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Past event

Global Parliamentary Forum:
Innovative Solutions for Turbulent Times

The Urgent Need for Climate Finance
date: 11.10.2022 | time: 9:00-10:30 AM Washington (EST); 3:00-4:30 PM Paris (CET)
The Global Parliamentary Forum on the side lines of the World Bank and IMF Annual Meetings engages legislators in a dialogue on matters related to development and the global economy with their parliamentary peers, World Bank Group and IMF management, and other stakeholders. It serves as a platform to set the context around policy challenges and share solutions on pressing issues among members of the Parliamentary Network and development experts.

Join the event on Zoom

  • Stream in Arabic
  • Stream in English
  • Stream in French
  • Stream in Spanish

This year’s overarching theme is Innovative Solutions for Turbulent Times. The first session, on October 6, Investing in People, Transforming Communities: Human Capital Results in Africa, will provide an update on human capital progress in the Sub-Saharan Africa region. The second session, on October 10, Safeguarding Food Supply Chains, will continue the discussion on the food crisis from the perspective of supply chain disruptions. The third session, on October 11, The Urgent Need for Climate Finance, will discuss the urgent need for climate financing amidst limited fiscal space.

In July 2022, heads of agencies issued a statement calling for urgent action to address the global food security crisis. They stressed that the disruption in supply chains caused by the COVID-19 pandemic, combined with the war in Ukraine, have severely impacted the intertwining food, fuel, and fertilizer markets. A resulting spike in food prices has led many countries to implement export restrictions, further exacerbating the food crisis for the most vulnerable. The statement calls for prioritizing immediate support to the vulnerable, facilitating trade and international food supply, increasing food production, and investing in climate-resilient agriculture.

In the meantime, limited resources and strained budgets also create a risk for rebuilding human capital post pandemic. The aforementioned global phenomena are a concern for the lives and livelihoods of people already lagging behind. According to the 2020 Human Capital Index (HCI) – which measures how much countries are investing in their peoples’ knowledge, skills, and health – Sub-Saharan Africa had been making human capital gains in the decade preceding the COVID-19 pandemic, but progress was uneven and large deficits remained. The region had an average score of 40% pre-pandemic (compared to 56% worldwide), meaning African children born in 2020 could expect to achieve only 40% of their potential productivity by their 18th birthday, compared to what they could achieve with complete education and full health. The COVID-19 crisis and its current consequences, as well as the fragile global environment, threatens to set back progress and widen human capital gaps with negative impacts disproportionately affecting the most vulnerable populations.

Lawmakers have to operate in the limited fiscal space left by the pandemic to address these problems. Innovative policy solutions become essential and urgent, as is building the capacity of governments to anticipate and prepare for future challenges. This event aims to filter out applicable solutions that can be considered across countries.

Arabic stream

English stream

French stream

Spanish stream

Agenda

Tuesday, 11 October

The Urgent Need for Climate Finance 9:00-10:30 AM Washington (EST); 3:00-4:30 PM Paris (CET)

Financing climate action is increasingly challenging given the fiscal constraints faced by countries today. Even with the right policy environment, low-carbon and climate-resilient infrastructure alone in low- and middle-income countries could require investments of around $1.6 trillion annually, or 4.5% of GDP, from now to 2030. Climate financing at the country-level must be embedded in national development plans. To help countries do this, the World Bank’s new Country Climate and Development Reports (CCDRs) are innovative, country-focused diagnostics that explore how climate action interacts with each country’s growth and development path, identifying key actions to help achieve net zero carbon emissions. CCDRs feed into a country’s Systematic Country Diagnosis, which then informs the Country Partnership Framework, laying out how the World Bank will work with the government in coming years to achieve results in priority areas. Additionally, the IMF can play a catalytic role in climate finance through its policy advice, surveillance, and capacity building. Financing under the IMF’s Resilience and Sustainability Trust could help eligible and qualifying emerging market and developing economies tackle longer-term structural challenges from climate change by providing affordable long-term financing and helping catalyze public and private financing. For parliamentarians, the World Bank and the IMF seek to provide key tools to identify gaps, address underlying structural challenges, and support climate financing to achieve low-carbon, resilient growth.

Welcome and Moderation
The Rt Hon. Liam Byrne MP, UK; Chair of the Parliamentary Network on the World Bank & IMF
Speakers
Stephane Hallegatte Senior Climate Change Advisor, World Bank
Emanuele Massetti Technical Assistance Advisor, Fiscal Affairs Department, IMF
Tamsyn Barton Chief Commissioner, Independent Commission for Aid Impact, UK
John Balbach Director, Impact Investments from MacArthur Foundation
MP Panelists
Lawrence Biyika Songa MP and Chairperson, Committee for Climate Change, Uganda
Besian Mustafa MP and First Vice Chairman, Committee on Environment, Kosovo
Salim Merah MP, Algeria (TBC)
Q&A with parliamentarians

Contacts

Gergana Ivanova, Parliamentary Network: givanova@parlnet.org
Kofi Kafu Tsikata, World Bank Group: ktsikata@worldbank.org
Elizabeth Nicoletti, International Monetary Fund: enicoletti@imf.org

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Global Parliamentary Forum

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