Sharing Strategies’ Post

Excellent piece from The Brookings Institution on #climatechange in #africa Key quote: A missing actor in adaptation action in Africa is the private sector. In Africa and globally, the private sector has consistently financed less than 3% of adaptation activities from 2019–2022. A substantial portion of these funds come from philanthropies. The opportunity for commercial financiers and private enterprises to develop and finance adaptation solutions, products, and services is enormous. My take: the private sector is key, but analysts, donors and government systematically underestimate the risks and impact of poor or uncertain regulatory frameworks. Worth reading. Jill Clements Robert Ondhowe Julius Court

Dive deep into the progress on #SDGs. Discover key insights from the 2024 #ARFSD on poverty reduction, zero hunger, climate action, peace & justice, and partnerships.Learn how reforms, investments, and collaborations are shaping Africa's future. Read more: Sponsored by: United Nations Economic Commission for Africa

📢 BLOG: Climate Change is Massively Accelerating Forced Displacement. How Should the Financial Inclusion Sector Respond? 👉 https://lnkd.in/eGeGMRdB In the third of e-MFP’s series of guest blogs on the topic of the European Microfinance Award 2024 - Advancing Financial Inclusion for Refugees and Forcibly Displaced People - Deborah Foy, summarises themes from a new Opportunity International paper on the topic, outlines the critical (and growing) role climate change plays as a driver of forced displacement, and ways the financial inclusion sector can respond to the challenge. #financialinclusion #refugees #forcibly #displaced #climatechange Ministry of Foreign and European Affairs, Luxembourg, #Luxaid, Inclusive Finance Network Luxembourg InFiNe.lu

Incredible news as the UK announces a £1.98 billion pledge to the International Development Association (IDA) 21st replenishment, a 40% increase on its last commitment. This contribution from the UK is significant in both its generosity and the impact it will have. It’s not just a financial gesture, but a signal of the UK's commitment to global development – especially in difficult times – and to the betterment of lives across the world. Along with several other donors announcing early, significant increases in their pledges, we head into the replenishment meeting in Seoul next week with great momentum to deliver the ambitious IDA21 so many have been calling for. Getting to this point has been driven by the great partnership that is IDA - a partnership with low-income countries, donors, civil society and beyond. Each one recognising that investing in IDA is one of the best defenses we have against conflict, climate shocks and fragility and committed to build a future that benefits us all. https://lnkd.in/eGYzjQDZ

Read our piece on a #MarshallPlan of our time for Small Island Developing States #SIDS to reach resilient prosperity. At #SIDS4AB, Small Island nations are calling on the international community to stand in solidarity with #SIDS as they are about to begin the most transformational 10-year journey since 1994 when they launched their first programme of action in Barbados. Another 10-year strategy was adopted in 2005 in Mauritius. The third 10-year plan that was adopted in Samoa in 2014 as the SAMOA Pathway is now closing. Antigua and Barbuda, where the new Agenda for SIDS ABAS 2024-2034 will be adopted this coming week, will be known as the place where SIDS have launched their Marshall Plan for resilient prosperity. And the rest of the world will be a part of it.

A powerful message from British International Investment's outgoing CEO Nick O'Donohoe on the need for the DFI to prioritize financing for the poorest and most fragile countries despite pressures to be a leader on climate financing (which often goes to middle income countries (MICs))--via Devex. I'm hopeful that BII will continue to expand its focus on multi-dimensional resilience through its various accelerators and investments, as resilience isn't just central to climate adaptation. Increasing evidence from The World Bank United Nations USAID and ODI shows how critical resilience is to long-term growth, including in historically fragile contexts, peace and sustainable poverty escapes (see comments for a link). As a twist on fragility, the OECD Development lists nearly half of the fragile contexts on its list as MICs (many with significant pockets of extreme poverty). This potentially raises the prospect of honing in on MICs that require financing for resilience to both climate as well as other shocks and stress that keep fragile contexts fragile (poverty, disease outbreaks, debt distress, economic shocks, demographic pressures, rapid urbanization), while continuing to press for outsized investments to the poorest and most fragile countries. Wishing Nick and BII all the best with next chapters.

