Devex @ World Bank-IMF: How multilateral development banks can better address climate change

This week we delve into the key trends that have shaped the global development landscape. From the impact of declining aid budgets in high-income countries to Donald Trump’s reelection, we examine how these forces are influencing the sector and consider their implications for the year ahead.We also explore the potential of cash transfers to revolutionize the aid sector and challenge the traditional global financial architecture.In the United States, a landmark bill is poised to significantly expand the reach of the Millennium Challenge Corporation, potentially enabling the agency to operate in middle-income countries for the first time.To look back at 2024 and to dig into these stories, Devex President and Editor-in-Chief Raj Kumar sits down with Yolande Wright, vice president of partnerships at GiveDirectly, and Devex Senior Business Editor David Ainsworth for the latest episode of our weekly podcast series.Sign up to the Devex Newswire and our other newsletters.

This week, we take a look at the Civil Society and Social Innovation Alliance, known as CIVIC, a new, forthcoming World Bank Group initiative designed to support civil society organizations and social economy players. This venture seeks to foster more collaboration in line with the bank’s localization agenda, enabling civil society to play a crucial role in addressing global challenges.On the topic of the World Bank, the financial institution announced $23.7 billion in contributions to the International Development Association, or IDA, the bank’s fund for providing grants and low-interest loans to 78 low-income countries. This is a 0.8% increase from the last replenishment of $23.5 billion in 2022 but falls short of the $27 billion that some advocates had hoped for.We also discuss the Lobito corridor, which will connect Angola, Zambia, and the Democratic Republic of Congo via a rail that runs to the Lobito port in Angola. With many seeing it as a key initiative in the U.S.' efforts to counter China's growing influence, we discuss the chances of it continuing under the Trump administration.To dig into these stories, Devex’s Michael Igoe sits down with Aly Rahim, program manager of the Global Partnership for Social Accountability at the World Bank, and Senior Reporter Adva Saldinger for the latest episode of our weekly podcast series. Sign up to the Devex Newswire and our other newsletters.

As key appointments in the Trump administration come into focus, what will they mean for U.S. foreign aid? With high-profile picks such as Robert F. Kennedy Jr. for health secretary and Marco Rubio for secretary of state in the spotlight, all eyes in the development community are on Trump’s yet-to-be-announced choice to lead the U.S. Agency for International Development — a decision poised to shape the future of U.S. global engagement.In this episode of our weekly podcast series, Devex President and Editor-in-Chief Raj Kumar is joined by Devex Senior Reporter Adva Saldinger and Nasra Ismail, U.S. enterprise executive director at Alight, to discuss the wide range of possibilities under a Trump presidency.Sign up to the Devex Newswire and our other newsletters.

This week we reflect on the United Nations COP29 climate conference in Baku, Azerbaijan, which wrapped up over the weekend. We take a closer look at the outcomes, analyzing nations’ commitment to a new $300 billion annual global climate finance target and exploring whether it’s sufficient to support the needs of the lower-income countries most impacted by climate change.While some steps have been taken to assist these states, significant doubts remain about the sufficiency of what nations agreed at COP29. Is the global community truly committed to addressing the climate crisis? Did COP29 deliver? What will be the next step in the climate negotiations?For the latest episode of our weekly podcast series, Business Editor David Ainsworth sits down with Clare Shakya, global managing director of climate at The Nature Conservancy, and Climate Reporter Jesse Chase-Lubitz, to look back at COP 29.Sign up to the Devex Newswire and our other newsletters.

As COP29 comes to a close, we take a look at what negotiators are still racing to resolve in the final hours of the ambitious two-week conference. From building carbon markets to establishing private sector partnerships to meet the funding gap, we also contemplate whether the discussions will lead to meaningful action and address the issues posed by climate change.This week, we were also on the ground in Brazil, closely following the conversations taking place at the G20 summit in Rio de Janeiro. We dive into some of the global development issues on the agenda during the discussions, including slashing world hunger, reforming multilateral development banks, and taxing the superrich. To look back at these two crucial events on the global development calendar, Devex President and Editor-in-Chief Raj Kumar sits down with James Mwangi, founder and CEO of Africa Climate Ventures, as well as Global Development Reporter Elissa Miolene for the latest episode of our weekly podcast series.Sign up to the Devex Newswire and our other newsletters.

For this special episode of our weekly podcast series, Devex EVP and Executive Editor Kate Warren sits down with leaders from Bayer and Mars who discuss the challenges and opportunities for the private sector in addressing climate change. 

For this special episode of our weekly podcast series recorded at COP29, Devex climate reporter Jesse Chase-Lubitz sits down with Kulthoum Omari-Motsumi from the Africa Adaptation Initiative, Patrick Verkooijen of the Global Center on Adaptation, and Tagaloa Cooper from the South Pacific Regional Environment Program. 

Agriculture is both a driver of climate change, with around 11% of global greenhouse gas emissions coming from direct on farm emissions, and a potential game changer in mitigating it, if carried out sustainably. Yet currently agriculture receives only 4.3% of total mitigation and adaptation finance, making it an underutilized part of the solution to climate change.“Maybe an important conversation to have in Baku is to say, of the finances that we have available, are we all focussing on the sectors where we can see true, tangible, and implementable solutions,” said CropLife International’s Vice President for public affairs and communications Laurie Goodwin, the global association that advocates on behalf of plant science innovation.In a conversation with Devex Executive Vice President and Executive Editor Kate Warren, Goodwin and CropLife International’s President and CEO Emily Rees discussed advancements in plant science and the role of innovation, such as the use of digital tools — otherwise known as precision agriculture — in building resilience in global food systems. “It’s a real digital revolution, a farming revolution, that we’re seeing,” said Rees. “I think it’s really important to keep in mind what the benefits are of this from a biodiversity perspective, from a conservation perspective, from a land degradation perspective.”Listen to their conversation to hear how innovative technologies are helping improve crop resilience and yields, and what more is needed to ensure these solutions reach smallholder farmers.

While the African continent has seen significant economic growth in recent years, it continues to grapple with critical infrastructure challenges that hamper business expansion, service delivery, trade, investment, as well as sustainable development. In the latest episode of This Week in Global Development, Devex Executive Vice President Kate Warren speaks with Alain Ebobissé, CEO of Africa50, during the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group in Washington, D.C. Since its launch seven years ago, Africa50 has emerged as a key player in bridging the infrastructure gap across the continent, focusing on project development to create a pipeline of bankable projects.Listen to the podcast episode for the full interview, where Warren and Ebobissé discuss the future of infrastructure in Africa, the importance of climate being built into infrastructure projects, and innovative strategies being employed to create lasting impact across the continent.

As the COP 29 U.N. climate conference kicks off in Baku, Azerbaijan, we look ahead to the potential implications of the discussions on the global development sector.Labeled as the “finance COP,” one of the expected outcomes of the summit is a new financial goal for high-income countries to deliver to lower-income countries to address the challenges induced by climate change.With Trump’s recent reelection and implications for development, as well as Europe’s ongoing cuts to development funding, serious questions remain over whether ambitious financial and political commitments will be made, and if the discussions will translate into meaningful action.What are we expecting from COP29? Which are the conversations that we will be following?Devex President and Editor-in-Chief Raj Kumar sits down with Devex reporters Jesse Chase-Lubitz and Ayenat Mersie for this special episode of our weekly podcast series ahead of COP 29.Sign up to the Devex Newswire and our other newsletters.