Public climate finance from developed to developing countries totalled USD 56.7 billion in 2017, up 17% from USD 48.5 billion in 2016, according to new data compiled by the OECD.
A new data series for 2013-2017 shows that public climate finance has risen by 44% from USD 39.5 billion in 2013. The year-on-year rise has been steady aside from a small dip in 2015.
The data includes bilateral public climate-related aid from developed countries, multilateral climate finance attributable to developed countries, and officially supported climate-related export credits from developed countries. Updated estimates of mobilised private climate finance flows are due to be provided in 2019. Previously estimated mobilised private climate finance for 2013-14 are provided in the report for completeness.
The 2017 figure is consistent with a linear pathway to the level of public climate finance from developed countries that the OECD projected in a previous report in 2016 would be reached in 2020, i.e. USD 66.8 billion in 2020, excluding export credits.
Public climate finance from developed to developing countries is rising
The data series shows that bilateral public climate finance increased by 20% from 2013 to 2017 to reach USD 27 billion. Multilateral climate finance attributable to developed countries rose by 79% to USD 27.5 billion, and climate-related export credits increased by 31% to USD 2.1 billion.
Within that, finance for adaptation to climate change rose by 65% from USD 7.8 billion in 2013 to USD 12.9 billion in 2017. Finance for climate change mitigation rose by 38% from USD 28.2 billion to USD 38.9 billion, and finance for cross-cutting activities rose 37% from USD 3.5 billion to USD 4.8 billion.
The relative mix of grants to loans (concessional and non-concessional) was relatively stable over the five-year period. Grants represented over a third of bilateral and less than 10% of multilateral climate finance, while loans accounted for about 60% of bilateral and nearly 90% of multilateral finance. Grant financing rose by 25% from USD 10.3 billion in 2013 to USD 12.8 billion in 2017, while the volume of loans doubled to USD 40.3 billion in 2017 from USD 20.0 billion in 2013. The majority of bilateral loans were concessional; most multilateral loans were non-concessional.
All regions received increasing amounts of public climate finance over the period. Asia, followed by Africa and Latin America, received the largest share of bilateral and multilateral climate finance over the period at more than 80% in any given year.
Consumers moving away from traditional forms of entertainment and media consumption
Consumers are increasingly using digital technology for more than just shopping. There is a revolution occurring in how consumers access entertainment and media, for example. Thirty-eight percent of global consumers stream entertainment at least daily, and among Gen Z consumers, cord-cutting for entertainment is at more than 50%.
The findings are published today in PwC’s Global Consumer Insights Survey, which assesses the behaviour, habits and expectations of over 21,000 online consumers in 27 territories. PwC’s research reveals rapidly changing consumer behaviour in a host of areas other than entertainment and media.
When it comes to news, 25% of consumers now go to social media first to hear about current events. Given how pervasive social media is today, this likely doesn’t come as a surprise. Social media-placed ads that allow consumers to interact with a brand is now ranked as the third most effective form of advertising, and among millennials, this is the most popular form of advertising – beating out traditional television ads.
The easier and better the experience, the more consumers will spend
The study finds that consumers — bombarded with a multitude of choices — are constantly seeking tools to help simplify their purchasing decisions. In addition to using digital technology, they are looking to their trusted communities and other experts:
According to those surveyed, the top three
attributes that can improve an in-store shopping experience are easy store
navigation, knowledgeable sales associates and easy payment options.
61% of consumers are influenced by social media
for their purchases, either as inspiration or following positive reviews.
Conversely, less than 20% of consumers say they’re likely to buy a product
because of a celebrity or influencer.
Almost 50% of those surveyed let family and friends’ opinions guide their choice of a vacation travel provider.
John Maxwell, Global Consumer Markets Leader, PwC comments, “The key to a great end-to-end customer experience isn’t just about the shopping and retail experience – it spans across industries. Consumers are looking for a seamless and easy purchasing journey, and companies can achieve this by using a blend of both physical and digital approaches. The result is a greater return on experience with the customer and more lasting results for businesses.”
