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World Bank and Credit Suisse Partner to Focus Attention on Sustainable Use of Oceans and Coastal Areas

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The World Bank (International Bank for Reconstruction and Development, IBRD rated Aaa/AAA) issued a USD 28.6 million 5-year Sustainable Development Bond as part of ongoing efforts to raise awareness for the vital role fresh and saltwater resources play for people, livelihoods, and the planet.

Credit Suisse Securities (Europe) Ltd., through its Impact Advisory and Finance Department, acted as the sole manager of the transaction.

World Bank bonds support the financing of sustainable development projects and programs across a range of critical development sectors in member countries. This includes projects designed to promote strong governance of marine and coastal resources to support sustainable fisheries and aquaculture, make coastlines more resilient, establish coastal and marine protected areas, and those which improve solid waste management to reduce pollution in waterways and oceans. This “Blue Economy” approach supports economic growth, social inclusion and the preservation or improvement of livelihoods while at the same time ensuring the environmental sustainability of oceans and coastal areas.

“World Bank bonds provide an opportunity for investors to engage on purpose, impact and the Sustainable Development Goals. We are pleased to partner with Credit Suisse to focus attention on the importance that water conservation and the sustainable use of our oceans and waterways play in development”, said George Richardson, Director of Capital Markets, World Bank.

The World Bank bond forms the collateral for Credit Suisse’s Low Carbon Blue Economy Note, which was placed with Credit Suisse’s private wealth management clients globally. The Low Carbon Blue Economy Note as collateralized by the World Bank bond was well received and illustrates the desire for private investors to use their investment to engage on critical topics like the Blue Economy.

“Credit Suisse is delighted to partner with the World Bank to highlight the need for investment in one of the most important ecosystems for fighting climate change and creating sustainable livelihoods for billions of people – the ocean value chain. Absorbing approximately 30% of the carbon dioxide created by humans and generating 50% of the world’s oxygen, yet significantly underfunded from a private capital perspective, ocean health is critical. Funding, such as this, supports the World Bank, which in turn supports projects from sustainable fisheries to marine protected areas to ocean waste upcycling and helps us close the funding gap identified by the Sustainable Development Goal 14, “life below water”, said Marisa Drew, CEO of the Impact Advisory and Finance Department at Credit Suisse.

The World Bank issues US$50-US$60 billion in the global capital markets every year and proceeds of all its bonds support the financing of development programs that are aligned with the Sustainable Development Goals. This includes, for example, projects that are helping to: improve flood management through improved solid waste management in Philippines; preserve and grow fish stocks and related livelihoods in Peru; and improve management of marine areas and strengthen fisheries value chains in Seychelles.

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Human Rights

Restore sexual, reproductive health rights lost during COVID, rights expert urges

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Adolescent girls attend a support group discussion on women’s health. © UNICEF/Tapash Paul

Sexual and reproductive health rights, are human rights, the independent UN expert on the right to health reminded Member States in the General Assembly on Wednesday, saying that it was essential to restore services in the field, that have been eroded during the COVID-19 pandemic

“Millions of women globally had limited or no access to maternal and new-born healthcare, some 14 million women lost access to contraception, and specialized services for victims of gender-based violence became inaccessible, when they were needed most”, said Dr. Tlaleng Mofokeng.

The Special Rapporteur pointed out that lockdowns, movement restrictions and diversion of funds due to COVID-19 have “jeopardized access to essential sexual and reproductive health services”.

In presenting her report on the effect of the pandemic on physical and mental health services, she also spoke of “new measures and laws in place across regions, further restricting access to safe abortion, a component of sexual and reproductive services encompassed in the right to health”.

Reversing a legacy

As part of the right to health, the UN expert called on States to move beyond the COVID-19 pandemic to rebuild and strengthen health systems for advancing sexual and reproductive health rights for all.

“Governments must remove obstacles and ensure full access to quality services, including maternal health care, contraception and abortion services, screening for reproductive cancers and comprehensive sexual education”, she said.

However, Dr. Mofokeng noted that many obstacles continue to stand between individuals and their exercise of their rights to health, rooted in patriarchy and colonialism, and others in structural and systemic inequalities.

“Patriarchal oppression is universal, permeates all societies and is at the very origin of the erosion of autonomy and the control of girls and women’s bodies and sexuality to the detriment of their enjoyment of sexual and reproductive rights”, she spelled out.

“Colonialism has permeated patriarchy across regions and its legacy continues today through laws, policies and practices that deny or restrict sexual and reproductive rights and criminalize gender diverse identities and consensual adult same-sex acts”, added the Special Rapporteur.

Rooted in law

She reminded governments that sexual and reproductive health rights are rooted in binding human rights treaties, jurisprudence, and consensus outcome documents of international conferences.

“I call on States to respect and protect key principles of autonomy, bodily integrity, dignity and well-being of individuals, especially in relation to sexual and reproductive health rights”, she said.

“I pledge to engage with States and all relevant actors to uphold the right of everyone to the enjoyment of the highest attainable standard of physical and mental health”.

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Finance

North Macedonia’s Growth Projected Higher, but Economy Still Faces Risks

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The Western Balkans region is rebounding from the COVID-19-induced recession of 2020, thanks to a faster-than-expected recovery in 2021, says the latest edition of the Western Balkans Regular Economic Report, Greening the Recovery.

The outlook for the region has improved significantly, with GDP growth now projected to reach 5.9 percent in 2021, after a 3.1 percent contraction in 2020. Growth in the region is projected at 4.1 percent in 2022 and 3.8 percent in 2023.

