The World Bank’s Evolution Roadmap will not deliver climate justice


#ClimateJustice #WorldBank #EurodadPolicyForum #DebtJustice #Events

Top story

The World Bank’s Evolution Roadmap will not deliver climate justice

The central driver of the World Bank Group's (WBG) approach towards resolving the climate crisis places the private sector as the key provider of finance and centres the WBG as a facilitator of the mobilisation of private capital. Given the Bank's record on climate, together with its plans for the future, such a scenario gives great cause for concern. Furthermore, while rich country governments - the main shareholders of the WBG - are pushing for a greater role of the WBG in climate action, they continue to fall behind on the U$S100 billion annual commitments on climate finance.

Read the blog here.


Register now: Eurodad Policy Forum 2023

The Eurodad Policy Forum offers a unique opportunity to understand the impact that the various political developments in 2023 will have on the financing for development agenda, and to reflect on civil society’s strategy in response. The Policy Forum will provide space for CSOs to cross-examine the mainstream narrative within a broader discussion around an alternative, built on a vision of an economy that works for people and the planet. Registrations are open until next Monday 5 June, 23.59 CEST.

Please note that the strategy sessions are for CSOs only. 

Register for the Policy Forum here. 

High-profile support for the New York Taxpayer and International Debt Crises Protection Act

by Jubilee USA

Nobel Prize-Winning Economist Stiglitz, Former Minister of Finance of Colombia Ocampo and Former Minister of Economy of Argentina Guzman Support Memorandum for the New York Taxpayer and International Debt Crises Protection Act.

Read the support memorandum here.

Learn more about the legislation here.


Southern Debt Report: Characteristics and Challenges

by Latindadd and AFRODAD

This report highlights the concerning levels of debt faced by countries in the global south and warns of the adverse consequences for the most vulnerable individuals. Conducted in three global south regions —Latin America, Africa and Asia— the study analyses the debt composition, associated risks and proposes global policies aimed at transforming the international financial architecture with fairness.

Read the report here.

Beyond Austerity: Rethinking IMF Programs in Sri Lanka and Pakistan

by Asian Peoples 'Movement on Debt and Development

Pakistan and Sri Lanka have been grappling with chronic instability and mounting debt problems for years. Both countries have turned to the IMF for financial assistance, submitting to familiar conditionalities of austerity measures, economic liberalisation and financial deregulation that come with the Fund’s lending programs. However, similar policy prescriptions in the past have led these two countries to where they are today.

Read the report here. 

Useful resources

Recording: Rebranding or reshaping the global financial architecture?

Held on 23 May, the panel aimed to initiate critical dialogue on the current proposals to transform the global financial architecture, focusing on three interlinked initiatives, the MDBs reform (exemplified by the World Bank Evolution Roadmap), the Bridgetown initiative (evolving proposal introduced by Barbados) and New Global financial pact (to be held as a Summit on 22-23 June).

Rewatch the event in English or in Spanish

Ten Things to Know About Climate Finance: 2023 Global Stocktake Edition

by Heinrich-Böll-Stiftung

This booklet of infographics breaks down the top 10 things you need to know about climate finance in 2023, from the amount approved to where there are gaps and what sector-specific action has been taken. It draws on 2022 data from monitoring the major dedicated multilateral climate funds on Climate Funds Update.

Read the booklet here.

Book: Corporate Capture of Development

by Corina Rodríguez Enríquez and Masaya Llavaneras Blanco

Public-Private Partnerships have gained renewed momentum in recent years. Critiques of the corporate capture of development are well established, yet until now the urgent question of the impacts of PPPs on women's human rights around the world has remained under-explored. This open-access book aims to fill the gap, providing new insights from a set of case studies from across the global south.

Read the book here. 

Book Talk: Retooling development in the 21st century: The importance of budget support

by Center for Global Development

Rewatch the launch of a new book by top development economists exploring the need to revisit the role of budget support in the face of an uncertain world and a changing international financial architecture. The authors present key lessons and findings from the book, and other experts engage in a moderated discussion on their implications for the future.

Watch the recording here.


8 June | Twitter Space: Little to celebrate - an assessment of ODA in 2022

Join aid experts for this Twitter Space discussing the implications of the 2022 aid figures on sustainable development. The debate will be moderated by a journalist from the EU Observer.

Join the Twitter Space here. 

13 June | Strengthening cohesion, tackling climate change: How can Europe avoid another decade of austerity?

by Bretton Woods Project

Join us on 13 June for a discussion among civil society and academics on the dangers of austerity in the context of global economic uncertainty exacerbated by uneven pandemic recovery and the war in Ukraine. Participants will discuss these issues by unpacking governments’ responses to inflation and their impact on public spending, exploring how the EU could improve its economic outlook by maintaining its climate commitments without double-down on extractive development from the global south. This is an in-person event, taking place in Brussels.

Register for the event here. 

5 June | Cabaret play "Drowning in debt"

by Campaign of Campaigns

Nervous Nellie started a journey of self-reflection to question what has led her to be drowning in debt. After traveling through HIStory and hearing ideas from different distinguished gentlemen, she realizes that we only will reach justice if we bring to the economic debate the relevance of the life and rights of the people and the planet.

Register for the event here. 

10 June | Debt: Old wine in a new bottle

by The Debt Observatory in Globalisation

The pandemic and the climate emergency have pushed 3.3 billion people, almost half of the world’s population, into poverty. While governments get indebted to deal with the crisis, another wave of austerity threatens the world. The seminar aims to get back collective knowledge, get updated in the face of the challenges ahead and look for new action strategies. This is an in-person event, taking place in Barcelona. 

Register for the seminar 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.