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Add to Preferred SourcesRussian invasion to shrink Ukraine economy by 45 percent this year, world leaders commit US$ 4.8 billion to help Break COVID now, renewables take lion’s share of global power additions in 2021. Here is what you missed from last week’s headlines in the international development sector:
Russian invasion to shrink Ukraine economy by 45 percent this year
The war against Ukraine and sanctions on Russia are hitting economies around the globe, with emerging market and developing countries in the Europe and Central Asia region expected to bear the brunt, says the World Bank’s latest Economic Update for the region, released.
The region’s economy is now forecast to shrink by 4.1 percent this year, compared with the pre-war forecast of 3 percent growth, as the economic shocks from the war compound the ongoing impacts of the COVID-19 pandemic. This would be the second contraction in as many years, and twice as large as the pandemic-induced contraction in 2020.
The deep humanitarian crisis sparked by the war has been the most pronounced of the initial global shockwaves and will likely be among the most enduring legacies of the conflict. The wave of refugees from Ukraine to neighboring countries is anticipated to dwarf previous crises. As a result, support to host countries and refugee communities will be critical, and the World Bank is preparing operational support programs for neighboring countries to meet the increased financing needs from the refugee flows.
The war-triggered spike in global oil prices also serves to underscore the need for energy security by boosting energy supply from renewable sources and stepping up the design and implementation of large-scale energy efficiency measures.
World leaders commit US$ 4.8 billion to help Break COVID Now
The 2022 Break COVID Now Summit, co-hosted by Gavi, the Vaccine Alliance alongside the governments of Germany, Ghana, Indonesia, and Senegal saw world leaders come together to reaffirm support for equitable access to COVID-19 vaccines and act urgently to break COVID.
Funding for delivery support and ancillaries is urgently needed to help close the vaccine equity gap by helping countries more rapidly reach their national vaccine coverage targets. The Pandemic Vaccine Pool is an instrument aimed at securing equitable access to new vaccines in the future, such as variant-adapted vaccines, by ensuring resources are on hand to make instant down payments should the need arise.
Gavi and its partners announced several new innovative finance initiatives:
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- The EIB committed an additional EUR 1 billion in front-loaded financing in support of the Gavi COVAX AMC.
- Gavi and the United States Development Finance Corporation (DFC) announced the new COVAX Rapid Financing Facility, which will make up to US$ 1 billion available to allow Gavi to rapidly monetize pledges to the COVAX AMC, maximizing the impact of these pledges by minimizing the waiting time for the corresponding funding to be made available.
- In partnership with MedAcess and the Open Society Foundations, a US$ 200m risk-sharing facility that will help countries access funds rapidly should they wish to procure additional vaccines at COVAX-negotiated prices through a cost-sharing mechanism.
Renewables take lion’s share of global power additions in 2021
New data released by the International Renewable Energy Agency (IRENA) shows that renewable energy continued to grow and gain momentum despite global uncertainties. By the end of 2021, global renewable generation capacity amounted to 3 064 Gigawatt (GW), increasing the stock of renewable power by 9.1 per cent.
Although hydropower accounted for the largest share of the global total renewable generation capacity with 1 230 GW, IRENA’s Renewable Capacity Statistics 2022 shows that solar and wind continued to dominate new generating capacity. Together, both technologies contributed 88 per cent to the share of all new renewable capacity in 2021. Solar capacity led with 19 per cent increase, followed by wind energy, which increased its generating capacity by 13 per cent.
DevelopmentAid Editorials
How does a strong Hryvnia impact the economy of war-torn Ukraine? | Experts’ Opinions
In the midst of Russia’s invasion, the Ukrainian Hryvnia has remained surprisingly stable. The country’s National Bank (NBU) has suspended the exchange of Hryvnia banknotes into foreign cash in order to protect its limited foreign exchange reserves. However, over 4 million refugees have had trouble converting their money because banks abroad are refusing to exchange Ukrainian currency or will only accept it at incredibly low rates. How did the NBU cope with the crisis in the first month of the war and what is the impact of a stable Hryvnia on the economy of the country that feeds so many other states in the region? Check out more on this topic below through the points of view of several international financial experts.
Top six USAID contractors in 2021
The United States Agency for International Development (USAID) is a premier bilateral development agency working towards reducing global poverty, strengthening democratic governance, and achieving a prosperous world. Since its establishment in 1961, USAID has carried out multiple development missions in relation to international development and humanitarian activities. Sixty years later, in 2021, USAID registered a net cost of operations totaling US$16.0 billion which represents US$2.2 billion more than a year earlier. Chemonics International, DAI Global, and Deloitte were some of the largest USAID contractors in 2021.
Statistics reveal global failure to address human rights violations in mental health-care systems
Sound mental health is essential for personal well-being. Despite the incidence of mental disorders being relatively high globally, affecting about 800 million people at any one time, nevertheless, the stigma around individuals facing such issues remains all-pervading. The UN has highlighted the importance of approaching mental health from the perspective of a universal human right. This article reveals mental health statistics and defines the concept of mental balance and the main disorders that affect this.
