Post 2015: Global Action for an Inclusive and Sustainable Future

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CHApTER SEvEn The broad consensus on the need to look beyond ODA to finance climatechange adaptation and mitigation creates opportunities for cooperation beyond aid. 134 Economic and Social Survey 2011, for instance, estimates incremental green investment needs in order to achieve sustainable development objectives in a context of climate change and global carbon constraints at about 3% of the gross world product (un DESa, 2011). assuming that some 60% of such investment will be needed in developing countries, this implies a little over $1 trillion per year in additional investment, far above the current annual $130 billion in oDa. at the same time, diverting a substantial amount of oDa towards climate-related initiatives rather than to other poverty-reducing interventions might create a misalignment between global and domestic priorities in developing countries (un DESa, 2012). to meet the need for climate financing while avoiding the risk of such misalignments political leaders agreed in the 2009 unFccc copenhagen accord to cooperate to mobilise ‘new and additional’ climate funds from public, private and innovative sources – although it has yet to agree how to define these resources. 90 Given budget constraints in many oEcD countries and the limited commercial viability of many climate-related investments, efforts have focused on proposals for innovative climate finance. the lack of an international agreement on implementing some of the climate finance proposals with the greatest revenue potential poses a broader challenge for cooperation beyond aid. For instance, there is still a lack of support for an international, uniform carbon tax, partly because it would depress some countries’ external competitiveness (Ward and cao, 2012). Similarly, there is no international agreement on a global carbon-trading system, in which developed and eventually emerging economies could sign up for binding emission-reduction targets. Given the lack of political support for mechanisms with large revenue potential, and tighter budgets in EuropEan rEport on DEvElopmEnt 2013 donor countries, it is likely that in the short term, a substantial proportion of publicly subsidised contributions to climate finance will come from oDa budgets (Kharas and rogerson, 2012). Despite the political challenges there are several ways to enhance cooperation and coordination to ensure that any new climate finance mechanisms support inclusive and sustainable development. thus development policy-makers should: 1. Enhance cooperation and coordination to ensure that developing countries are adequately represented in governance mechanisms for climate finance. 2. Share knowledge about aid effectiveness. In recent years the proliferation of funds for climate finance has resulted in a highly fragmented and inefficient architecture. Sharing experiences in aid coordination could help to make climate financing more effective. 3. collaborate to help developing countries to increase the benefits of climate finance for inclusive and sustainable development. climate finance is likely to become a major source of external flows. Strong administrative and institutional capacities will be needed to access funds, align them with national priorities and absorb them, along with a capacity to resist intrusive conditionalities. as with other large external flows, their management will also require political capacity and strong governance (arellano-Yanguas, 2011). a post-2015 global framework that seeks to guide the provision of GpGs could help to ensure that the emerging architecture on climate finance supports inclusive and sustainable development. In defining 90 brown et al. (2010) identify the following four definitions of ‘additional’ international public finance for climate change in the current debate: 1. climate finance classified as oDa additional to the ‘0.7%’ target. 2. Increase 2009 oDa levels spent on climate actions (i.e. 2009 oDa disbursements on climate change should set the benchmark, above which any new oDa finance on climate change measures can be considered additional). 3. rising oDa levels that include climate change finance up to a specified percentage. 4. Increase in climate finance not connected to oDa (oDa should continue to be used for traditional development activities, and finance for climate change should come from non-oDa sources).
