Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.
East Asia & Pacific
V20 seeks confirmation of official observer status at the Bretton Woods Institutions by COP28, as IMF quota review fails to give greater voting power to climate vulnerable countries.
Despite lofty rhetoric, Bank’s attempts to use scarce concessional finance to build investable project pipelines to secure power sector decarbonisation faces significant hurdles.
The IMFC again did not issue a communiqué as it could not agree on language on the war in Ukraine. A chair’s statement was issued in lieu of the communiqué and emphasised the resilience of the global safety net system, better than projected conditions and concerns about significant challenges.
The World Bank released a concept note of Doing Business report replacement, B-Ready project, ignoring civil society demands of an independent evaluation.
V20 called for substantive debt relief and increased concessional financing to help break vicious cycle of debt and Loss and Damage, and spur ‘climate-positive development’.
Addition of cumulative carbon emissions indicator in IMF quota formula would give climate-vulnerable countries greater voice in IMF.
IMF’s new gender mainstreaming strategy makes effort to include civil society demands but falls short of transformative vision as austerity remains Fund’s raison-d’état.
The finance ministers for the Vulnerable Group of Twenty, a bloc of 58 developing country economies representing some 1.5 billion people, issued a communiqué on 16 October.
Notes from a Civil Society Policy Forum event on 14 October titled "Greening whole economies? Unpacking World Bank plans for Paris alignment by July 2023."
As geopolitical tensions rise amidst worsening global economic conditions, civil society demands the democratisation of a world economic order away from the established Global North and elite capitalist hegemony.
World Bank trust fund ESMAP will provide support for domestic market, while IFC will support private sector investment in CCUS.