Donors have pledged $6.2 billion to the World Bank hosted Climate Investment Funds (CIFs) making them big players in current climate finance. The last three months have seen the Scaling Up Renewable Energy programme launched, new country investment plans endorsed by the Clean Technology Fund, and pilot countries selected for the Forest Investment Programme. A discussion paper, commissioned by the CIFs Administrative Unit has begun to look at lessons that can be learnt and incorporated in the rol
Analysis
Accountability
Analysis
The IFIs in 2009: year in review
If 2008 was the year the financial crisis began, 2009 was the year its impacts were really felt in most developing countries. The beginning of the year saw near panic about the potential depths of the global recession and a glimmer of hope that the economic policies of rich countries which had touched off the crisis and contributed to its spread would be rethought. The Bretton Woods Project, with many partners around the globe, viewed it as an opportune time for a Bretton Woods II – a new
Accountability
Analysis
Don't bank on it! Challenging the World Bank's role in future climate finance
Despite a superficial 'climate makeover', UK civil society organisations conclude that the World Bank is still a long way from operating in transparent, participatory and accountable ways, or lending upon a truly green portfolio, and therefore should not be trusted with the world's climate funds. Furthermore, the form and functions of a climate finance institution should first be defined and criteria should be established for United Nations Framework Convention on Climate Change (UNFCCC) partie
Environment
Analysis
Expanding global cooperation on climate justice
Mary Robinson and Alice M Miller outline how a human rights framework should be an essential tool in designing strategies, programmes and institutions to help nations mitigate and adapt to climate change. They focus on institutional issues including the role played by the World Bank and highlight reforms needed. Finally they call for building stronger bridges between human rights and development, and between those working on social justice and environmental justice.
Environment
Analysis
Bank wrestling for control of climate finance
With much awaited climate talks in Copenhagen in December, the World Bank and its supporters are positioning the institution to play a significant, if not dominant, role in future climate finance.
Conditionality
Analysis
IMF lending programmes: old wolf in sheep's clothing?
The debate over IMF conditionality heats up as data comes in about IMF programmes; economic turmoil continues in countries such as Latvia and Ukraine, which face stern IMF demands.
Environment
Analysis
The World Bank's new energy strategy
As the World Bank prepares to revise its energy strategy, Oliver Johnson of the Sussex Energy Group (Science and Technology Policy Research Unit, University of Sussex), reviews the Bank's chequered history in this sector. The conflicting agendas for energy are drawn out, and principles suggested to guide the Bank's support for low-carbon development.
Finance
Analysis
Dollars, devaluations and depressions
The international monetary framework which emerged after the collapse of the Bretton Woods system in the 1970s has proved volatile, damaging and prone to crises. It is time for a fundamental redesign and the introduction of a global reserve currency, to help stabilise international exchange rates, smooth commodity prices, promote international economic cooperation, and prevent future financial crises.
Land
Analysis
Helping farmers weather risks?
The World Bank has published several papers on its pilot programmes for index-related insurance in developing countries to hedge against weather-related risks. They vary from support for local insurance companies to weather derivatives sold in international financial markets. According the Bank, private insurance should be seen as supplemental to public intervention and other forms of support such as cooperatives. A September briefing from the Bretton Woods Project, however, faults the Bank for
Finance
Analysis
IMF conditions stoke controversy, prompt strikes
The IMF's loans across Europe, from Iceland to Romania are stoking deep controversy and protest. Resistance is building from civil society aganist the austerity benig imposed.
Accountability
Analysis
The IFIs in 2008: year in review
2008 was the year of crisis: developing countries, already reeling from the impacts of food and commodity price crises, faced the spectre of a global financial and economic crisis, caused by policy choices made by rich countries. The World Bank and International Monetary Fund (IMF), two of the key institutions who have promoted the 'Washington Consensus' model of economic deregulation and liberalisation that many blame for causing the crisis, tried to wriggle out of responsibility and present t
IFI governance
Analysis
IMF financial package for low-income countries: Much ado about nothing?
This briefing analyzes announcements made at the end of July by the IMF regarding the level of their financial commitments to low-income countries (LICs) and finds them wanting in relation to the size of new resources, the flexibility of conditionality, and the imrpovements needed to SDR allocations.
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At the 80th anniversary of the World Bank and IMF, global civil society must maintain pressure on the Brazilian and South African G20 presidencies to ensure the forth Financing for Development Conference in 2025 results in urgently required international financial architecture reform.
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Sustainable development requires sustainable finance: why local currency financing is part of the solution
Multilateral development banks can reduce their dependence on hard currency lending and make local currency financing a central element of their developmental mandate.