a means to reach development goals and enhance international cooperation, a new framework could encourage global agreement on international mechanisms to raise climate finance. 7.5 Conclusion any new global framework with a broader vision of development and cooperation will require more financial resources. It will be a challenge, however, to raise the level of development finance in the current political and economic context. Discussions on development finance therefore need to focus as much on how to make better and more efficient use of existing resources as on ways to increase their volume. the review of opportunities offered by different sources of development finance shows that no one approach will be universally appropriate and each type will apply better in some contexts than in others (see table 7.1 for an overview). For example, while special purpose bonds seem to be a means to tap international capital markets for projects that require significant frontloading, blending is likely to work better where the provision of grants helps projects to achieve sufficient financial return to attract non-grant financing. Enhanced SSc and domestic resource mobilisation are likely to become more important sources of development finance, although not enough to address global challenges, such as climate change, which will require more concerted strategies to finance and provide GpGs. While there are considerable efforts to increase the potential of external development finance to support developing countries’ ownership of their development strategies, the volatility of external financial flows, both public and private, risks undermining the quality of decision-making and governance of national policies more generally. reforming the global financial system would help to reduce such volatility, but this will take time. Given that most private external flows to developing countries are pro-cyclical, public flows could limit the negative consequences of external shocks if they were provided on a counter-cyclical basis (bigsten and tengstam, 2012, Wolff, 2008) 91 . It remains important to increase oDa and improve its effectiveness. Yet the expansion of oDa has lost some of its appeal due in part to the failure to reach longstanding targets, the increase in non-aid financial flows and the importance of national and international policies to enhance the contribution that finance makes to development. the international community therefore needs to look at other steps it can take. For instance, this chapter has argued that if there were agreement on curbing illicit financial flows, which far exceed the value of oDa, this would also support development by increasing governments’ scope to mobilise domestic resources and improving governance and reducing perverse incentives for ruling elites. In sum, if the international community seeks to mobilise adequate financial resources in a way that contributes to development, it will be imperative to move ‘beyond aid’. a broader approach to development finance will require a global partnership that encourages collective action on a number of fronts including better regulation of the international financial system and stronger political commitment to pcD, because the impact of any financial flow depends critically on the global as well as the local policy environment. 91 the Eu’s vulnerability-FlEx (v-Flex) mechanism is a good example of one way this can be done. agreed in 2009 as a temporary €500 million shock facility it provided emergency funding to support the most vulnerable acp countries to close fiscal financing gaps following the global financial crisis and help them maintain priority spending, particularly in the social sectors. poSt-2015: Global actIon For an IncluSIvE anD SuStaInablE FuturE Any new global framework with a broader vision will require more financial resources. It will be a challenge, however, to raise the level of development finance in the current political and economic context. Discussions therefore need to focus as much on how to make better and more efficient use of existing resources as on ways to increase their volume. 135
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EUROPEAN REPORT ON DEVELOPMENT 2013
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MOBILISING EUROPEAN RESEARCH FOR DE
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FOREWORD The development road we ha
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ACknOWlEDgEmEnT The European report
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TAblE OF COnTEnTS ACKNOWLEDGEMENT V
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CHAPTER 9. PEOPLE: LABOUR MIGRATION
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Figure 5.2 Evolution of depth of po
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EITI Extractive Industries transpar
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PSG peace-building and state-buildi
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mainly countries in Europe, north a
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ExEcutivE Summary poSt-2015: Global
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ExECuTIvE SummARy poSt-2015: Global
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poSt-2015: Global actIon For an Inc
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THE DEPLOYMENT OF A BROAD RANGE OF
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introduction poSt-2015: Global actI
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2. The case for global collective a
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upon in order to promote a developm
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to achieve inclusive and sustainabl
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contribute to a global framework fo
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Part i. KEEPing thE PromiSE of thE
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mortality, and clean water and sani
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Table 1.2 Non-income MDGs, 1990-201
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Several regions significantly reduc
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Figure 1.1 Sectoral allocation of b
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of tailored objectives that are ins
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policy discourse. In particular, th
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processes and implementation arrang
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NEPAL RWANDA COTE D’IVOIRE PERU E
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• Nepal after over 200 years as a
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Box 2.3 Côte d’Ivoire’s MDG ac
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Declaration and the mDGs, and were
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drive or obstruct poverty-reduction
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Driven by political survival and co
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oader political processes in which
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incentive structures within which e
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partners: their capacities as donor
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Box 2.9 Fragility - Country case ex
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towards the achievement of the mDGs
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3.2 The EU’s role in advancing th
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at the 2010 mDG Summit, un member s
