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Entries tagged "United Nations"Page 1 • 2 • 3 • 4 Next
February 13, 2014 · By Oscar Reyes
1. Is the GCF a Fund or a Bank?
The main purpose of the Green Climate Fund (GCF), put very simply, is to receive climate finance from developed countries (in accordance with their obligations under the UN Climate Convention) and disburse that money for activities in developing countries. But there are considerable signs of mission creep and the paperwork framing discussions in Bali contains numerous references to the revenue generating capacity of the Fund’s loans, and the potential for bonds, to replenish the Fund’s coffers.
A key part of the value in having a GCF lies in its ability to fund projects and programs that commercial lenders wouldn’t touch. The GCF should not aspire to be a World Bank for Climate Change, let alone its Goldman Sachs. If the GCF focuses on supporting projects that have genuine development benefits, including most of those that address the need for adaptation to the effects of climate change, it’s unlikely that it can at the same time generate sufficient returns on investment to keep the Fund afloat – and nor should it. Climate finance is an obligation of developed countries for their disproportionate role in causing climate change, and the GCF should be based on regular financial replenishments from developed countries, supplemented by innovative mechanisms like Financial Transaction Taxes.
2. Will the GCF fund fossil fuel infrastructure?
It is often difficult to see the wood for the trees within the thicket of paperwork that surrounds GCF Board meetings. But any mention of phasing out fossil fuels through a transition to renewable energy is conspicuous by its absence. Unless there’s a rapid about-turn the GCF could, perversely, become a major source of funding for fossil fuel infrastructure, even as other international financial institutions are belatedly moving to phase out some of the coal-fired excesses of their energy portfolios.
There are still some ways to prevent this fate. The Fund’s “initial results management framework” seeks to measure only tonnes of greenhouse gas emissions, but could instead set strict performance standards (or output limits) that would rule out dirty energy. The GCF could draw up an exclusion list of dirty energy project types. It should also adopt strong environmental and social safeguards, so as not to avoid promoting the displacement of people and biodiversity loss that comes with large hydroelectric dams, as much as with fossil fuel projects.
The prospects that the GCF will exclude dirty energy projects look slim, given that its Board contains several members keen to promote fossil fuels (and their proxies like “carbon capture and storage”), while large transnational corporations, including Bank of America (dubbed “the coal bank” by activists), play a significant role in shaping the Fund. But resistance to this corporate capture is growing.
3. Whatever happened to the promise of civil society participation?
The GCF Secretariat recently invited observers to an event in Bali, swiftly followed by two recall messages and an instruction to disregard the first message. This little administrative blunder is an apt metaphor for how the Fund treats currently civil society participation: “invite – recall – recall – please disregard.” The Governing Instrument (in effect, the Fund’s constitution) asks that the Board should “develop mechanisms to promote the input and participation of stakeholders, including private-sector actors, civil society organizations, vulnerable groups, women and indigenous peoples, in the design, development and implementation of the [Fund’s] strategies and activities.” But the proposals tabled for discussion at Bali backtrack on a lot of this.
The proposed process for approving GCF financing gives no clear idea as to when and how the views of “stakeholders” will be considered, not least communities where projects are located. The “no objection” procedure, introduced to ensure active engagement from civil societies in the development of the climate strategies funded by the GCF, is reduced to a box ticking exercise that can assume “tacit” consent for projects. Instead of the “participatory monitoring” that the Governing Instrument suggests, the monitoring of GCF activities could be limited to greenhouse gas calculations and cost-benefit analyses, offering limited insight into the wider benefits (or harms) that a broader, qualitative framing could show up.
Civil society groups are becoming increasingly agitated on these issues as past promises have not been kept. For example, having decided to appoint civil society representatives to its Private Sector Advisory Group, the GCF Board and Secretariat have apparently snubbed the representatives chosen by the coalition of civil society groups observing the Fund. Instead, secretariat staff cherry picked advisors.