The EU’s aid budget should eradicate poverty, not enrich companies, reminds the newly launched #GlobalGateway report by Eurodad - the European Network on Debt and Development with Counter Balance and Oxfam. The report reveals how the EU development budget is used to push European businesses’ interests in the Global South - contradicting EU's own aid rules where poverty eradication is the core goal. For example: 🚩 The Global Gateway prioritises public-private partnerships and loans over grants, risking to deepen debt burdens and worsening inequalities. This is particularly concerning, as 29 of the 37 countries involved in these projects are already heavily indebted. 🚩 The projects raise environmental and social flags. For example, hydrogen projects are planned in water-stressed regions, like Namibia and Chile, where corporate profits are prioritised over communities. 🚩 The strategy lacks transparency - there is minimal public information on the projects, their financing and human rights and environmental assessments. Read the full report: https://ow.ly/aKQO50TGOKg

💰 The EU development budget is used to push European businesses’ interests in the Global South - contradicting EU's own aid rules where poverty eradication is the core goal. 🏦 The Global Gateway prioritises public-private partnerships and loans over grants, risking to deepen debt burdens and worsening inequalities. This is particularly concerning, as 29 of the 37 countries involved in these projects are already heavily indebted. 🚩 The projects raise environmental and social flags. For example, hydrogen projects are planned in water-stressed regions, like Namibia and Chile, where corporate profits are prioritised over communities. Read the full report: https://ow.ly/aKQO50TGOKg

The call for transparency and accountability in contributions to the Loss and Damage Fund has been emphasized by African leaders. In accordance with the principle of Common but Differentiated Responsibility and respective capabilities, developed countries have been urged to fulfill their pledges to the Fund. This message was conveyed at the third Africa Regional Conference on Loss and Damage, held in Lilongwe, Malawi from March 21st to 22nd. The main objective of the conference was to strategize for faster access to the loss and damage funds. During the conference, African leaders expressed their concern over developed countries constantly changing their commitments and warned against disguising existing climate financing, humanitarian assistance, and Official Development Assistance as loss and damage pledges. Despite contributing less than 4% of greenhouse gas emissions, African countries bear a significant burden due to the emission levels of richer nations. Former President of Malawi and Loss and Damage Fund ambassador, Dr. Joyce Banda, emphasized the need for action instead of just talk. She stressed that Climate Change is a reality and Climate Justice is imperative. "Climate Change is real noting that Climate Justice is a must. Climate Change and its accompanying effects have become a major contributor to Africa's worsening poverty. I am advocating for action and action now." Dr. Banda said. She also highlighted the devastation caused by Cyclone Freddy in Malawi, which resulted in the loss of over 1000 lives and destruction of infrastructure. However, not enough assistance has been provided. Banda commended the Pan African Climate Justice Alliance (PACJA) for their support in this war. On his part, PACJA Executive Director Mithika Mwenda emphasized the importance of not losing sight of the real Climate Crisis issues while calling upon stakeholders to prioritise grassroots voices in the advocacy efforts to shape effective climate finance policies. He said the USD700 million (Sh92.3 billion) Loss and Damage Fund pledge was insufficient noting that the establishment and operationalisation of Loss and Damage Fund was key but there was need to fight for more resources for the fund. Adding that: "PACJA is ready to engage with partnerships of unprecedented proportions and this is where it starts." Lilongwe declaration The leaders declared the Advisory Board Decision in Geneva is null and void. Further, the leaders declared that interim host of the Fund should work hard to gain their trust as a credible partner. Finally they called upon all African Leaders and Institutions to stand with people by ensuring Loss and Damage Fund serves its purpose. https://lnkd.in/dEy8aYcU

With climate change affecting displaced communities around the world, how should the financial inclusion sector respond? Today for #WorldRefugeeDay, our global colleagues at Opportunity International outline the role that microfinance organisations can play to adapt to the rising challenges of our changing climate. Read here: https://lnkd.in/eGeGMRdB