New climate finance goal: Civil society calls on UNFCCC to recognise climate debt owed to the global south
#ClimateFinance #Debt #Tax #GlobalGateway #NCQG
Top Story
New climate finance goal: Civil society calls on UNFCCC to recognise climate debt owed to the global south
This week, climate negotiators met in Bonn to discuss the post-2025 climate finance goal at the 11th Technical Expert Dialogue (TED11) of the New Collective Quantified Goal (NCQG). Agreeing on the goal will be one of the primary outcomes of the forthcoming COP29, and as such TED11 was an important opportunity to agree on the qualitative elements. Ahead of the Dialogue, 16 CSOs, under the banner of the Debt and Climate Working Group, outlined 14 recommendations for the UNFCC to ensure that the NCQG process to deliver on debt cancellation and be a proactive space to prevent further indebtedness from climate finance in the global south.
News
Our tax problem is more than just one rotten apple
On Tuesday, the Court of Justice of the European Union sided with the European Commission in the state aid case concerning tax payments by Apple in Ireland. This years-long case is a perfect illustration of the chaotic corporate tax system, and highlights the urgent need to fundamental reform.
Global week of action for climate finance & a fossil-free future
As we head towards COP29, the issues of climate finance and a fossil fuel phaseout towards a just energy transition are ever more critical for climate action. Join the online actions from 13-20 September calling for governments, international institutions and corporations to listen and take action.
See the events section below to register for the debt and tax webinars.
Second Letter to WP-STAT on Review of the Recommendation on Untying ODA
This week, the OECD DAC’s Working Party on Development Finance Statistics (WP-STAT) will meet to reviews the DAC Recommendation on Untying ODA. Eurodad has actively followed this work and as part of the DAC-CSO Reference Group, is calling for an ambitious outcome that eventually ensures all ODA is fully untied.
Blogs
The problems with the IMF surcharge system
Since 1997, the International Monetary Fund (IMF) has imposed surcharges if its loans to a member exceeds a certain level or persists longer than the agreed duration. The Fund says it intends to incentivise borrowing countries to repay loans in a timely manner and contain their borrowing, but many observers criticise surchages as unfair, unreasonable and for causing more harm than good.
Reports
End Austerity: A primer on austerity's history, impacts, and alternatives in the region
Austerity was projected to impact 6.7 billion people in 2023 or 85 per cent of humanity and the population most likely to be hit exceptionally hard is East Asia and the Pacific, and South Asia. This primer discusses austerity’s brief history, expounds on the different policy articulations, and focusses on how austerity sows insecurity by analysing public spending trends.
Find the latest from the #StopIMFSurcharges on Twitter/X
Useful resources
Bolivian Amazon: between debt, the climate crisis, and extractivism
Bolivia is facing a growing commercial and fiscal deficit, driven by an increase in external debt. This indebtedness has intensified extractivism in the Amazon.
Download the report in English or in español
Events
16 September | Webinar: The interconnectedness of climate & tax
At a moment when climate finance is urgent, why are we losing billions a year in tax revenues? How will taxing the elites and polluters allow countries to raise the public funds necessary for climate justice - particularly for global north countries who must deliver on their climate finance obligations? What is the role of polluting industries in tax justice - are polluters paying? Register here
18 September | Webinar: Why does debt matter for climate justice?
As the debt crisis escalates and rich countries continue to refuse to pay their climate debt, it is more important than ever to explore the vital connections between debt and climate justice. This webinar will also cover how we can collectively work toward debt and climate justice — especially as the post-2025 climate finance negotiations will be finalised this year. Register here
SAVE THE DATE: 9 October | Brussels and online | Report launch: Who profits from the Global Gateway? The EU’s new strategy for development cooperation
Launched in 2021 by the European Commission, the Global Gateway has been promoted as the EU’s ‘positive offer’ to countries in the global south. Yet a new report by Counter Balance and Eurodad, and supported by Oxfam, explores many concerning issues with this strategy. It asks the central question: is the Global Gateway prioritising the EU’s foreign policy goals and its own economic interests and companies over positive development outcomes in its partner countries?
The launch event will bring together the authors of the report, decision/policy makers from the EU and civil society representatives from the global south and global north to debate the future of international development for the EU. Event registrations will open soon.
Vacancies
Call for tender for communications agency to support the ‘Connecting the Dots’ EU DEAR project
Eurodad | Deadline: 16 September
 |
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. |