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adopted by individual governments,
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discussions on pcD are not based on
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Part ii. thE changing contExt for a
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Figure 4.1 Changing global power 20
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crops (ErD, 2012). at the same time
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egimes, and donor-driven aid condit
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for an Eu position to be agreed ahe
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of people living in extreme income
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the mDGs needs to concentrate on th
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deprivation, whether directly or th
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has been declining since the early
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vulnerability (ErD 2012). this repo
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a set of global development goals i
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need to focus on eradicating existi
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27.5 25 22.5 20 17.5 15 12.5 10 7.5
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Page 123 and 124: due to the so-called arab Spring in
Page 125 and 126: moreover, migration policy can shap
Page 127 and 128: the Eu and 9% for the uSa. these sh
Page 129 and 130: accumulation patterns (from 35% of
Page 131 and 132: Table 6.1 Poverty projections expec
Page 133 and 134: 6.3.1 Atmosphere and global warming
Page 135 and 136: supports ecosystem services that pr
Page 137 and 138: about 70% (mainly led by china, Ind
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Page 141 and 142: ECONOMY DEMOGRAPHY ENVIRONMENT NEUT
Page 143 and 144: Part iii. drivErS of thE global Par
Page 145 and 146: Current USD Billions Current USD Bi
Page 147 and 148: global financial crisis has reduced
Page 149 and 150: lmIcs and lIcs (oEcD, 2011b). Figur
Page 151 and 152: Box 7.1 Efforts to increase tax rev
Page 153 and 154: While SSc is not new, it has receiv
Page 155 and 156: India (de Jesus, 2012). there has b
Page 157 and 158: levels of formal education. third,
Page 159 and 160: While the mobilisation of funds fro
Page 161 and 162: Box 7.4 EU blending facilities Sinc
Page 163 and 164: Box 7.5 The toolbox of innovative f
Page 165 and 166: Figure 7.8 Net capital flows to dev
Page 167 and 168: which are many in developed countri
Page 169 and 170: and financial inclusion (Deuchert a
Page 171: Box 7.8 Implications for post-2015
Page 175 and 176: PREDICTABILITY ALLOCATIVE EFFICIENC
Page 177 and 178: this chapter first looks at some of
Page 179 and 180: social development, largely fuelled
Page 181 and 182: Box 8.1 Joining the flying geese Ka
Page 183 and 184: these structural shifts in the driv
Page 185 and 186: traditional donors and investors, c
Page 187 and 188: 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Sou
Page 189 and 190: Figure 8.2 Share of primary commodi
Page 191 and 192: Box 8.2 Political economy of commod
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Page 207 and 208: the role for trade and investment p
Page 209 and 210: labour migration produces remittanc
Page 211 and 212: the 2008 global financial crisis le
Page 213 and 214: Macro-economic impact International
Page 215 and 216: Social impact and psychological wel
Page 217 and 218: labour during that period. this pro
Page 219 and 220: Millions 10.4 4 N 3 2 1 0 Mexico-US
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date, four mobility partnerships ha
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labour organization (Ilo) refers to
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workers, point to areas of concern
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9.5.2 Mode IV in the WTO the Wto’
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9.6.2 What a post-2015 framework sh
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concluSionS and rEcommEndationS Thi
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‘how’). this chapter also consi
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and so do not figure much in the go
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tackling global challenges. While s
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10.3.1 Poverty eradication as part
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Box 10.1 Economic and social inclus
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Box 10.2 Youth Employment About 85%
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International development partners
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at the multilateral level, the link
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• South-South Cooperation resourc
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information and evaluation initiati
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for consultative processes to take
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e added later. Equally it would be
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- such as their size and geographic
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(com, 2011). the aid-effectiveness
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Box 10.5 Areas for EU support: Reco
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there will need to be a continuing
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unrISD (2010) Combating Poverty and
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moore, m. (2011) ‘The Governance
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Chapter 4 birdsall, n. (2012) ‘Th
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Kharas, H. and rogerson, a. (2012)
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Kharas, H. and rogerson, a. (2012)
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cobham, a. (2012) ‘tax Havens and
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lall, r. (2011) ‘reforming Global
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unDp (2012) ‘What Is South-South
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Fine, b. (2009) ‘neoliberalism in
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Sindzingre, a. (2009) ‘The impact
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chanda, r. (2004) Movement and Pres
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Kouadio, E.K., ouattara, Y. and Sou
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un-InStraW and SaIIa (2007) Gender,
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Winters, a. and martins, p. (2004)
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Goals and Targets (from the Millenn
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Goals and Targets (from the Millenn
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conflict assessment, which also del
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the case study report suggests that
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in rwanda compared to an average of
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large educated class. Immigration w
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administration, with greater autono
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example, in low increases in tax ef
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AnnEx 3 - CORE pRInCIplES FOR InvES
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MOBILISING EUROPEAN RESEARCH FOR DE
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