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Reality is not yet matching rhetoric in moving from “billions to trillions” to finance the SDGs—how can we accelerate sustainable development finance?
To meet the Sustainable Development Goals (SDGs), the world must ramp up development financing from billions to trillions of dollars. We must think beyond aid, to private finance, and unlocking developing countries’ own resources. The roles of financiers and developing country partners in mobilizing and allocating aid needs to change so that the international community can focus not only on country-by-country development, but also on pressing shared problems, such as climate change and the threat of pandemics.
At the same time that the world is looking to scale up development financing, the development financing system is becoming more complex. There are new donors, like China and India, with different development paradigms. And the emergence of new multilateral development agencies and national development banks add resources to the mix, but raise the question of whether new models of international cooperation are needed to maximize the leverage of scarce financing.
Our research focuses on five questions: How can the international financial system produce sufficient funding for development? How should it be allocated to help countries meet the SDGs and confront global challenges, such as climate change and pandemics? How can financing most effectively mobilize private capital, safeguard public monies, and keep debt levels sustainable? How can domestic resources be mobilized within developing countries? And how should existing institutions be changed to best cooperate?
The World Bank’s new Program for Results (PforR) instrument is only the third financing instrument approved since 1944. The PforR portfolio is expanding rapidly and represents an appreciable part of “results-based” development finance. This paper analyzes the first 35 operations.
Senior fellow David Wheeler quantifies and makes available in an accompanying database the vulnerability of 233 countries to three major effects of climate change (weather-related disasters, sea-level rise, and reduced agricultural productivity) and develops a methodology for donors and other to craft cost-effective assistance for climate adaptation.
The 2015 Paris agreement incorporates a framework of reducing emissions from deforestation and forest degradation (Redd+). Here are three reasons why Redd+ is a valuable tool in the fight against climate change, and responses to three common criticisms of the framework that no longer hold up.
An international mechanism to reduce emissions from deforestation using carbon payments (REDD+) can be leveraged to make payments for forests’ biodiversity as well. Paradoxically, under conditions consistent with emerging REDD+ programs, money spent on a mixture of carbon payments and biodiversity payments has the potential to incentivize the provision of greater climate benefits than an equal amount of money spent only on carbon payments.
Last week the World Bank's Chief Economist, Paul Romer, told the Wall Street Journal the Bank had manipulated its own competitiveness rankings to undermine Chile's socialist government, and hinted Chile might not be alone—then he retracted the claim. Romer's conspiracy theories probably aren't credible, but neither are the Doing Business numbers.
Imagine you are a Guatemalan living and working in the United States without the proper documents. Almost certainly (because it is legally required) there is a poster in the place where you work—most likely in English and Spanish—that “Equal Opportunity is the Law” and that you are protected from discrimination “on the basis of race, color, religion, sex (including pregnancy), or national origin.”
In September this year, world leaders will meet in New York at the United Nations General Assembly. Top of the agenda will be the passage of a resolution laying out global development goals for the fifteen years to 2030, covering progress in areas from poverty reduction to forestry preservation. They will follow on from the Millennium Development Goals (MDGs), which have become a common yardstick of global progress over the past decade and a half.