Two-thirds of consumers are now more willing to access non-traditional health services online. Nearly 75% own health-related apps, with exercise/health-monitoring being the most popular. More than half (51%) of consumers surveyed used a smartphone to pay bills and invoices online, and the same percentage transferred money online. For the first time in the 10 years that PwC has conducted this survey, consumers surveyed are using smartphones over other mobile devices to shop online, with 24% of consumers using a smartphone to shop online weekly.
In emerging countries, mobile payments in stores are increasing, with Vietnam seeing the biggest increase to 61% in a period of one year, followed by the Middle East (45%). Globally, there was an overall increase of 24% over the past year. In general, Asian countries are more likely to adopt this behaviour more quickly than Western countries.
People Can Prosper and Thrive If Pakistan Reforms Faster
Pakistan urgently needs to invest more and better in its people if they are to be richer, better educated, and healthier when the country turns 100 years old in 2047, says a new report by the World Bank.
Launched today at the Human Capital Summit, the report, Pakistan@100: Shaping the Future, urges Pakistan to overcome its boom-bust cycles through a deep-rooted economic transformation. It recommends the essential reforms Pakistan needs now to accelerate and sustain growth. This means increasing and improving human capital investment, boosting productivity, promoting social and environmental sustainability, ensuring good governance, and leveraging its location to connect more with neighbors and the world beyond says the report.
“There are steps Pakistan can take today to boost its economic performance and thereby ensure a better future for its people,” says Hartwig Schafer, World Bank Vice President for South Asia. “These steps are ones that other countries have taken to open up their business sectors to competition and innovation and laying the foundations for growth, investment, and good jobs.”
The forward-looking report argues that Pakistan’s greatest asset is its people – a young population of 208 million. This large population can transform into a demographic dividend that drives economic growth. To achieve that, Pakistan must act fast and strategically to: i) manage population growth and improve maternal health, ii) improve early childhood development, focusing on nutrition and health, and iii) boost spending on education and skills for all, according to the report.
“Because the next generation is meeting only 40 percent of its potential it means that Pakistan is foregoing much of its economic growth, but this can change if women’s potential is unlocked,” says Annette Dixon, World Bank Vice President for Human Development. “When women and girls are empowered to make their own decisions, they stay in school longer, they start families a little later, have fewer children, contribute more to the economy, and invest more in their children. It’s a virtuous circle that’s good for families and good for the whole country.”
In addition to human capital, Pakistan@100: Shaping the Future calls for reforms in other key areas.
To increase investment levels, the report recommends ways to make it easier to do business in Pakistan, as well as reforms to tax policy and administration to increase fiscal space and public investment in the country’s top priorities. Strong governance will be crucial to implement a difficult set of reforms. The report discusses the key elements of a strong governance environment, including the need for a stronger civil service.
“Accelerating and sustaining Pakistan’s growth over a 30-year period is ambitious, but possible,” says Illango Patchamuthu, World Bank Country Director for Pakistan. “Many other countries have achieved economic transformations within a generation with the right set of policies. The World Bank is committed to working with the government of Pakistan and other stakeholders in the country to advance the necessary reforms, so that Pakistan can significantly increase growth and sustain it, so it is an upper middle-income country by the time it celebrates its centenary.”
Pakistan@100: Shaping the Future has also benefited from funding by the UK Department for International Development and Australian Department for Foreign Affairs and Trade.
Trade in fake goods is now 3.3% of world trade and rising
Trade in counterfeit and pirated goods has risen steadily in the last few years – even as overall trade volumes stagnated – and now stands at 3.3% of global trade, according to a new report by the OECD and the EU’s Intellectual Property Office.
Trends in Trade in Counterfeit and Pirated Goods puts the value of imported fake goods worldwide based on 2016 customs seizure data at USD 509 billion, up from USD 461 billion in 2013 (2.5% of world trade). For the European Union, counterfeit trade represented 6.8% of imports from non-EU countries, up from 5% in 2013. These figures do not include domestically produced and consumed fake goods, or pirated products being distributed via the Internet.
Trade in fake goods, which infringe on trademarks and copyright, creates profits for organised crime gangs at the expense of companies and governments. Fakes of items like medical supplies, car parts, toys, food and cosmetics brands and electrical goods carry a range of health and safety risks. Examples include ineffective prescription drugs, unsafe dental filling materials, fire hazards from poorly wired electronic goods and sub-standard chemicals in lipsticks and baby formula.
