At COP16 in Cali, tensions rise over the future of the Global Biodiversity Framework Fund (GBFF), established at COP15 but struggling for contributions. Developing nations advocate for a new fund to enhance their influence, while developed countries, like Canada, resist, fearing fragmentation and increased costs. The GBFF has approved only 22 projects, highlighting challenges in accessing funds, with calls for reform to streamline support for biodiversity initiatives.
South African Reserve Bank Governor Lesetja Kganyago has called for a review of the nation's inflation target, suggesting it should be adjusted lower. He emphasized that the current target is misaligned with those of emerging market peers, indicating a need for change.
Finance Minister Nirmala Sitharaman met with World Bank President Ajay Banga to discuss reforms in Multilateral Development Banks (MDBs) during the World Bank and IMF Annual Meetings. The discussions included private capital participation in Global Public Goods and energy security. Sitharaman emphasized the importance of implementing the Independent Expert Group's recommendations on MDB reforms from India's G20 Presidency and requested ongoing monitoring of these initiatives.
As a potential Trump return raises concerns, EU's Lagarde emphasizes the importance of fair trade for growth and innovation, warning against protectionism. She acknowledges the risks posed by China's market practices while highlighting the negative impact of proposed tariffs on European exporters. The IMF has identified protectionism as a major threat to the global economy, revising its growth forecast for next year.
Zambia is exploring a debt-for-nature swap to alleviate its overseas debt obligations, according to Finance Minister Situmbeko Musokotwane. This approach aims to refinance government debt while directing savings towards environmentally sustainable projects, following a recent restructuring of $3 billion in eurobonds. Musokotwane indicated that the government is closely considering this option but has not yet finalized a plan.
Bangladesh's central bank has raised the key policy rate for the fifth time in 2024, increasing it by 50 basis points to 10% to combat persistent inflation, which reached 9.9% in September. The move aims to implement a contractionary monetary policy amid ongoing political instability and rising food prices. Additionally, the standing lending facility rate was raised to 11.50%, while the standing deposit facility rate increased to 8.50%.
The World Bank's report highlights the significant global issue of income inequality, emphasizing its detrimental effects on sustainable development, poverty reduction, and social cohesion. With 49 countries exhibiting a Gini index above 40, high inequality is particularly prevalent in Latin America, the Caribbean, and sub-Saharan Africa, while Northern and Eastern Europe show the lowest levels. The majority of the global population resides in economies with moderate inequality, underscoring the urgent need for policies that address these disparities.
Countries can halve premature death rates by 2050 by targeting 15 key health threats, primarily tobacco use, according to a Lancet Commission report. The report emphasizes the need for public financing of essential medicines and highlights the importance of high tobacco taxes as a critical policy tool. With a 23% chance of a pandemic similar to COVID-19 within the next decade, the urgency for improved health systems and preparedness is paramount.
Golomoti Solar's 10MWh battery storage facility in Malawi marks a significant step in stabilizing Africa's energy grid, reducing reliance on diesel and hydro power. With advancements in battery technology making solutions more affordable, countries like Egypt, Ghana, and Nigeria are joining efforts to deploy 5GW of energy storage by 2027, aiming to enhance energy access and stimulate local economies. The Emerging Africa Infrastructure Fund's investments are crucial in addressing the continent's energy storage challenges and unlocking its renewable potential.
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