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The role of impact investing in “Building Back Better”

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The United Nations Industrial Development Organization (UNIDO), together with the China Council for the Promotion of International Trade (CCPIT), has organized a high-level side event during the third China International Import Expo. The event, supported by the China Chamber of International Commerce, was entitled, Understanding and Harnessing the Role of Impact Investing for ‘Building Back Better’ in Times of the Global COVID-19 Crisis, and participants considered the issue on the context of achieving the 2030 Agenda for Sustainable Development during the Decade of Action.

In his opening remarks, UNIDO Director General, LI Yong, commended China’s post-pandemic economic recovery. He pointed out that “in the post-pandemic world, impact investment, innovation and recovery are inextricably interlinked. It will be imperative that investments and stimulus packages seize the opportunity to ‘Build Back Better’.”

CCPIT Chairperson, GAO Yan, noted that the world is undergoing unprecedented changes. “Building a community of common destiny is the golden key to solving global challenges,” she said, adding that a more sustainable model of economic and social development needs to be built on innovation, coordination, green development, openness and sharing, and that impact investment should be expanded.

ZHOU Yueqiu, Chief Economist of the Industrial and Commercial Bank of China, Bernardo Calzadilla-Sarmiento, Managing Director at UNIDO, and CHEN Zhong, Vice President of the China Communications Construction Company, delivered keynote speeches.

The ensuing panel discussion provided an opportunity to eminent business leaders and other stakeholders to share their in-depth views on how to foster economic recovery in a post-pandemic world in practice through impact investing. There was agreement that the impact of the pandemic will be felt across sectors and supply chains well beyond the crisis. Panellists also concurred that the crisis provides an opportunity. Channelling investments into key areas of technological innovation, such as artificial intelligence, clean energy, and others, has the potential to improve product sustainability, and to promote global environmental governance and sustainable development.

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World Bank Group and Azerbaijan Sign Agreement to Strengthen Partnership

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The Government of the Republic of Azerbaijan and the World Bank Group signed today an Agreement on Establishing and Operation of Offices in Azerbaijan.

The Agreement was signed by Minister of Finance Samir Sharifov, on behalf of the Republic of Azerbaijan, and World Bank Vice President for Europe and Central Asia Anna Bjerde, on behalf of the World Bank Group. Prime Minister of Azerbaijan Ali Asadov and Governor of the Central Bank of Azerbaijan Elman Rustamov also took part in the signing event.

The signing of the new Establishment Agreement will greatly facilitate the work of the World Bank Group in Azerbaijan, including administration of its offices in Baku, to support joint efforts to achieve a green and resilient recovery through sustainable, inclusive and equitable growth.

“Our partnership with the World Bank has seen Azerbaijan’s incredible transition from a lower-income country to a donor of the International Development Association, the part of the World Bank Group that helps the world’s poorest countries,” said Ali Asadov, Prime Minister of Azerbaijan. “This agreement will help augment these achievements.”

The World Bank has financed over 50 projects, with total commitments of $4.4 billion, spanning many national development priorities, including building human capital, strengthening access to infrastructure, public services and jobs, investing in agricultural competitiveness and rural development, and supporting the livelihoods of internally displaced persons.

“We look forward to continuing to grow and develop our collaboration with the Government of Azerbaijan and to bringing the best experience and expertise the World Bank can offer in support of Azerbaijan’s 2030 vision and development goals,” said Anna Bjerde, World Bank Vice President for Europe and Central Asia.

As the largest global development institution focused on the private sector in emerging markets, IFC, a member of the World Bank Group, has been supporting the private sector in Azerbaijan and has invested around $850 million in the country, including mobilization.

“A vibrant private sector is crucial for economic growth. The signing of this agreement with Azerbaijan comes at a time when the country is taking steps to have the private sector drive economic diversification. IFC is committed to continue supporting sustainable growth in Azerbaijan by helping mobilize the power of the private sector,” said Wiebke Schloemer, IFC’s Acting Vice President for Europe, Latin America, and the Caribbean.

2022 will mark the 30th anniversary of Azerbaijan’s membership in the World Bank.

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ILO launches new tool on social dialogue

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The ILO has launched a new tool  to help its constituents enhance the effectiveness and inclusiveness of their national social dialogue institutions.

The tool was developed as part of the Plan of Action on social dialogue and tripartism  (2019-2023) that was endorsed by the ILO Governing Body at its March 2019 session . The Plan also implements the resolution and conclusions on social dialogue of the International Labour Conference (ILC) held in June 2018 .

The self-assessment method for social dialogue institutions (SAM-SDI) guides the social dialogue actors – governments, employers’ and workers’ organizations – through a process that analyses the inclusiveness and effectiveness of their social dialogue institutions. Based on this analysis, they can devise and implement an action plan to increase the institution’s impact on policy-making.

Social dialogue, based on respect for freedom of association and the right to effective collective bargaining, has a crucial role in designing policies to promote social justice and social and economic progress.

Social dialogue institutions have a key role to play in the achievement of the UN Sustainable Development Goals  (SDGs), particularly SDG 16, which promotes peaceful and inclusive societies for sustainable development, access to justice for all and effective, accountable and inclusive institutions at all levels.

Social dialogue is also an essential component of SDG 8 , which promotes sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all. It is also central to the achievement of SDG 5, on gender equality.

The SAM-SDI consists of six inter-linked steps. It is available online in English, French and Spanish, on a self-contained USB card and through an interactive e-Platform hosted by the ILO’s International Training Centre.

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OECD and Viet Nam sign MoU to deepen co-operation and support reforms

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The OECD and the Government of Viet Nam today signed a Memorandum of Understanding (MoU) to strengthen co-operation over the next five years.

The MoU, the Organisation’s first with Viet Nam, will frame future co-operation and pave the way for an eventual OECD Country Programme with Viet Nam. It was signed in Paris by OECD Secretary-General Mathias Cormann and Viet Nam Foreign Minister Bui Thanh Son in the presence of Pham Minh Chinh, Prime Minister of Viet Nam.

The MoU aims to support Viet Nam’s reform efforts in areas where it is already working with the OECD, such as competition, investment, and tax policy. It will also support country-specific reports like the first OECD Economic Survey of Viet Nam, due in 2022, and can support the follow up of the OECD Clean Energy Finance and Investment Policy Review of Viet Nam, published earlier today.

The Review finds that Viet Nam has been successful in facilitating high levels of investment in clean energy in recent years. The rapid growth of the solar market, however, has resulted in challenges with integrating variable renewable generation into the grid and changes to renewable procurement mechanisms are emerging sources of investor uncertainty. Adapting standardised contracts to minimise investor risk perceptions would support greater flows of capital and reduce the cost of financing clean energy infrastructure. The Review also outlines recommendations to help Viet Nam mobilise finance and investment to turn the energy sector carbon neutral, a prerequisite to reach its pledge of net zero emissions by 2050, made at COP26 this month.

“The clean energy sector will play a crucial role in making Viet Nam’s recovery sustainable and helping it to achieve its industrial targets,” Mr Cormann said of the Review. “Effective clean energy policies are increasingly a source of comparative advantage to attract foreign direct investment, particularly in the manufacturing sector, as international companies seek to make their supply chains carbon neutral.”

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