“Investing in Green Growth…”

A group of financial institutions with over $130 trillion at their disposal last year pledged to put combatting climate change at the centre of their work. 

How West can mobilize trillions to help save Earth

War, inflation, debt, hunger, energy security and fear of recession will dominate the discussions at the annual meetings of the World Bank and International Monetary Fund this week. But policymakers gathering in Washington also have good reasons to keep the existential priority of stopping the planet from frying at the top of their minds.

This is obvious for countries like Pakistan which are already suffering from extreme weather. But rich countries that are the international lenders’ largest shareholders should also make sure fighting climate change remains a priority.

The West has self-interested reasons to mobilise trillions of dollars to help the poorer nations of the so-called Global South transition from fossil fuels. For a start, richer countries need to protect themselves from the direct impacts of global warming, and from spillover effects such as mass migration caused by people fleeing unbearable conditions.

Unleashing investment also has geopolitical benefits. Russia’s invasion of Ukraine and China’s sabre-rattling over Taiwan have highlighted the need for the West to shore up its allies in the rest of the world. Investing in green growth is one way to achieve that.

Germany says EU has sufficient funds to tackle energy crisis

The European Union member states could use money from the “Next Generation” fund to tackle crises, a German government spokesperson said, commenting on a media report saying Berlin supported joint debt issuances to ease the energy crisis.

Only a fifth of approved available funds has been paid out from the “Next Generation” fund, and the remainder could be used to tackle crises and finance the energy transition, the spokesperson said on Tuesday.

“To this end, an agreement must now be reached quickly with the European Parliament in order to be able to use these funds promptly,” the spokesperson added.

Citing sources, Bloomberg on Monday said Germany will change its position and support a joint issuance of EU debt through loans, pushing German government bonds yields higher.

Ukraine leader to ask G7 for air defence weapons after Russian strikes

President Volodymyr Zelenskiy will ask the leaders of the G7 group of nations to urgently supply Ukraine with air defence weapons, after Russia rained down cruise missiles in its latest escalation of its unravelling invasion.

Ukrainians woke up to the wailing of new air raid sirens on Tuesday, with parts of the country left without power. Officials said 19 were killed on Monday in cruise missile strikes across the country, the biggest air raids since the start of the war.

President Vladimir Putin, under domestic pressure to ramp up the conflict as his forces have lost ground since the start of September, said he ordered the strikes as revenge for an explosion that damaged Russia’s bridge to annexed Crimea.

Kyiv and its allies condemned Russia’s strikes, which mainly hit civil infrastructure such as power stations. Missiles also landed in parks, tourist sites and busy rush hour streets.

U.S. President Joe Biden and other Group of Seven leaders will convene virtually later on Tuesday to discuss what more they can do to support Ukraine and to listen to Zelenskiy, who has called air defence systems his “number 1 priority”. Biden has already promised more air defences.

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