Here’s what else has happened
UNESCO: UNESCO World Heritage coral reefs cover over half a million km2 worldwide – the equivalent of the size of France – exhibiting exceptional biodiversity. They play a critical role in absorbing carbon emissions and protecting coastlines from storms and erosion. Over a hundred indigenous communities are directly dependent on them for their subsistence. Moreover, they serve as reference points on the impacts of climate change affecting reefs everywhere.
GREEN DEAL: At the Our Ocean Conference (OOC) in Palau, the EU renewed its pledges toward international Ocean governance. Presenting a list of 44 commitments for the 2020-2022 period for an amount of almost €1 billion, the EU has brought forward its most important commitments ever offered during an Our Ocean Conference, in terms of value.
OCEAN RENEWABLES: Offshore renewables can play a key role in harnessing the benefits of the blue economy for sustainable development in Small Island Developing States (SIDS), said IRENA Director-General Francesco La Camera, at the Our Oceans conference held in the western Pacific nation of Palau.
Reports
Green fiscal reforms can protect vulnerable households and boost COVID-19 recovery efforts in Europe
The latest European Union Regular Economic report Green Fiscal Reforms – reviews the experience of carbon taxes from Europe and elsewhere with a focus on the challenges facing four EU member states, namely Bulgaria, Croatia, Poland, and Romania. The analysis highlights the importance of carbon taxes, eliminating fossil fuel subsidies, and ramping up green public investments in the EU as critical fiscal instruments in achieving the objectives of the European Green Deal. These fiscal tools will also provide financing that can help those affected by the green transition while aiding the recovery from the pandemic.
World Bank forecasts uneven recovery in Middle East and North Africa
Titled “Reality Check: Forecasting Growth in the Middle East and North Africa in Times of Uncertainty“, the World Bank’s latest economic update forecasts an uneven recovery as regional averages mask broad differences. Oil producers will benefit from higher oil prices and vaccination rates as fragile countries lag. But tighter global monetary policy, the unpredictability of the course of the pandemic, ongoing supply chain disruptions, and food price hikes raise inflation risks for the entire region.
As the world focuses on the Ukraine crisis, women and children in Syria’s forgotten ‘widow camps’ are struggling to survive, says World Vision
The report entitled, Syria’s Widow Camps: Hardest to Reach, Most at Risk, investigates what life is like in “widow camps” where widows and other women whose husbands are missing or who have gone through a divorce, live with their children. Eleven years into the war, the ongoing humanitarian crisis unfolding behind the shielded camp gates is worse than ever before. The overwhelming majority of women surveyed (95%) report having negative feelings or being hopeless with almost no access to mental health support.
Events
7th Our Ocean Conference 2022
📅 13 – 14 April 2022
Koror, Palau
President Surangel S. Whipps, Jr. and U.S. Special Presidential Envoy for Climate John F. Kerry announced that the seventh Our Ocean Conference has been rescheduled to April 13-14, 2022. This decision comes after careful consultation with public health officials regarding the global surge in COVID-19 cases.
Impact-Driven Fundraising | Webinar
📅 14 April 2022 🕟 4 PM (Brussels Time)/ 10 AM (Washington DC Time)
Virtual
DevelopmentAid, in collaboration with HVFC, invites everyone to join an exciting webinar on 14 April 2022 to learn more about the essence and the prerequisites of impact-driven fundraising. Our speakers will share several important tips on how to focus on impact, build a solid impact proposition, and use this to raise funds.
Key takeaways:
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- Discover what impact-driven fundraising is
- Learn how to define, measure, and communicate the impact
- Understand how to “sell” your proposals to potential donors
Speakers:
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- Maarten Mulder, Senior Consultant at HVFC
- Han Valk, CEO & Senior Consultant at HVFC
Host:
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- Elena Rata, External Relations & Events at DevelopmentAid
Spring Meetings 2022
📅 18-24 April 2022
Conflict, COVID, and climate change have combined to create unprecedented challenges for developing countries. At these Spring Meetings – taking place in the shadow of war in Ukraine – the World Bank Group will convene leaders, experts, and activists to discuss the impact of these global shocks on the most vulnerable communities.
Results-Based Management | Blended Course
📅 18 Apr 2022 – 13 May 2022
Blended Course
Results-based management (RBM) has gained much influence in international cooperation. Still, many organisations struggle to plan for real results with the accompanying processes and tools. RBM has consequences for the entire organisation: for project planning, monitoring, evaluation, and learning. Learning how to design a solid RBM framework – in various forms – is a good first step to integrate RBM in your organisation.
Think20-Associated Webinar on Rethinking Social Protection Reform in the Post-Pandemic Recovery | Online
📅 21 April 2022
Virtual
The COVID-19 pandemic continues to transform social protection needs in Asia and the Pacific and globally. It has also elevated the importance of social protection reform and the development of emergency safety nets that can protect and support vulnerable groups and help reverse increasing inequality driven by the COVID-19 crisis.