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Add to Preferred SourcesEU concludes Act with fossil gas and nuclear as ‘green’ investment, wetlands is an effective but undervalued climate solution and travel & tourism could grow to $8.6 trillion in 2022. Here is what you missed from last week’s headlines in the international development sector:
EU concludes Act with fossil gas and nuclear as ‘green’ investment
The European Commission published a set of sustainable finance rules which does damage to the EU and global environmental action. With the final Delegated Act, the Commission is officially classifying fossil gas and nuclear power as environmentally sustainable under the EU Taxonomy – the EU’s “green” investment guidebook.
This new determination sets a green benchmark that lags behind the existing green bond market, which excludes gas and nuclear, and risks directing billions of euros towards these environmentally harmful industries labeled as “green”. The European Commission’s scientific advisers on the Taxonomy disagreed with the Commission’s proposal, saying that it was “not in line with the Taxonomy Regulation,” and posed a “serious risk of undermining the sustainable Taxonomy framework.”
Margaret Kuhlow, Lead of the Finance Practice, WWF International, said: “The EU sustainable finance taxonomy did not set out to describe all economic activity but to define what is “green”. It is disappointing to see the EU relinquish this leadership just as the industry is looking for green standards that can be applied globally. Other markets are moving ahead with stronger standards, sustainability-minded investors are increasing their scrutiny of such definitions, and recent global climate discussions ended with resounding calls for credibility, integrity, and accountability in climate commitments.”
Many investors and banks have already made it clear they do not support a greenwashed Taxonomy – a system that was explicitly designed to identify green economic activities in a clear and transparent manner for investors. The text is splitting the finance market – against the taxonomy aim to unify markets’ approaches – and will slow down the transition.
Wetlands: An effective but undervalued climate solution
Coastal wetlands such as mangroves store carbon up to 55 times faster than tropical rainforests. Peatlands, which cover about three per cent of the planet’s land surface, sequester approximately 30 per cent of all land-based carbon – that’s twice the amount than all of the world’s forests combined. Yet, wetlands, from marshes to swamps to coral reefs, are disappearing three times faster than forests.
The Green Climate Fund (GCF), as the world’s largest climate fund dedicated to helping developing countries raise and realize their climate ambitions in line with the Paris Agreement, has been scaling up its investments in wetlands by supporting large-scale initiatives that protect, restore, and promote their wise use.
To date, GCF has 26 climate action projects in wetlands across three continents, targeting at least 10 Ramsar sites. These climate investments are estimated to be worth USD 1.2 billion in GCF resources, covering a minimum surface area of 525,000 hectares of wetlands (approximately 181,837 hectares benefiting from restoration activities, 338,083 hectares under sustainable management, and 4,860 hectares under protection). The value of wetlands for people and the planet cannot be overstated. In order to meet the global climate challenge, wetland conservation and restoration must take place across the agriculture, environment, urban, and water sectors.
Travel & tourism could grow to $8.6 trillion in 2022
Major new research from the World Travel & Tourism Council (WTTC) has revealed the global Travel & Tourism sector’s contribution to the global economy could reach $8.6 trillion this year, just 6.4% behind pre-pandemic levels. In 2019, before the pandemic stopped travel in its tracks, the Travel & Tourism sector generated nearly $9.2 trillion to the global economy.
Julia Simpson, WTTC President & CEO, said: “Over the past two years, the global Travel & Tourism sector has suffered tremendous losses. 2022 is poised for a strong recovery if governments continue to open up and remove restrictions to travel. Our sector could recover more than 58 million jobs and generate $8.6 trillion which would boost economic recovery around the world. As people start traveling again, governments must implement simplified rules, including the use of digital solutions. Travel of the future should be contactless while guaranteeing safety.”
In 2019 Travel & Tourism generated 10.4% of global GDP and more than 330 million jobs. To reach close to pre-pandemic levels this year, WTTC says governments around the world must continue focussing on the vaccine and booster rollout – allowing fully vaccinated travelers to move freely without the need for testing.
The global tourism body also urges governments to ditch the patchwork of restrictions and enable international travel using digital solutions that allow travelers to prove their status in a fast, simple, and secure way.
DevelopmentAid Editorials
The advantages and disadvantages of international assistance | Experts’ Opinions on foreign aid
‘Give a man a fish and you feed him for a day. Teach a man how to fish and you feed him for a lifetime’ – is a well-known saying that also applies to the international development sector. While the development aid provided by richer nations to poor countries is supposed to reflect an act of kindness, some critics hold different opinions about foreign aid, viewing it as a means of keeping weaker nations in economic slumber. We discussed the advantages and disadvantages of aid with several international development experts. Check their opinions below.
Hero Stories | Gabriela Bucher: “GDP growth doesn’t mean anything if it doesn’t revert into people’s wellbeing”
A woman deeply committed to fighting injustice and a strong leader influenced by the suffragette movement, Gabriela Bucher has utilized her expertise and empathy to understand the realities of those less well-off. Gabriela Bucher is the Executive Director of Oxfam International, a global organization working to put an end to poverty and inequality. Today’s DevelopmentAid “Hero Stories” interview with Gabriela Bucher brings to light the regrettable inequalities that have been deepened by the pandemic and the subsequent measures that should be used to address injustice.
