, written by Eurodad's Farwa Sial and suported by ActionAid, seeks to help create an informed debate on this issue. And it explores the opportunities, and the risks, that these instruments pose.

At the end of the month, Eurodad and ActionAid will hold an interactive webinar covering the key messages of the report.

Read the report here. 

Read the accompanying case studies here.

Register soon for the webinar here. 

Blogs

OECD’s tax deal may discriminate on the basis of gender and race - UN experts warn

by Center for Economics and Social Rights (CESR)

Following a joint submission by CESR and allies, UN Experts have weighed in on the potentially discriminatory impact of the OECD’s Two Pillar Solution on the grounds of “gender, ethnicity and race,” warning that it could widen inequality both within and between states. This historic intervention pressures OECD member states to support the intergovernmental process to establish a global tax treaty under UN auspices.

Read the article here.

Has the IDA PSW increased IFC Investments in IDA countries?

by Center for Global Development

The World Bank’s Independent Evaluation Group has just issued a “Focused Assessment” of the IDA Private Sector Window (PSW), looking at the PSW’s first five years of operation. The PSW, launched in 2018, uses $5.6 billion of World Bank IDA financing to subsidize IFC and MIGA investments in the private sector through mechanisms including local currency financing and first-loss guarantees. Six years after launch, it is still hard to do a proper analysis of the Window’s development impact—not least because only 20 PSW projects have closed and none have been subject to evaluation.

Read the blog post here.

Evaluating COP28: Adaptation Agenda Neglected; Mitigation Pledges Insufficient

by Tunisian Forum for Social and Economic Rights (FTDES)

This past December, policymakers, business leaders, climate experts, and environmental activists gathered in Dubai for the 28th United Nations Conference of the Parties (COP28). The outcome, the UAE Consensus, delivers several noteworthy breakthroughs on climate change mitigation, such as an explicit call for "transitioning away from fossil fuels" and a "loss and damage fund". Unfortunately, COP28 failed to deliver actionable commitments on the climate change adaptation agenda. The final text’s global adaptation targets are vague and decoupled from adaptation financing targets.

Read the article here. 

Reports

Towards Economic and Climate Justice: A feminist analysis of critical trends

by Women’s Environment and Development Organization (WEDO)

The 21st century has been marked by a series of overlapping crises, all with severe consequences for the rights of women, girls and gender-diverse people.  In the face of this “polycrisis,” feminist and peoples’ movements are challenging the unrestrained pursuit of profit and economic growth, championing a radical vision for economic and environmental justice.

This report highlights the significant gap between the contemporary global order and the vision put forward by the Feminist Action Nexus and allies. To begin to determine how far away we are from this vision—and therefore how to begin to achieve it—this report assesses progress and challenges in seven key areas, corresponding to our key demands.

Read the report here. 

The legal foundations of the African public debt

by African Forum and Network on Debt and Development (AFRODAD)

Public debt in African economies has become a subject of critical examination as nations grapple with the challenges and opportunities it presents. This research paper embarks on a comprehensive exploration of the complexities surrounding public debt in Africa, aiming to shed light on its historical roots, legal foundations, theoretical dimensions, creation processes, rights and liabilities, and transparency mechanisms. By addressing these multifaceted aspects, this study seeks to offer valuable insights and policy recommendations for effective debt management and governance

Read the report here. 

Useful resources

Now or never for Sustainable Development: The imperative of raising capital for Shared Global Sustainability Goals

by Global Development Policy Center, Boston University 

Emerging market and developing economies (EMDEs) need an immediate, stepwise infusion of investment for climate and conservation goals: $1 trillion in international capital for climate investment and over $2 trillion annually to meet the United Nations 2030 Sustainable Development Goals (SDGs). While these sums may appear ambitious, their importance cannot be overstated, raising a critically important question of the era: how and in what form will this capital be raised?

Read the analysis here. 

Inputs to the Summit of the Future

by Civil Society Financing for Development Mechanism

Here you can find a compilation of the CSO FfD Group's inputs for the Summit of the Future.

Find the inputs here.

Reclaiming Public Education For All Sign-on Statement

by Privatisation in Education and Human Rights Consortium (PEHRC)

The project of ensuring universal and equal education opportunity is at risk due to the rising role of private actors in education. Extensive evidence across countries shows that privatisation of - and in - education does not improve quality and access, but diminishes education equity. This is in contravention of human rights law, U.N. Sustainable Development Goal 4, and often national legislation.

Sign the statement here.

Webinar recording: Understanding COP28 Outcomes and what it means for our fights

by Asian Peoples Movement on Debt and Development (APMDD)

This webinar, organised by APMDD, unpacks the events and decisions taken at COP28 and what it means for civil society working in the space.

Watch the recording here. (Passcode: MNB3b%$t)

You can also find the presentation here. 

Vacancies

Policy and Advocacy Manager (Development Finance)

Bond | London | Deadline: 24 February

Events

14-15 March | How can a UN Tax Convention address inequality in Europe and beyond?

At the end of 2022, the member states of the United Nations passed unanimously a resolution to begin intergovernmental discussions on proposals for a new international framework for tax cooperation under UN auspices that could open the door to major reforms addressing the shortcomings of our international tax system.

This two-day conference, co-organised by Eurodad and the Global Alliance for Tax Justice (GATJ), will bring together researchers from across Europe and beyond, to address questions of inequality and the global tax architecture and question the benefits for Europe and beyond.

Register for the event here.

22 February | Webinar: Charting the course for a sustainable and social EIB?

With the capacity to finance crucial sectors like affordable housing, energy, and public transport, the EIB stands ready to tackle the urgent needs of communities grappling with the cost of living crisis. Will it prioritise meeting the needs of communities and the planet, or will it continue to support the private sector?

This webinar, organised by Counter Balance, aims to delve into the strategies, hurdles, and opportunities as the EIB navigates its role in shaping a more just, sustainable, and inclusive future for all.

Register for the webinar here. 

This newsletter has been produced with co-funding from the European Union, Bread for the World and Norad. The contents of this publication are the sole responsibility of Eurodad and can under no circumstances be regarded as reflecting the position of the funders.