In the upcoming week, the 13th meeting of the WIM ExCom will take place (April 27-30 2021). One very important issue to discuss will be – among other issues – the work of the Expert Groups as they play a major role in carrying out the activities of the ExComs workplan. Especially the work on Action and Support, Slow-onset Events and Non-economic Losses will be discussed and concrete steps for developing the respective workplans with concrete activities will have to be decided upon. The meeting will take place in a virtual format and even over one year in the COVID-19-pandemic this setting still poses some substantive challenges to the discussions and inclusiveness as well the involvement of observers.
The COVID-19 pandemic has advanced into the biggest global health crisis in recent human history and exacerbated existing challenges for developing countries. Nonetheless, poorer nations are still showing remarkable commitment to dealing with the climate crisis. As the pandemic continues, developing countries are increasingly reaching their limits. Additional international climate finance post-2020 is needed to respond to the climate, health, and debt crises, after developed countries already failed to deliver on the USD 100 billion. At the upcoming US Climate Leaders Summit and the Petersberg Climate Dialogue, developed countries need to step up their game on international climate finance. The blog presents clear asks for Germany!
Development banks not only provide finance directly to specific projects, they also channel funds to financial intermediaries in developing and emerging economies. Development banks have committed to align themselves with the Paris Agreement. While they have made (some) progress with establishing Paris lending criteria for their direct lending activities – clear rules and guidance for how to align “intermediated lending” with the Paris Agreement remains a gap. This Blog provides a rational for Paris alignment of MDBs’ intermediated lending and proposes a phased approach that development finance institutions can follow to fulfil their commitments.
On 29 March, the Portuguese EU Council presidency officially launches the European Year of Rail. Germanwatch and other European NGOs have send an open letter to the Commission and the Portuguese presidency to call for a European rail renaissance. The EU and the member state governments need to use the European Year of Rail 2021 to give a boost to cross-border passenger rail, with the following measures:
For a year and a half, representatives from the real economy, the financial sector, academia and civil society fought hard to reach an agreement on how Germany could become a prime hub for sustainable finance . On February 25, the final report of the German government's Sustainable Finance Advisory Council (SFB) was published, with ambitious recommendations on how to make the financial market more sustainable: Shifting the Trillions - A Sustainable Financial System to facilitate the Great Transformation. It is now the government's turn to translate the recommendations into an effective strategy and initiate the first legislative changes before the end of this legislative term.