4. Will the GCF balance mitigation and adaptation?
One of the key decisions that will be taken in Bali is on “allocation”, setting guidelines for how the GCF’s funding will be distributed. The headline figure here concerns the balance of mitigation (reducing future emissions) and adaptation (tackling climate change impacts that are already happening). An initial assessment by the Fund’s Secretariat suggests that it should aim for “50/50 as the medium-term allocation target.” But the proposal that the Board is being asked to decide upon magically transforms this into a “target range of 30-50 per cent for both adaptation and mitigation.” Fans of math will note that both targets could be hit without adding up to 100 per cent, whilst followers of climate finance have long complained that support for adaptation repeatedly falls short in the finance provided by developed countries and via other international financial institutions.
The Board will also discuss a target of 20 per cent of GCF financing going to its Private Sector Facility. As that’s widely expected to focus on mitigation, that could make any broader balance more difficult to achieve.
5. What protection will GCF environmental and social safeguards offer?
Safeguards set out some basic ground rules to ensure that finance will “do no harm”, a principle that encompasses social, gender, economic and environmental impacts. The GCF is formally committed to building upon the “best practice” elsewhere. Although no decision on safeguards will be taken until May 2014, the meeting in Bali will introduce the first draft of the Fund’s proposed safeguards. To describe these efforts as “disappointing” would be an understatement. The proposed standards offer a short and apparently voluntary set of guidelines based upon the UN’s Adaptation Fund, whose lending practice are far narrower and less risky than what the GCF is likely to engage in. As a broad coalition of civil society has already suggested, any safeguard policy worth its salt will be mandatory, and must be particularly careful in how it treats finance via intermediaries, with the Fund directly disclosing and monitoring the impacts of sub-projects.
6. What are “intermediaries” and why does their role keep expanding?
The role of intermediaries merits just one mention in the GCF Governing Instrument, but the scope and use of the term has grown considerably since then. In setting out how “direct access” to GCF financing will happen, a definition has now been offered of “intermediaries” that widens their scope still to include “financial structuring”, “origination of structured products for financial engineering” and “insurance mechanisms,” as well as other tasks “to be defined as they become relevant and appropriate.”
In the same vein, intermediaries are now defined as “a broad concept not limited to banking institutions.” That’s the equivalent of opening up the GCF to the murky world of shadow banking, where entities such as hedge funds or private equity funds could be recipients of GCF financing. Later in the year, the GCF Board will discuss offering other forms of financing, such as risk guarantees and taking equity (ownership) stakes in companies. It’s a worrying trajectory, although it’s not yet too late for the Fund to take a different path, rejecting a broad role for intermediaries and refocusing on the grant and concessional lending that the GCF has a mandate to engage in directly.
7. How concessional will GCF concessional lending be?
When the GCF finally starts funding projects, it will finance them through a mix of grants and concessional loans. The “concessional” part means offering rates that are more favorable than those available from commercial lenders, but the extent of the concession remain open for debate. The GCF secretariat is proposing to offer “softer” and “harder” concessional loans, but the terms of these compare unfavorably with those offered by the Clean Technology Fund (one of the World Bank-led Climate Investment Funds) and the International Development Association, the part of the World Bank Group that is generally seen as a standard-setter for “concessionality.”
The biggest issue here is that the GCF would set interest rates according to the “benchmark” for a chosen currency – US 10-year Treasury bond rates, or Euribor rates in the Eurozone. While those are at all-time lows, that’s not true globally. For example, benchmark rates in India are currently eight per cent, while in Nigeria they’re 12 per cent and close to 20 per cent in Argentina. By contrast, CTF and IDA concessional lending interest rates don’t rise about one and a half per cent. Adopting “benchmark” rates could discourage lending in local currencies, which is often key to both avoiding public indebtedness and allowing small to medium-sized enterprises to participate without significant risks.
