Broad consensus, paltry results
By Bodo Ellmers
The UN Forum on Financing for Development (FfD) 2021 was the first FfD forum held as planned since the outbreak of the COVID-19 crisis. Accordingly, the expectations were high. Development finance is currently facing a triple challenge: to mitigate the humanitarian crisis, funds for an acute crisis response are needed – for example, to finance universal access to vaccines through the COVAX-facility, or for social protection measures. To mitigate the further divergence between countries, resources must be made available for economic stimulus programmes in the Global South [...]
On Standby
From October 26 to 30, 2020, the open-ended intergovernmental working group on transnational corporations and other business enterprises with respect to human rights (OEIGWG) met for the sixth time at the United Nations (UN) Human Rights Council in Geneva. The discussions were based on the second revised draft presented by the Ecuadorian Chair of the working group in August 2020. The session was overshadowed by the impact of the COVID-19 pandemic.
It was held in a hybrid format, i.e. with the option of on-site or virtual participation. Of the 66 participating states, many said they were [...]
Financing Sustainable Development in the Era of COVID-19 and Beyond - An analysis and assessment of innovative policy options
In the early days of the COVID-19 pandemic, the United Nations (UN) estimated that developing countries needed an extra US$ 2.5 trillion in external finance to cope with the consequences of the crisis. This vast sum is needed because additional spending needs – for example on health services and social protection – coincide with a simultaneous collapse of all traditional sources of development finance: tax revenue, export earnings, migrant remittances, foreign direct investment and, to a lesser extent, also official development assistance (ODA). In order to discuss how these finances could be [...]