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Add to Preferred Sources‘Early stages’ of COVID third wave, fiscal policies against climate change and the UN biodiversity agreement falls short. Here is what you missed from last week’s headlines in the international development sector:
‘Early stages’ of COVID third wave, amid Delta surge: WHO chief
The variant’s spread, along with increased social mobility and the inconsistent use of proven public health measures, is driving an increase in both case numbers and deaths, the head of the World Health Organization (WHO) said.
Tedros Adhanom Ghebreyesus described the recent data in an address to the Emergency Committee on COVID-19, established under the International Health Regulations (IHR), a treaty that guides global response to public health risks.
Recalling the sustained decline in COVID-19 cases and deaths that was being driven, in recent months, by increasing vaccination rates in Europe and North America, he sounded alarms over the fresh reversal of that positive trend.
“Unfortunately…we are now in the early stages of a third wave”, he said.
Fiscal policies against climate change can help create 15 million jobs
A new Inter-American Development Bank (IDB) study, “Fiscal Policy and Change Climate: Recent Experiences of Ministries of Finance in Latin America and the Caribbean”, recommends that Latin American and Caribbean finance and planning ministries consider fiscal policies to accelerate the transition to green economies and pave the way for the region to meet decarbonization goals.
This recommendation suggests that policies focused on green growth have the potential to increase resilience to climate change and create new economic opportunities that generate more and better jobs. The publication also highlights the importance of reducing economic dependence on fossil fuels by reducing subsidies to maintain economic competitiveness and ensure fiscal sustainability.
The decarbonization of the region’s economies can create 15 million net new jobs by 2030 and every dollar invested in making infrastructure and economies more resilient can generate up to four dollars in economic benefits. According to the study the region’s economies will have to create new patterns of production and consumption of goods and services to achieve net-zero emissions by 2050. To meet this objective, finance ministries will have to consider implementing fiscal policies that promote these changes while mitigating the possible risks in public finances generated by extreme climatic events and the upcoming structural and technological changes.
“The clock is ticking. The unprecedented level of transformations that must occur in all economic sectors demands a much deeper level of involvement by finance ministries with policies to combat the effects of climate change. These ministries play a central role as they need to implement adequate fiscal management to mitigate risks and use public investment and their spending and taxation policies to leverage the opportunities of the green economy and promote a just transition for citizens affected by these changes,” says Benigno López, IDB Vice President for Sectors and Knowledge.
UN biodiversity agreement falls short, says WWF
In response to the publication of the first draft of the post-2020 global biodiversity framework, WWF expresses concern that the world is failing to adequately respond to the nature crisis, thereby also jeopardizing our ability to tackle the climate crisis and endangering the resources we all depend on for business and our very survival.
The draft agreement, published by the Convention on Biological Diversity based on discussions between governments, sets out proposed global goals and targets for nature. In WWF’s assessment, the current draft lacks both the ambition and urgency required to reverse biodiversity loss and secure a nature-positive world this decade.
Crucially, the low ambition of the first draft is at odds with the increasing number of world leaders signaling they are stepping up ambition on nature. To date, 89 world leaders have endorsed the Leaders’ Pledge for Nature committing to reverse biodiversity loss by 2030, including delivering a transformative post-2020 global biodiversity framework. In June, G7 leaders signed the G7 Nature Compact committing to halt and reverse biodiversity loss this decade by taking bold action for the delivery of ambitious outcomes for nature in 2021.
