International financial institutions

G7 Leaders' Statement

Retrieved on: 
Saturday, February 24, 2024

Instead, he is forcing his own people to pay a heavy price for his government's reckless actions each day.

Key Points: 
  • Instead, he is forcing his own people to pay a heavy price for his government's reckless actions each day.
  • He has drained Russia's resources to fund an unnecessary war, torn Russian families apart, and claimed hundreds of thousands of Russian lives.
  • We are stepping up our security assistance to Ukraine and are increasing our production and delivery capabilities, to assist the country.
  • We praise Ukraine's achievements to date and welcome the European Council's decision last December to open accession negotiations with Ukraine.

Rockefeller Foundation Outlines 4 Ways to Scale JETPs

Retrieved on: 
Thursday, February 15, 2024

NEW YORK, Feb. 15, 2024 /PRNewswire/ -- The Rockefeller Foundation released a roadmap to make Just Energy Transition Partnerships (JETPs) a more effective vehicle for transforming energy systems in low- and middle-income countries. "Scaling the JETP model – prospects and pathways for action" details lessons learned from the first wave of JETPs, identifies roadblocks to the current model, and proposes pathways to scaling JETPs in ways that benefit vulnerable communities. Specifically, The Rockefeller Foundation recommends piloting a new approach to JETPs in a country such as the Philippines, developing a more effective on-ramp for the next wave of interested countries, elevating the role of Multilateral Development Banks (MDBs) in the process, and broadening and deepening support from donor countries.

Key Points: 
  • NEW YORK, Feb. 15, 2024 /PRNewswire/ -- The Rockefeller Foundation released a roadmap to make Just Energy Transition Partnerships (JETPs) a more effective vehicle for transforming energy systems in low- and middle-income countries. "
  • Scaling the JETP model – prospects and pathways for action " details lessons learned from the first wave of JETPs, identifies roadblocks to the current model, and proposes pathways to scaling JETPs in ways that benefit vulnerable communities.
  • While JETPs are a political and financial innovation, the process to date has been slow, and the financing has failed to flow as quickly or at the scale initially promised.
  • Since 2022, The Rockefeller Foundation has collaborated with Climate Smart Ventures (CSV) to assess a possible JETP in the country.

Dr. William Ruto, President of Kenya appoints Professor Patrick Verkooijen as Chancellor of the University of Nairobi

Retrieved on: 
Friday, January 12, 2024

Nairobi, Kenya, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Dr. William Ruto, President of Kenya has appointed Professor Patrick Verkooijen, CEO of the Global Center on Adaptation, as Chancellor of the University of Nairobi.

Key Points: 
  • Nairobi, Kenya, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Dr. William Ruto, President of Kenya has appointed Professor Patrick Verkooijen, CEO of the Global Center on Adaptation, as Chancellor of the University of Nairobi.
  • Commenting on the announcement, the president said: “I am thrilled that Professor Verkooijen will be leading the nation’s premier educational institution.
  • The University of Nairobi is and will be, during my watch, the pre-eminent incubator for African talent.”
    Professor Amukowa Anangwe, Chair of the University of Nairobi said: “It is great to have Professor Patrick Verkooijen as the new Chancellor of the University of Nairobi.
  • The university community looks forward to realizing that ambition.”
    Professor Stephen Kiama, Vice-Chancellor of the University of Nairobi said: “I want to thank Professor Verkooijen for accepting to serve as the Chancellor of the University of Nairobi.

The Cyber AB Announces Election of New Board Officers

Retrieved on: 
Tuesday, November 28, 2023

The Cyber AB announced today the election of new officers to lead its Board of Directors in 2024-2025.

Key Points: 
  • The Cyber AB announced today the election of new officers to lead its Board of Directors in 2024-2025.
  • Current Board Chairman Jeff Dalton will remain on the Board for the remainder of his current Directorship tenure through 2025 and will enjoy the title of Chairman Emeritus.
  • The new Board officers will assume their duties on January 1, 2024 and serve a two-year term.
  • For more information on The Cyber AB Board, please visit the AB’s website at www.cyberab.org .

Allied Climate Partners Launches to Catalyze Bankable Climate-Related Projects in Emerging Economies

Retrieved on: 
Friday, December 1, 2023

Allied Climate Partners' mission is to increase the number of bankable, climate-related projects and businesses in emerging economies to create significant environmental, economic, and social impact.

Key Points: 
  • Allied Climate Partners' mission is to increase the number of bankable, climate-related projects and businesses in emerging economies to create significant environmental, economic, and social impact.
  • "Local leaders around the world have identified a clear problem: there simply aren't enough bankable climate-related projects to deploy capital at the scale we need to address the climate crisis," said Allied Climate Partners CEO Ahmed Saeed.
  • The lack of bankable projects has long stifled climate investment in developing nations, particularly in the precarious early stages of project development.
  • That's where Allied Climate Partners comes in," said Andrew Steer, President & CEO of the Bezos Earth Fund.