The poverty rate for the region is projected to resume its pre-pandemic downward trend and fall by around 1 percentage point to 20.3 percent, close to its 2019 level.

The regionwide recovery is due to strength in both domestic and external demand. A sharp rebound in domestic consumption and in travel across Europe helped boost remittances as well as tourism inflows during the 2021 peak summer season. A strong recovery in advanced economies also provided a boost to demand for the region’s exports.

For North Macedonia, this translates into a growth projection of 4.6 percent for 2021, much higher than the forecast in spring. “This positive outlook is still surrounded by downside risks, with the pace of immunization low and supply chains still disrupted, while financial conditions have started tightening,” said Massimiliano Paolucci, World Bank Country Manager for North Macedonia and Kosovo.

However, the recovery remains fragile. Early warning signals from the labor market call for close policy attention. Job losses from the recession and its aftermath have disproportionately affected women and youth, which may set back efforts to raise the region’s perennially low rates of labor force participation. Youth unemployment rose to 37.7 percent in 2021, up 5.4 percentage points from June 2020, further worsening youth employment prospects.

“As the Western Balkans countries look to a post-pandemic future, their policy approach will need to focus on addressing key impediments to job creation and economic transformation, including green transition,” said Linda Van Gelder, World Bank Regional Director for the Western Balkans. “All six countries would benefit from reforms in the business environment, governance, and digitalization, which would contribute to growth and close the gap with EU countries.”

The report also looks at the macro-fiscal challenges and drivers of greening the region’s growth. The Western Balkans now find themselves at a key decision point regarding the impending green transition.

Global strides toward climate action are causing fundamental changes in society. Consumer and investor preferences are shifting, green technologies and new business models are disrupting more markets, and green policies are reshaping economic landscapes. As such, greening a country’s economy is becoming a decisive factor in international competitiveness and the ability to attract international finance and investments.

The Western Balkans are no exception. Still characterized by a development model tilted toward familiar brown industries, moving toward a green growth pathway is far from easy, especially in the short term. Yet, the green transition offers significant opportunities for the Western Balkans – including closer integration into Euro-centric global value chains and access to significant EU resources to help fund a green transition.

Effectively managing this green transition, including the many policy tradeoffs, will need to be a core focus of policy attention for the Western Balkans in the years ahead.

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Development

Rush for new profits posing threat to human rights

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The finance industry’s demand for new sources of capital worldwide to satisfy investors, is having a serious negative impact on the enjoyment of human rights, a group of UN-appointed independent rights experts have warned

Among the rights at risk from increasing speculation in the financial markets by hedge funds and other investment funds, are the right to safe drinking water and sanitation, food, adequate housing, development, and a healthy and sustainable environment, among others.  

Exploiting the marginalized 

In a statement, the independent Special Rapporteurs and other experts, expressed their concern over the gradual encroachment of financial speculators into new areas of the economy, putting human rights at risk

They highlighted in particular, trading in areas essential for the enjoyment of human rights of marginalized, indigenous peoples, Afro-descendant and peasant communities, persons with disabilities and persons living with Albinism, as well as those living in areas of conflict. 

The experts also pointed out that so-called financialisation – the growth in new financial instruments since the 1980s managed by new financial services – has a disproportionate impact on the enjoyment of their rights by women and girls, who are systematically victims of discrimination. The impact on older people was also highlighted. 

Effect on housing 

According to a former Special Rapporteur on adequate housing, in recent years massive amounts of global capital have been invested in housing as a commodity, as security for financial instruments that are traded on global markets, and as a means of accumulating wealth. 

However, when the 2008 global financial crisis hit, many houses suddenly lost much of their value, and individuals and families were made homeless overnight. 

The expert also pointed out that in the Global South, informal settlements in Southern cities are regularly demolished for luxury housing and commercial development intended for the wealthiest groups of the population

This process of financialisation of assets, has only been reinforced during the COVID-19 pandemic, the expert said. 

‘Speculative food bubble’ 

In agricultural markets, the experts described how the same big international banks responsible for the global financial crisis, invested billions of dollars in food futures, generating an increase in the prices of raw materials such as wheat, corn and soybean, which doubled and even tripled in a few months, creating a new speculative food bubble

According to the World Bank, between 130 and 150 million more people were pushed into extreme poverty and hunger, mainly in low-income countries depending on food imports to feed their populations. 

The experts highlighted how the financialisation of housing and food has exacerbated inequalities and exclusion, disproportionately affecting heavily indebted households and those on low incomes. 

Applying speculative logic in these areas violates the human rights of people in poverty, exacerbates gender inequality and aggravates the vulnerability of marginalized communities, they said. 

Commodifying nature 

The growing monetization and commodification of ecosystem services, such as carbon storage, were also noted by the experts. 

They warned that it threatens the sustainability of ecosystems, marginalizes natural and cultural values that have no apparent economic value, and weakens the control of indigenous peoples and local communities over their territories

The right to pollute and destroy nature is gradually being legitimized and commercialized, they said. 

They also pointed out that addressing the climate emergency often ignores both the impacts on people in poverty, and undermines the human rights and livelihoods of the poorest. 

The eviction of indigenous peoples from forests or the replacement of complex old-growth forests with monocultures of fast-growing non-native tree species was highlighted as an example of this. 

Treating housing, food, or the environment, as assets to be traded by hedge funds and other financial actors in financial derivatives markets, represents a direct attack on people’s exercise and enjoyment of human rights such as the right to housing, to food, to a healthy environment, or to drinking water and sanitation, the experts stated. 

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