“While WWF welcomes the publication of the first draft of the post-2020 global biodiversity framework as a major step towards securing a crucial global biodiversity agreement, we are disappointed that the text, overall, does not reflect the ambition required to turn the tide on the nature crisis. We need the text to include a clear and measurable global goal for nature, similar to the one we have for the climate. This is crucial to define adequate science-based targets and allow governments, businesses, investors, and consumers to all contribute toward a shared goal. Eighty-nine world leaders have, to date, endorsed the Leaders’ Pledge for Nature committing to reverse biodiversity loss by 2030. Yet the ambition and urgency contained in the draft agreement are significantly below what is necessary to secure a nature-positive world this decade. With human activities continuing to drive irreversible biodiversity loss, pushing species to extinction and ecosystems toward collapse, we urge leaders to step up and deliver on their commitments, instructing their negotiators to secure a transformational outcome,” Marco Lambertini, Director General of WWF International, said.
DevelopmentAid Editorials
Over 1 million migrants arrested on US-Mexican border since October 2020
The US Department of Homeland Security has confirmed that over 1 million migrants have been arrested on the US-Mexican border since October 2020. In May 2021 alone, the number amounted to 172,000, according to the U.S. Border Patrol.
Hunger and poverty pushes thousands of Cubans onto streets
As Cuba is experiencing its worst economic crisis since 1991, thousands of people have taken to the streets in anti-governmental protests that have been spreading throughout the country since 11 July.
U.S. donates 1.5 million doses of single-shot J&J COVID-19 vaccines to Nepal
Responding to an appeal by the Government of Nepal (GoN) to address the severe shortage of COVID-19 vaccines, on July 12 the U.S. government donated 1.5 million doses of Johnson and Johnson (J&J) vaccines to Nepal.
Ups and downs on EU’s path towards meeting Sustainable Development Goals
Keeping pace with the 2030 Agenda in relation to achieving the Sustainable Development Goals (SDGs) was not an easy task before the pandemic even for developed countries, and the EU was no exception. COVID-19 has made this path even more complicated thus putting pressure on those SDGs that have been the worst hit.
Here’s what else has happened
ADFD: Abu Dhabi Fund for Development (ADFD), the economic development arm of the UAE government, signed an agreement with the Government of Rwanda to provide a concessionary loan valued at USD 15 million (AED55 million) to finance the Rambura – Nyange section of the Rubengera- Muhanga road project.
CABEI and IFC: In order to facilitate collaboration towards promoting private participation in priority projects in Central America, the Central American Bank for Economic Integration (CABEI) and the International Finance Corporation (IFC) of the World Bank Group signed a Memorandum of Understanding.
UNESCO: Over 85 education ministers and leaders of the international education community endorsed a reform to improve global cooperation in education to better respond to the grave and lingering learning disruption caused by COVID-19 and to put education at the center of political agendas.
EBRD: Taking the energy transformation of Uzbekistan to the next stage is the goal of an international roundtable organized by the European Bank for Reconstruction and Development, the World Bank Group, and the government in a virtual format.
AIIB: Efforts by the Government of Rwanda to increase access to finance for businesses affected by the COVID-19 pandemic and build post-pandemic economic resilience received a boost after approval of a USD100-million loan from the Asian Infrastructure Investment Bank (AIIB). The project is AIIB’s first engagement in the East African country since it became a member in 2019 and marks the Bank’s first investment in sub-Saharan Africa.
USAID, IOM: The International Organization for Migration (IOM) in Timor-Leste, in collaboration with the Civil Protection Authority on 12th July handed over the shelter repair kits to communities in Balibar village, municipality of Dili that were affected by landslides and strong winds after heavy rains and flooding in April 2021.
Reports
Global electricity demand is growing faster than renewables, driving strong increase in generation from fossil fuels
New IEA report sees a 5% rise in electricity demand in 2021 with almost half the increase met by fossil fuels, notably coal, threatening to push CO2 emissions from the power sector to record levels in 2022
Renewables are expanding quickly but not enough to satisfy a strong rebound in global electricity demand this year, resulting in a sharp rise in the use of coal power that risks pushing carbon dioxide emissions from the electricity sector to record levels next year, says a new report from the International Energy Agency.