Moreover, no definition is given as to whether interest rates would be fixed or variable during the period of concessional loans: if the latter, changes in interest rates for dollar loans could add billions to developing country debt, as happened following the Volcker shock when US rates rose sharply in the early 1980s. The GCF Board should reject this idea of “benchmark” rates. At the same time, it should also decide a clear policy to insist upon grants for public lending in so-called “vulnerable” countries, so as not to increase indebtedness.
The Green Climate Fund’s 6th Board meeting takes place from 19-21 February in Bali, Indonesia. More details of the IPS Climate Policy program’s work on the GCF can be found at www.climatemarkets.org
April 11, 2013 · By Lacy MacAuley and Janet Redman
IPS joined other members of the U.S. Robin Hood Tax campaign in Washington DC, where officials from the finance and climate ministries of select developed countries met to discuss how to mobilize private sector investment in developing countries to address climate change. Chanting, "Human need, not corporate greed! Robin Hood Tax now!" protesters dressed as polar bears, farmers, and bankers engaged with officials entering the meeting to urge them to support a Robin Hood Tax.
This demonstration drew attention to the fact that trillions of dollars of public money have been spent to bail out Wall Street while government officials pay short shrift to untapped and extremely promising innovative sources of public money like a Robin Hood Tax. In doing so, officials risk putting corporate profits over the needs of climate-impacted people.
Both the financial crisis and the recession have left a massive hole in public finances, threatening job creation, community services, and the ability to address climate change. While Wall Street has already bounced back, ordinary people are still trying to recover from problems caused by corporate abuse in the financial sector. The Robin Hood Tax calls for the institution of a small tax of less than half of one percent on Wall Street transactions in order to generate many billions of dollars each year toward crucial public goods and services, like healthcare, education, and helping the world’s poor confront the climate crisis.
VIEW RECENT ARTICLE ON CLIMATE FINANCE BY JANET REDMAN: http://www.fpif.org/articles/wall_streets_climate_finance_bonanza
February 15, 2013 · By Phyllis Bennis
Ten years ago people around the world rose up. In almost 800 cities across the globe, protesters filled the streets of capital cities and tiny villages, following the sun from Australia and New Zealand and the small Pacific islands, through the snowy steppes of North Asia and down across the South Asian peninsula, across Europe and down to the southern edge of Africa, then jumping the pond first to Latin America and then finally, last of all, to the United States.
And across the globe, the call came in scores of languages, “the world says no to war!” The cry “Not in Our Name” echoed from millions of voices. The Guinness Book of World Records said between 12 and 14 million people came out that day, the largest protest in the history of the world. It was, as the great British labor and peace activist and former MP Tony Benn described it to the million Londoners in the streets that day, “the first global demonstration, and its first cause is to prevent a war against Iraq.” What a concept — a global protest against a war that had not yet begun — the goal, to try to stop it.
It was an amazing moment — powerful enough that governments around the world, including the soon-famous “Uncommitted Six” in the Security Council, did the unthinkable: they too resisted pressure from the United States and the United Kingdom and said no to endorsing Bush’s war. Under ordinary circumstances, alone, U.S.-dependent and relatively weak countries like Angola, Cameroon, Chile, Guinea, Mexico and Pakistan could never have stood up to Washington. But these were not ordinary circumstances. The combination of diplomatic support from “Old Europe,” Germany and France who for their own reasons opposed the war, and popular pressure from thousands, millions, filling the streets of their capitals, allowed the Six to stand firm. The pressure was fierce. Chile was threatened with a U.S. refusal to ratify a U.S. free trade agreement seven years in the making. (The trade agreement was quite terrible, but the Chilean government was committed to it.) Guinea and Cameroon were threatened with loss of U.S. aid granted under the African Growth & Opportunity Act. Mexico faced the potential end of negotiations over immigration and the border. And yet they stood firm.
The day before the protests, February 14, the Security Council was called into session once again, this time at the foreign minister level, to hear the ostensibly final reports of the two UN weapons inspectors for Iraq. Many had anticipated that their reports would somehow wiggle around the truth, that they would say something Bush and Blair would grab to try to legitimize their spurious claims of Iraq’s alleged weapons of mass destruction, that they would at least appear ambivalent enough for the U.S. to use their reports to justify war. But they refused to bend the truth, stating unequivocally that no such weapons had been found.
