Finance in Common Summit: CSOs frustrated by another event driven by a global north agenda that does not respond to the polycrisis
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Finance in Common Summit: CSOs frustrated by another event driven by a global north agenda that does not respond to the polycrisis
This week’s Finance in Common (FiC) summit of more than 500 public development banks is the latest global north-dominated forum where yet again private capital ‘mobilisation’ is the big priority.
This is the view of several civil society networks from across the world who have repeatedly expressed concerns about FiC, which has just staged its fourth summit in Cartagena, Colombia. They argue that the event is little more than a “talking shop’, where the debate was yet again dominated by a heavy reliance on attracting private finance at scale, with risks guaranteed by the state and public money. They also call for the transformation of the unjust international financial architecture
Read our joint press release here.
Read also about the report Demystifying Development Finance: How Public Development Banks impact peoples and the planet below.
News
Eurodad Annual Report 2022
In 2022, the food and energy crisis triggered by Russia’s invasion of Ukraine added to the strain on the global south, already reeling under the economic downturn caused by the Covid-19 pandemic. Our work focused on the obstacles that global governance and the global north-south power imbalance poses to achieve debt, tax and climate justice and ensure adequate public finance to realise the universal achievement of human rights, with a specific focus on women and gender minorities. You can read about our work on tax justice, debt justice, development finance and climate and gender justice in our Annual Report 2022, published this week.
Read the full annual report here.
Statement on credit risk and its impact on the decision to save Yasuní and the Andean Chocó in Ecuador
by CDES, Eurodad and Latindadd
Civil society organisations have expressed their concerns about the warning issued by Moody’s rating agency regarding Ecuador’s decision to preserve Yasuní and stop mining activity in the Andean Chocó. Moody’s has indicated that this decision could have negative repercussions on Ecuador’s current credit rating.
Reports
Demystifying Development Finance: How Public Development Banks impact peoples and the planet
by The Coalition for Human Rights in Development
In recent years, PDBs have been advocating to play an even bigger role to address climate change, global poverty, and other crises. However, the case studies and the evidence presented in this report show that PDBs are actually exacerbating the problems they claim to solve. The push towards privatization, the extractivist and top-down approach, and the limitations of PDBs’ social and environmental safeguards are often deepening inequalities, leading to violations, fueling climate change, and increasing debt.
How the Finance Flows: The banks fuelling the climate crisis
by ActionAid International
This flagship report of ActionAid's campaign, Fund our Future, looks at the role played by major international banks in financing fossil fuels and industrial agriculture in the global south. It also examines the current role of public financing in supporting fossil fuels and industrial agriculture, and how public finance could instead support a transition towards a more sustainable future based on renewable energy and agroecology.
Lost in transition: Analysis of the World Bank’s renewable energy investments since Paris
by Solidaritas Perempuan, Sustentarse and Recourse
This report finds that energy-related investments by Multilateral Development Banks (MDBs) since the Paris Agreement are not shifting fast enough to clean energy projects. It analysed MDB investments in the past five years and found that despite a 75 per cent decrease in fossil fuel investments, clean energy investments only increased a meagre 26 per cent in the same period.
Useful resources
Webinar recording: Global dialogue on debt, climate and debt-for-nature swaps
by Latindadd
This webinar addressed the connections between the debt and the climate crises, the role of private creditors and the rising prominence of debt-for-nature/climate swaps as a solution.
Events
17-18 September | Global People's Assembly 2023
The Global People's Assembly will gather for two days online and in person at the Church Center of the United Nations, featuring sessions on a variety of topics such as climate justice, UN reform, feminist economy, peace, social justice and more. Participants from across the world are welcome to make sure their voices are heard at the UN.
12 September | The role of the IFIs for a fair climate finance for the Global South
by Latindadd
In this webinar, international experts, including our Policy and Advocacy Manager on Development Finance, María José Romero, will conduct an in-depth analysis of the role and impact of International Financial Institutions on sustainable development and climate action in Latin America.
Register for the webinar here.
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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. |