“Counterfeit trade takes away revenues from firms and governments and feed other criminal activities. It can also jeopardise consumers’ health and safety,” said OECD Public Governance Director Marcos Bonturi, launching the report with the Director of the EU Observatory on IPR infringements at the EUIPO, Paul Maier, and the EU Ambassador to the OECD Rupert Schlegelmilch. “Counterfeiters thrive where there is poor governance. It is vital that we do more to protect intellectual property and address corruption.”
The goods making up the biggest share of 2016 seizures in dollar terms were footwear, clothing, leather goods, electrical equipment, watches, medical equipment, perfumes, toys, jewellery and pharmaceuticals. Customs officials also noted an increase in counterfeits of goods less commonly seen in the past such as branded guitars and construction materials.
The majority of fake goods picked up in customs checks originate in mainland China and Hong Kong. Other major points of origin include the United Arab Emirates, Turkey, Singapore, Thailand and India.
The countries most affected by counterfeiting in 2016 were the United States, whose brands or patents were concerned by 24% of the fake products seized, followed by France at 17%, Italy (15%), Switzerland (11%) and Germany (9%). A growing number of businesses in Singapore, Hong Kong and emerging economies like Brazil and China are also becoming targets.
Small parcels sent by post or express courier are a prime and growing conduit for counterfeit goods. Small parcels accounted for 69% of total customs seizures by volume over 2014-2016 (57% via post and 12% via courier), up from 63% over the 2011-2013 period.
Along with insufficient screening of small parcels, other areas where policy gaps are facilitating counterfeit trade are inconsistent penalties on traffickers and the special rules governing free trade zones. Past OECD-EUIPO analysis has shown that free trade zones – where economic activity is driven by reduced taxes, customs controls and lighter regulation – can unintentionally facilitate counterfeit trade. The OECD is working with its member countries on formal guidelines to help authorities stem the problem.
Trends in Trade in Counterfeit and Pirated Goods covers all physical fake goods which infringe trademarks, design rights or patents, and tangible pirated products, which breach copyright. It does not include online piracy, which is a further drain on economies.
Consumers moving away from traditional forms of entertainment and media consumption
Consumers are increasingly using digital technology for more than just shopping. There is a revolution occurring in how consumers access entertainment...
Only on Langkawi: An Insider’s Guide to the Most Coveted Langkawi Pursuits
Whether in search of wanderlust, culture, or relaxation, Four Seasons Resort Langkawi showcases a bespoke collection of experiences that captures...
Smart cities hold the key to sustainable development
Asia and the Pacific’s phenomenal development has been a story of rapid urbanization. As centres of innovation, entrepreneurship and opportunity,...
Time and Place
OMEGA celebrates three great cities and the Swiss brand’s home country with a collection of exclusive boutique watches for passionate...
SDGs and Her Initiative Announces Winners of 2019 Global Competition
Today, the global SDGs and Her Competition announced the winners of the 2019 global competition. The contest– co-sponsored by the World Bank Group,...
India Acquiring Thermonuclear Weapons: Where Is The Global Outcry?
The atomic bomb revolutionized modern warfare not by enabling the mass slaughter of civilians but by vastly increasing its efficiency—the...
China’s Diplomatic Tightrope Amidst Rising Indo-Pak Tensions
Since the dramatic rise in Indo-Pak tensions earlier this month, the entire South Asian region has once again been propelled...
South Asia2 days ago
Countering Terrorism and the dawn of CPEC
Terrorism3 days ago
The Impact of Words: Christchurch Shooting
Middle East1 day ago
The battle for leadership of the Muslim world: Turkey plants its flag in Christchurch
Africa3 days ago
Here Are the 10 Young Africans Pushing Boundaries and Changing the World in 2019
Middle East3 days ago
Who Will Rebuild Syria: Extremely Loud & Incredibly Close
Intelligence3 days ago
Islamic Caliphate is dead, but its dangerous and infectious ideology is alive
Religion3 days ago
Hindu jihad (holy war): India Pakistan context
East Asia2 days ago
Xi Jinping’s visit to Italy and the relationship between China and the Catholic Church