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Briefing series on the reform of the international financial architecture #2
The current international scenario is characterised by a complex web of global crises. This situation is having a particularly negative impact on the countries of the Global South, which are facing considerable financial constraints that are hindering the implementation of the 2030 Agenda. In this context, the French Government is organising the Summit for a New Global Financing Pact on 22-23 June 2023, which aims to forge a new pact between Global North and Global South countries.
Blogpost
The World Bank Group draft "Paris Alignment" methodology needs to move from a principle of "do no harm" to "do the maximum possible" to deliver on the Paris Agreement
The World Bank Group (WBG) has published the first set of documents beginning to detail how they will align their investments with the Paris Agreement – the so-called “Paris Alignment Methodology”. The publication of these methodologies is a long overdue first step to deliver on the commitment to align the WBG operations with the goals of the Paris Agreement. They will need to be strengthened and clarified to fully align the WBG investments with the Paris Agreement.
Publication
A primer
The emerging polycrisis is challenging governments and institutions around the world. Especially countries in the Global South lack the financial capacity to address the current challenges and simultaneously prepare their nations for the impacts of climate change. The existing international financial architecture has so far been unable to provide the necessary financial resources.There are three major reform proposals that address different institutions within the international financial architecture. This primer introduces the proposals presented and provides an overview of the main institutions and actors involved in the process in Germany.
Publication
Lessons from Africa
The multi-country projects and programmes financed by the Green Climate Fund (GCF) are of particular interest to African civil society organisations (CSOs) that, through their engagement with GCF processes and financed activities in their countries, have identified several concerns with their implementation.
News
NGOs warn against reduction in ambition
Together with the Alliance for Corporate Transparency and a number of other NGOs and think tanks, Germanwatch has commented on the proposals of the European Financial Reporting Advisory Group (EFRAG) in a press release. Germanwatch welcomes the adoption of the EU Sustainability Reporting Standards (ESRS), which EFRAG submitted to the European Commission this week. Although the ambition of the standards remains limited in some areas, they represent a significant improvement for companies and users of sustainability information and address the biggest issues in the quality and reliability of corporate reporting.
Please find the press release below:
Blogpost
A ‘race to the top’ or global crawl? Despite global climate negotiations at COP27 and the G20 inching far too slowly towards the financial transformations we need to tackle climate change, country-level progress is being made. A common framework would help track that progress.
Publication
One of the three main goals of the Paris Agreement is to ‘make finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development’, as stated in Article 2.1c. This long-term goal recognises that, complementary to an increase in finance that supports climate action, there needs to be redirection of finance, both public and private, that locks countries into a future of low emissions and higher resilience. Given that Article 2.1c has yet to be fully operationalised, this case study examines the progress towards implementing it in Germany. It is a first attempt to provide a comprehensive analysis framework for the implementation of Article 2.1c.
Blogpost
Alignment of Development Finance with the Paris Agreement: Myth Buster Series
This blog is part of a series debunking ‘myths’ about trade-offs between climate action and development. It is intended for decision-makers, practitioners in multilateral development banks, as well as civil society and the interested public, providing them with evidence to disprove widespread misconceptions about trade-offs climate action and development. It also gives recommendations for how multilateral development banks can contribute to strengthening the link between climate action and development, thus encouraging win-win elements instead of trade-offs.
Publication
The world is paying close attention to the multilateral development banks' (MDBs') potential for financing global climate action. MDBs have committed to aligning their financing with the Paris Agreement, and an explicit approach towards Paris-alignment of policy-based finance has been long expected from them. This working paper explains why this is important and what such an approach would entail.
Publication
Performance Across the Fund’s Portfolio in Africa
The Green Climate Fund (GCF) is the largest source of adaptation funding. This Policy Brief examined the extent to which current GCF-funded projects and programmes support adaptation at the sub-national or local level in African states. It does so by using the principles of locally led adaptation as a framework through which the portfolio of the GCF is analysed, with the purpose of providing recommendations for how the GCF can better integrate these considerations in its policies and approved activities in the future, especially for its second replenishment period.