After falling by about 1% in 2020 due to the impacts of the Covid-19 pandemic, global electricity demand is set to grow by close to 5% in 2021 and 4% in 2022 – driven by the global economic recovery – according to the latest edition of the IEA’s semi-annual Electricity Market Report. The majority of the increase in electricity demand is expected to come from the Asia Pacific region, primarily China and India.
Central banks and financial supervisors urgently need to act on nature-related risk, warns new WWF report
The WWF report Nature’s next stewards: Why central bankers need to take action on biodiversity risk – with contributions from I4CE, F4B, ECOFACT, CEP and IUCN – is published within the scope of WWF’s Greening Financial Regulation Initiative which supports central banks, financial regulators and supervisors in enhancing the financial sector’s stability and resilience to climate-related and broader environmental and social risks, while enabling the mobilisation of capital for the transition to a low-carbon, resilient and sustainable economy.
The Sustainable Energy Fund for Africa reports record number of transactions in 2020, secures $90 million in new funding
The Sustainable Energy Fund for Africa (SEFA) approved seven high-impact projects worth $54 million in 2020, its best year in spite of challenging Covid-19 conditions, according to its recently released 2020 Annual Report.
Events
An Overview of the AfDB’s Procurement Policy: How to Prepare Correctly for the Upcoming Bids? | Virtual
📅 29 July 2021 🕒 4 PM (Brussels Time) / 10AM (Washington DC Time)
Virtual
DevelopmentAid is inviting you to join for an exciting free webinar on An Overview of the AfDB’s Procurement Policy: How to Prepare Correctly for the Upcoming Bids?
During the webinar, it will be possible to learn about AfDB’s profile, procurement policy, and investment strategy. Moreover, Mr. Ashraf will provide a number of tips on how to prepare correctly to for the upcoming bids.
Host: Ion Ilasco, External Relations & Events, DevelopmentAid.
Speaker: Ashraf Ayad, Lead Procurement Policy Officer at the African Development Bank.
Ashraf accumulates over 22 years of experience in procurement and project management. His experience resulted from his involvement in many development projects in Africa and the Middle East. He possesses a deep understanding of the procurement policies of international development institutions e.g., the AfDB, WB, IsDB and, the EU.
Global Education Summit Side Event: Meeting The Education Needs Of Displaced Children And Young People
📅 27 July 2021 🕒 2:00-3:30pm BST (9:00-10:30am ET)
Meeting the Education Needs of Displaced Children and Young People: By the end of 2020 more than 82 million people were forcibly displaced – of which 33 million were under 18. Children and youth displaced by conflict and crisis risk dropping out of school and never returning, especially girls and learners with disabilities.
UNHCR and Education Cannot Wait are convening a high-level roundtable to spotlight the needs of displaced children who are at risk of being left even further behind as we prepare for a post-COVID-19 world. Planned within the framework of the Global Education Summit, participants will hear from refugee and IDP youth, reflecting on the role of the international community in supporting them to learn, and on their own vision for education for vulnerable displaced communities.
World Water Week 2021 | Virtual
📅 23- 27 August 2021
Virtual
On 23-27 August will be the program with the theme Building Resilience Faster. Here are more than 300 sessions on a broad range of topics, curated by SIWI but convened by world-leading organizations that share their latest insights. Much of the program revolves around five top challenges that require immediate attention – learn more here about how they are linked to water.
The conference is held online and thanks to the generosity of the convening organizations, all sessions will be available free of charge to registered participants. They do however encourage participants to purchase a Networking Pass, to get access to the full World Water Week experience. The Networking Pass opens the door to discussions, speed networking, post-session conversations, and other interactive activities that allow you to expand both your knowledge and your network.
Global Education Summit: Financing GPE 2021-2025
📅 28-29 July 2021
London, UK
The Global Education Summit: Financing GPE 2021-2025 will take place on July 28 and 29, 2021. The summit will use a hybrid format, with participants attending live sessions on our virtual platform and a small in-person event in London, if travel restrictions allow.