Following their reports, French Foreign Minister Dominique de Villepin responded with an extraordinary call, reminding the world that “the United Nations must remain an instrument of peace, and not a tool for war.” In that usually staid, formal, rule-bound chamber, his call was answered with a roaring ovation beginning with Council staff and quickly engulfing the diplomats and foreign ministers themselves.
Security Council rejection was strong enough — enough governments said no — that the United Nations was able to do what its Charter requires, but what political pressure too often makes impossible: to stand against the scourge of war. On the morning of February 15, just hours before the massive rally began at the foot of the United Nations, the great actor-activist Harry Belafonte and I accompanied South African Archbishop Desmond Tutu to meet with then-Secretary-General Kofi Annan on behalf of the protesters. We were met by a police escort to cross what the New York Police Department had designated its “frozen zone” — not in reference to the bitter 18 degrees or the biting wind whipping in from the East River, but the forcibly deserted streets directly in front of UN headquarters. In the secretary-general’s office on the 38th floor of the United Nations, Bishop Tutu opened the meeting, looking at Kofi across the table and said, “We are here today on behalf of those people marching in 665 cities all around the world. And we are here to tell you, that those people marching in all those cities around the world, we claim the United Nations as our own. We claim it in the name of our global mobilization for peace.”
It was an incredible moment. And while we weren't able to prevent that war, that global mobilization, that pulled governments and the United Nations into a trajectory of resistance shaped and led by global movements, created what the New York Times the next day called "the second super-power.”
Mid-way through the marathon New York rally, a brief Associated Press story came over the wires: “Rattled by an outpouring of international anti-war sentiment, the United States and Britain began reworking a draft resolution….Diplomats, speaking on condition of anonymity, said the final product may be a softer text that does not explicitly call for war.” Faced with a global challenge to their desperate struggle for UN and global legitimacy, Bush and Blair threw in the towel.
Our movement changed history. While we did not prevent the Iraq war, the protests proved its clear illegality, demonstrated the isolation of the Bush administration policies, helped prevent war in Iran, and inspired a generation of activists. February 15 set the terms for what “global mobilizations” could accomplish. Eight years later some of the Cairo activists, embarrassed at the relatively small size of their protest on February 15, 2003, would go on to help lead Egypt's Arab Spring. Occupy protesters would reference February 15 and its international context. Spain’s indignados and others protesting austerity and inequality could see February 15 as a model of moving from national to global protest.
In New York City on that singular afternoon, some of the speakers had particular resonance for those shivering in the monumental crowd. Harry Belafonte, veteran of so many of the progressive struggles of the last three-quarters of a century, called out to the rising U.S. movement against war and empire, reminding us that our movement could change the world, and that the world was counting on us to do so. “The world has sat with tremendous anxiety, in great fear that we did not exist,” he said. “But America is a vast and diverse country, and we are part of the greater truth that makes our nation. We stand for peace, for the truth of what is at the heart of the American people. We WILL make a difference – that is the message that we send out to the world today.”
Belafonte was followed by his close friend and fellow activist-actor Danny Glover, who spoke of earlier heroes, of Sojourner Truth and Harriet Tubman, and of the great Paul Robeson on whose shoulders we still stand. And then he shouted “We stand here today because our right to dissent, and our right to participate in a real democracy has been hijacked by those who call for war. We stand here at this threshold of history, and we say to the world, ‘Not in Our Name’! ‘Not in Our Name!’” The huge crowd, shivering in the icy wind, took up the cry, and “Not in our Name! Not in Our Name!” echoed through the New York streets.
Our obligation as the second super-power remains in place. Now what we need is a strategy to engage with power, to challenge once again the reconfigured but remaining first super-power. That commitment remains.