Top 10 countries with best education systems
Education plays a crucial role in preparing individuals to integrate effectively into society and contribute to the economy. Nevertheless, millions of children and youth remain illiterate across the globe. To combat this, the international community has made considerable progress towards increasing access to education in developing countries over the last few decades. However, more efforts are necessary for developing countries to align their systems with those that are considered to be the best – Finland, Australia, and Estonia.
Systemic racism, abuse of asylum seekers slows US progress on human rights
The administration of President Joe Biden and the Congress have registered slow progress on human rights protection in the United States, Human Rights Watch has commented in its World Report 2022, Events of 2021. The Human Rights Watch urged the U.S. presidential administration to put an end to the abusive Title 42 policy and to take concrete action on making progress with its racial and gender equity policy statements. State and local governments should end abusive policing against people of color and instead invest in communities so as to address structural racism. State policies that threaten the right to access abortion and reproductive freedom should cease in order to address the rights of women and girls.
Here’s what else has happened
UN: The UN General Assembly has emphasized that the world needs more basic sciences to align with the 2030 Agenda and achieve its 17 Sustainable Development Goals and in this context, it has proclaimed 2022 to be the Year of Basic Sciences for Sustainable Development. At the same time, the International Science Council has launched the Global Commission which is intended to mobilize a US$100 million fund to accelerate the initiatives and efforts being made by basic sciences.
WFP: The Ministry of Planning and Investment and the United Nations World Food Programme (WFP) presented WFP’s new Country Strategic Plan 2022-2026 to Government and partners. With it, WFP recommits its support to the Government of Lao PDR in improving food security, reducing malnutrition, and ensuring sustainable food systems for all, as the country prepares to graduate from Least Developed Country status.
IOM and EU: The International Organization for Migration (IOM), with support from the European Union (EU), launched a package of resources for mainstreaming migration into international cooperation and development. The package will provide the development community with key insights and tools on how to include migration and migrants in sustainable development efforts.
Reports
Tonnes of COVID-19 health care waste expose urgent need to improve waste management systems
Tens of thousands of tonnes of extra medical waste from the response to the COVID-19 pandemic have put tremendous strain on health care waste management systems around the world, threatening human and environmental health and exposing a dire need to improve waste management practices, according to a new WHO report.
Crucial changes needed to protect workers’ health while teleworking
The World Health Organization (WHO) and the International Labour Organization (ILO) have called for measures to be put in place to protect workers’ health while teleworking.
A new technical brief on healthy and safe teleworking, published by the two UN agencies, outlines the health benefits and risks of teleworking and the changes needed to accommodate the shift towards different forms of remote work arrangements brought on by the COVID-19 pandemic and the digital transformation of work.
Global study analysing sexual harassment in newsrooms
The international study documenting the extent of sexual harassment in newsrooms has been released by WAN-IFRA Women in News in partnership with the City, University of London. The study is the largest of its kind to focus on men, women, and gender non-conforming media professionals in 20 countries throughout Africa, Southeast Asia, Eurasia (Russia), the Arab Region, and select countries in Central America. The study, which was carried out from November 2020 to September 2021, surveyed more than 2,000 individuals and included interviews with 85 senior executives.
Events
Out of the Shadows: The Impact of Amnesties on the Lives of Migrants | Virtual
📅 8 February 2022
YouTube
The Global South hosts more than 85 percent of refugees, and its countries have implemented a vast diversity of policies concerning refugees’ free mobility, access to safety nets, regular migratory status, and access to a job permit. How is the well-being of refugees affected in the Global South when offered the opportunity to fully integrate into their host communities—that is, be part of the formal sector, regularize their migratory status, and access safety nets?
The Business Case for Equity, Diversity and Inclusion | Webinar
📅 09 February 2022 🕑 10:00 am to 11:30 am (GMT)
Webinar
British Expertise International (BEI) is delighted to invite you to a virtual panel discussion on The Business Case for Equity, Diversity, and Inclusion.
Investing Together, For A New Alliance Between Africa And Europe | Virtual
📅 16 February 2022
Paris, France
In connection with the French Presidency of the Council of the European Union, AFD Group is organizing a high-profile event to promote a new Euro-African alliance for sustainable investment to be held on February 16, 2022.
Doing Business with IDB: Procurement Framework and Best Practices | Webinar
📅 10 February 2022 🕟 4 PM (Brussels Time)/ 10 AM (Washington DC Time)
Virtual
The DevelopmentAid Procurement Series presents thematic webinars featuring representatives from the largest international bilateral, multilateral and financial institutions who introduce their procurement guidelines and share the best practices for collaboration.
DevelopmentAid and the IDB invite you to attend this thematic webinar to learn more about IDB’s profile, operations, portfolio, and procurement framework. Our speaker will provide several tips on how to prepare properly for upcoming bids and how to be successful in landing individual assignments.
Key takeaways
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- Discover the IDB, its operations, and vision;
- Gain valuable insights on IDB’s procurement framework;
- Learn how to prepare properly for upcoming bids;
Speaker
Adriana Salazar Cota, Procurement Specialist at the Operations Financial Management and Procurement Services Office at the Inter-American Development Bank;
Host
Ion Ilasco, External Relations and Events at DevelopmentAid.