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Views from the Center

CGD experts offer ideas and analysis to improve international development policy. Also check out our Global Health blog and US Development Policy blog.

 

The G20’s Commitment to Basel III: How will Emerging Markets be Affected? A New CGD Working Group Investigates

CGD is establishing a high-level Working Group, composed of leading experts on Basel III and economic development, that will identify challenges for emerging markets’ financial stability and development derived from the global implementation of Basel III. Effective and appropriate implementation of Basel III’s recommendations could make a huge contribution to global financial resilience with the attendant benefits for development progress. The G20’s commitment on this issue is welcome.

Stay tuned for more on our Working Group’s progress in the coming months.

Progress on Global Development Commitments, or More of the Same? CGD Experts Share Hopes and Predictions for 2017 G20 Summit

Each of the G20 summits of the past seven years has suffered in comparison with the London and Pittsburgh Summits of 2009, when the imperative of crisis response motivated leaders, finance ministers, and central bankers to coordinate effectively with each other. Subsequent summits have lacked the same sense of urgency and have failed to deliver any kind of agenda that can be pinpointed as clearly as “saving the global economy.” This week’s summit in Hamburg, Germany promises more of the same, with the real possibility that the G20’s stock could fall even further at the hands of a non-cooperative US delegation.

Three Energy Hopes for the G-20

“Energy Sustainability” is high on the agenda for the G-20 meeting in Antalya, Turkey, next week. In practice, this means the governments of the world’s leading economies will pledge to continue the laudable goals of phasing out inefficient subsides and boosting energy efficiency. But the meatier agenda is two wonkier research items. According to the Turkish presidency priorities communiqué (PDF), the G-20 will “study the reasons behind the high cost of renewable energy investment and examine the deployment of public and private resources to fulfill the need for energy investment.”

Are the US and G-20 Finally Leading on Climate?

Update November 17: As expected, the United States and Japan announced their pledges of $3 billion and $1.5 billion, respectively, to the Green Climate Fund at the G-20 summit in Australia.  The United Kingdom is set to announce a £650 million ($1 billion pledge) in Berlin later this week and Canada said it will contribute, although it did not announce how much. Together with pledges from 11 other countries, total pledges amount to $7.5 billion, getting close to the $10 billion target for beginning operations of the Green Climate Fund. Pledges are also expected from Australia (despite the step-back from climate action by the new government), Italy, Norway, and Spain. The agreement reached by the Green Climate Fund board a few weeks ago, which approved a logical framework for REDD+, may spur Norway to pledge given it lays the groundwork for GCF support to forests.

 

G-20 Brisbane Showing Cracks in Infrastructure Agenda

As we approach the G-20 Leaders Summit in Brisbane, it is worth giving credit to Australia for its robust presidency, and particularly the attention paid to the G-20’s development agenda. Sandwiched between the Russian and Turkish presidencies—countries considerably more controversial these days in the West—Australia faced the difficult task of generating sufficient goodwill among the membership within a year to make some progress on a sprawling work plan.

Strengthening Capital Markets in Emerging Economies: Two Key Issues that the G20 Should Not Miss

The agenda for the G-20 finance ministers and central bank governors meeting in Sydney this weekend focuses on two themes: promoting stronger economic growth and employment and making the global economy more resilient. The G-20 leaders have recognized that expanding and strengthening capital markets in developing countries is crucial to both these goals and member countries have identified this as a priority issue for their deliberations.

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