Phyllis Bennis’ book, Challenging Empire: How People, Governments and the UN Defy U.S. Power, with Foreword by Danny Glover, is on the legacy of the February 15 protests. She was on the steering committee of the United for Peace & Justice coalition helping to build February 15, 2003.
January 15, 2013 · By Emira Woods
"There cannot be a military solution to this crisis in Mali," Emira Woods said on the PBS NewsHour. "The crisis has its roots in political and also economic processes, with people in the northern part of the country feeling completely marginalized from the rest of the country."
Woods is the co-director of Foreign Policy in Focus at the Institute for Policy Studies. You may read the full transcript of her comments on the NewsHour's website.
"So clearly what you had was an opportunity because of the intervention, the NATO intervention in Libya, unleashing weapons, both from Qadaffi's coffers as well as from the international community, weapons flowing from Libya, across borders of Algeria, into northern Mali, to be able to actually create a crisis, and further destabilize northern Mali," said Woods. "So I think what you have is a situation where unilateral intervention could create complications down the road, both for civilians that could be targeted in these airstrikes, as well as for further complicating a political crisis that may not be resolved militarily."
December 1, 2012 · By Janet Redman
The 2012 UN climate negotiations are not expected to be a breakthrough moment in solving the unfolding ecological crisis, but these talks will set the course for a future deal that countries have agreed will enter into force by 2020.
What’s at stake is more than a little overwhelming.
Global warming has to be kept to less than 2 degrees Celsius above pre-industrial temperatures if we want to avert climate disaster. Scientists say that means we can send 565 more gigatons of carbon dioxide into the atmosphere. Meanwhile fossil fuel companies are planning to burn enough oil, coal and gas to release 2,795 gigatons.
And the impacts of a warming planet are already hitting home. Because of sea level rise the island nation of Kiribati in the Pacific Ocean is in negotiations to resettle its entire population in Fiji. And in the United States we’ve just experienced a summer of record-busting heat waves followed by a super-storm the likes of which meteorologists have literally never before seen.
From where I sit in Doha, however, any agreement to avoid predicted extremes in weather, economic disruption and loss of life that will accompany global warming looks a long way off.
According to the Intergovernmental Panel on Climate Change — the experts group that provides the climate convention with the latest science — global greenhouse gas emissions would have to peak and start coming down by 2015. That’s right — in three years. Then, by 2050, the nations of the world would need to halve their overall climate pollution.
For the United States that translates into something like a 50 percent reduction by 2020 and deeper than 80 percent cuts by 2050 — a quasi-political calculation based on our responsibility as far and away the greatest contributor to climate change and one of the economies most capable of adapting.
Delivering serious emissions cuts won’t be easy for any country. Re-orienting a nation’s infrastructure to be climate smart — from energy to food to manufacturing to transportation — won’t be cheap.
Not surprisingly, no country wants to be the only one — or one of only a few — that is obliged to overhaul its entire economy to be low-carbon and climate resilient. It would put them at a distinct competitive disadvantage, at least at first (of course, every dollar spent on prevention saves three in disaster cleanup later).
And so the two largest economies and biggest polluters on the planet — the United States and China — have somewhat cleverly staked out positions that set them on the dangerous path of Mutually Assured Inaction. Neither of them will act on climate until the other does — but neither of them really wants to anyway.
The U.S. climate team said in no uncertain terms before leaving Washington DC for Doha that a second Obama term doesn’t translate into a shift away from blocking a climate deal that big countries like China are not legally bound by.
Lead negotiator Jonathon Pershing has repeatedly insisted that he can’t bring home a deal he can’t sell to Congress — and unfortunately Congress is still in the pocket of polluters (look no further for evidence than a recent letter to President Obama from 18 Senators who accepted more than $11 million from dirty energy companies urging him to approve the Keystone XL pipeline and unlock the Canadian tar sands).
At the end of the first week of negotiations, with a fair and effective climate deal looking out of reach, it’s hard to see how developing countries — or civil society — can compel the industrial world to take bold action and live up to their responsibilities.