Documents (11)

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'Blended Finance' - Lipstick On The Public-Private Partnership Pig?

Tom Groenfeldt, FORBES. Public Private Partnerships, (PPPs), which are a controversial source of funding for government projects, are back at the current World Bank IMF meetings in Washington, under a new name — Blended Finance. Proponents say that blended finance is a way to fund the $2.5 trillion a year needed to “support progress towards the Sustainable Development Goals (SDGs) set forth by the United Nations." While the name is new, the concept of joint funding isn't. Wikipedia says that “The concept of blended finance was first recognized as a solution to the funding gap in the outcome document of the Third International Conference on Financing for Development in July 2015.”

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Reimagining regionalism Heterodox and Feminist Policy Proposals from Africa and the Caribbean

Reimagining Regionalism is a compilation of five policy papers that present heterodox and feminist policy proposals around fundamental questions of economic policy and sustainable development: trade, climate change, fiscal governance, agriculture, and debt. Each paper addresses separate but related policy areas fundamental to the Caribbean, the African continent, and the overlaps between them to elaborate regional specificity and analytical clarity to bolster and refine ongoing work in these contexts.

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Caribbean development report: A perusal of public debt in the Caribbean and its impact on economic growth

This paper examines the genesis and evolution of debt and debt overhang in the Caribbean with individual case studies, to extract lessons and make broad recommendations with regard to appropriate mechanisms and policy measures that can be implemented to reduce the debt burden of the subregion. The econometric model utilized in the paper has shown that a one percent increase on debt to GDP ratio causes a 0.015decline in real GDP growth for the countries in the Caribbean panel, suggesting that debt has a pernicious effect on growth on Caribbean economies. What is even more worrisome was that Caribbean economies did not demonstrate the traditional non-linear (bell-shaped) effect of debt on growth, where there is a range in which a positive relation between debt and growth exists. Traditionally, as debt increases, so does economic growth, up to a point. After this maximum point is passed, the relationship turns negative, where increases in debt cause a decrease in economic growth. In contrast, using the Caribbean countries selected in the panel over the period 2000-2015, it was empirically found that, at all levels, increases in debt resulted in a decline in economic growth for Caribbean economies. It was also shown that the financial crisis negatively affected growth in the Caribbean, lending credence to the view that Caribbean economies are exceedingly vulnerable to exogenous economic shocks.

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Guaranteeing the Goals: Adapting Public Sector Guarantees to Unlock Blended Financing for the U.N. Sustainable Development Goals

In this paper, the Milken Institute Center for Financial Markets and the Organisation for Economic Co-operation and Development (OECD) partnered to study policy and regulatory issues that are impeding development fnance tools, in particular key guarantees and relevant insurance products, from maximizing private capital mobilization.

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Global Landscape of Climate Finance 2017

Climate Policy Initiative’s 2017 edition of the Global Landscape of Climate Finance updates the most comprehensive assessment of annual climate fnance flows with data from 2015 and 2016, providing, for the frst time, a fve-year trend analysis on the how, where, and from whom fnance is flowing toward low-carbon and climate-resilient actions globally in order to identify trends, gaps, and opportunities to scale up investment. As with previous reports, the fgures identifed in this Landscape represent overall global fnance flows and should be compared with estimates of total investment needed consistent with the goal of limiting global temperature rise to below 2 degrees Celsius.

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Towards a More Coherent, Integrated View of Financing Sustainable Development

This publication includes two studies. The first study “Supporting more holistic national policy making in the financing of development” by Barry Herman looks into conceptual approaches of integrated planning reviewing past and current trends on the road to integrated financing frameworks, complemented by an overview of selected analytical tools. The second study “Financing for Development and the SDGs: An analysis of financial flows, systemic issues and interlinkages“by Jesse Griffiths assesses fundamental interlinkages, synergies and trade-offs between various financial flows that underpin the Addis action areas. The studies have been supported by the Deutsche Gesellschaft für InternationaleZusammenarbeit (GIZ) GmbH.

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Financing renewable energy: Who is financing what and why it matters

Financing renewable energy: Who is financing what and why it matters (by Mariana Mazzucato, Gregor Semieniuk). Successful financing of innovation in renewable energy (RE) requires a better understanding of the relationship between different types of finance and their willingness to invest in RE. We study the ‘direction’ of innovation that financial actors create. Focusing on the deployment phase of innovation, we use Bloomberg New Energy Finance (BNEF) data to construct a global dataset of RE asset finance flows from 2004 to 2014. We analyze the asset portfolios of different RE technologies financed by different financial actors according to their size, skew and level of risk. We use entropy-based indices to measure skew, and construct a heuristic index of risk that varies with the technology, time, and country of investment to measure risk. We start by comparing the behavior of private and public types of finance and then disaggregate further along 11 different financial actors (e.g. private banks, public banks, and utilities) and 11 types of RE technologies that are invested in (e.g. different kinds of power generation from solar radiation, wind or biomass). Financial actors vary considerably in the composition of their investment portfolio, creating directions towards particular technologies. Public financial actors invest in portfolios with higher risk technologies, also creating a direction; they also increased their share in total investment dramatically over time. We use these preliminary results to formulate new research questions about how finance affects the directionality of innovation, and the implications for RE policies

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Financing change: How to mobilize private sector financing for sustainable infrastructure

Financing change: How to mobilize private sector financing for sustainable infrastructure (McKinsey Center for Business and Environment). This paper has offered an overview of the barriers and opportunities for increasing privatesector investment in sustainable infrastructure. There are a number of areas that would benefit from further examination, such as how to create frameworks for blending private and public capital, how to assess existing instruments, how to develop innovative solutions, and how to work better with business.

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From Addis Ababa to New York – Financing Sustainable Development after 2015

At the end of 2015, the Millennium Development Goals (MDGs) are to be superseded by the Sustainable Development Goals (SDGs). Against the background of these new goals, the discussion on financing for development is a clarion call for the global community to take responsibility. The conference of the United Nations (UN) on Financing for Development (FfD) in Addis Ababa that will take place from July 13 to 16, 2015, will have to decide on the extent of the funding that will be provided for sustainable development, in particular for implementing the SDGs, in the coming years. The establishment of a new framework for sustainable development that offers political solutions for the global challenges like hunger, inequality and climate change will critically depend on the success of the conference.

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Focus: Evolution of the Caribbean Debt

Like many other countries, the Caribbean territories have struggled to emerge from the global financial crisis of 2008. These small island economies have since been posting meagre growth and a considerable debt burden, which threatens macroeconomic stability and programs aimed at social protection. As is to be generally expected, the financial crisis created an adverse impact on debt sustainability of many of the economies in the sub-region. These challenges however, did not begin with the crisis but are a reflection of more fundamental structural weaknesses in the economics of the region.

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