PM Hasina and GCA CEO meet ahead of COP28; commit to drive $1bn in climate finance in support of Mujib Climate Prosperity Plan

Retrieved on: 
Tuesday, October 31, 2023

GCA is committed to leveraging its resources to work with the Government and its partners to design, finance, and implement adaptation solutions to sustain this path to prosperity.

Key Points: 
  • GCA is committed to leveraging its resources to work with the Government and its partners to design, finance, and implement adaptation solutions to sustain this path to prosperity.
  • The Government of Bangladesh spends an estimated US$1.2bn each year to finance adaptation needs.
  • However, the financing needs identified in the government’s Mujib Climate Prosperity Plan (MCPP)  to address the threat of climate change exceed US$8.5bn each year.
  • Without greater funding climate change will undermine Bangladesh’s strong development trajectory and the poorest will be hardest hit.

The World Bank and the IMF need to keep reforming to become fit for purpose

Retrieved on: 
Tuesday, October 17, 2023

The World Bank and the International Monetary Fund are being challenged to make substantial reforms so that they become fit for purpose in the 21st century.

Key Points: 
  • The World Bank and the International Monetary Fund are being challenged to make substantial reforms so that they become fit for purpose in the 21st century.
  • Some suggest that they cannot be sufficiently reformed and should be shut down.
  • Others, including myself, contend the world needs effective international financial institutions.

Some history

    • The purpose of the 1944 Bretton Woods conference was to create a new international monetary order.
    • Only 44 out of the then 99 officially recognised countries were represented.
    • A large portion of humanity was living under colonial domination and didn’t take part in the negotiations.
    • This effectively modified the principle of sovereign equality which is at the core of the international legal order.

Evolution

    • However, because of their relative level of economic development, they lacked the votes to change policies and priorities.
    • Third, concerns about the environmental and social impacts of economic activity were beginning to grow around the world.
    • It resulted in controversies involving projects funded by the World Bank and programmes funded by the IMF.
    • They were concerned that the operations of these institutions were causing substantial harm to local communities and the environment.
    • They also educate external actors about what they can expect from the bank in regard to environmental and social issues.
    • It is one of the few international organisations that does not offer its external stakeholders any means for holding it accountable.

What next?


    The World Bank and IMF need to continue evolving if they are to remain fit for purpose in the 21st century. They need to develop governance arrangements, operational policies based on international norms and standards, and accountability structures that respond adequately to the challenges of climate, poverty, inequality and discrimination. Their richer member states need to provide them with adequate resources to fulfil their mission.

GEAPP GLC Powers Ahead to Accelerate Affordable Clean Energy for All

Retrieved on: 
Thursday, September 21, 2023

"The GLC is working together to tackle the barriers to renewable energy adoption in low-and-middle-income countries," said GLC Co-Chair, Jonas Gahr Støre, Prime Minister of the Kingdom of Norway.

Key Points: 
  • "The GLC is working together to tackle the barriers to renewable energy adoption in low-and-middle-income countries," said GLC Co-Chair, Jonas Gahr Støre, Prime Minister of the Kingdom of Norway.
  • Extending access to affordable and stable clean energy is a crucial component of our climate solution," said Ajay Banga, President of the World Bank.
  • "In Africa, the cost of capital for utility-scale clean energy projects is at least two to three times higher than in advanced economies.
  • Today, we discussed how the GLC can help overcome the political, technical, and financial barriers that lead to these asymmetries, and accelerate universal energy access.''

Energy Policy, Economic Development on Agenda as Dotmount Communications Hosts AIDCA Summit

Retrieved on: 
Sunday, July 9, 2023

Abuja, Nigeria--(Newsfile Corp. - July 9, 2023) - According to the organizers, Dotmount Communications, Nigeria will for the second time host the African Industrial and Development Conference and Awards, AIDCA 2023.

Key Points: 
  • Abuja, Nigeria--(Newsfile Corp. - July 9, 2023) - According to the organizers, Dotmount Communications, Nigeria will for the second time host the African Industrial and Development Conference and Awards, AIDCA 2023.
  • This year's conference will be held under the theme: “Energy and Sustainable Development in Africa”.
  • With the right technologies and supportive financing mechanisms, Africa holds the world's potential to change the renewable energy narrative for the entire world.
  • This summit presents an opportunity to further the conversations and network around the shared values of progress, development, and advancement for our continent.

COP28 President-Designate tells CARICOM heads of Government that the UAE is focused on uniting parties in a COP of Action, a COP for All, and a COP that delivers for All

Retrieved on: 
Wednesday, July 5, 2023

"We are determined to make COP28 a COP of Action and Solidarity, a COP that unites all and delivers for all."

Key Points: 
  • "We are determined to make COP28 a COP of Action and Solidarity, a COP that unites all and delivers for all."
  • "We have just seven years to cut emissions by 43 percent, live up to the Paris Agreement and keep 1.5 within reach."
  • "We need to shift gears across mitigation, loss and damage, and of course climate finance."
  • "We must fast-track a just and equitable energy transition that leaves no one behind, triple renewable energy capacity and double hydrogen production."