From a call for a new ‘Bretton Woods’ to fight climate change to the delays holding up the launch of the US International Development Finance Corporation

Outgoing Sustainable Energy for All (SE4All) chief Rachel Kyte says the world needs a ‘new Bretton Woods summit’ to realign the global financial system with climate action warning current ‘mid-level bureaucratic discussions’ are not enough to align financial institutions with the Paris Agreement goals.

Related: This is what the world promised at the UN climate action summit

 

European Commission President Ursula von der Leyen’s nominee for European Commissioner-designate for International Partnerships Jutta Urpilainen looks set to be confirmed by the European Parliament next month after the Parliament’s Development Committee decided to recommend the Parliament accept Urpilainen’s nomination.

Related: A deep dive into the EDF budget

 

The new US International Development Finance Corporation has been forced to postpone its launch due to congressional delays in approving annual funding.

Related: Exclusive: New US DFC will be ‘proactive, forward-leaning and strategic’ says new CEO

 

The European Commission is reportedly considering offering budget guarantees directly to the private sector to boost investment in Africa and countries neighbouring the EU, a move that would mean circumventing the development banks that till now have had privileged access to the guarantee under the European Fund for Sustainable Development.

Related: EU Mediterranean Partner countries receive €5.6 billion in EIB funding

 

Melinda Gates has announced a new USD $1 billion commitment to support gender equality in the US. The commitment will be made through Pivotal Ventures, an investment and incubation company Gates founded in 2015.

 

Germany’s Foreign Minister Heiko Maas led the launch of the Alliance for Multilateralism on the sidelines of the UN General Assembly. The Alliance is a loose group of around 50 countries working to boost international cooperation, reform international institutions, and tackle global issues such as climate change and digitalisation.

Related: UNGA 74: Top takeaways

 

With less than two weeks till the Global Fund to Fight AIDS, Tuberculosis and Malaria holds its replenishment conference in Lyon, the Fund’s Executive Director Peter Sands is working to rally support to secure the USD $14 billion in funding the organisation says it needs to support its work for the next three years.

 

Development Initiatives has published the Global Humanitarian Assistance Report 2019. The report shows that major government donors have cut humanitarian assistance despite the UN requesting record amounts to deal with ‘unprecedented need’.

Related: Belgian DFI doubling in size, aims to stay focused on SMEs

 

The World Bank has appointed Axel van Trotsenburg its new managing director. Van Trotsenburg is a veteran staffer at the bank and has been serving as acting World Bank CEO since new International Monetary Fund (IMF) Managing Director Kristalina Georgieva stood down from the role in early September. Unlike Georgieva, van Trotsenburg will not have the title of CEO but he will hold the same responsibilities and grade level, though Bank sources were quick to note the role had traditionally been that of managing director and not CEO before Georgieva’s appointment in the role.

 

Rémy Rioux, CEO of Agence Française de Développement (AFD) and president of the International Development Finance Club discusses what the development finance sector needs to change and how development finance can be used to help fight climate change.

Related: Climate Risk in the Housing Market Has Echoes of Subprime Crisis, Study Finds

 

UN Secretary General António Guterres says there is reason for cautious optimism on climate action following the UN Climate Action Summit in New York but notes there is still a long way to go if the world is going to tackle the global climate crisis.

Related: Bad ancestors: does the climate crisis violate the rights of those yet to be born?

 

The UK’s controversial Prosperity Fund is set to double its spending next year despite criticism from aid experts who say the Fund is failing to demonstrate a strong development impact and from the aid community who believe its dual mission of alleviating poverty and promoting British business interests is a step towards ‘tied aid’.

Related: UK aid to boost access to finance for sub-Saharan Africa

 

Education experts are warning that the U.N. Educational, Scientific and Cultural Organization (UNESCO), the UN Agency meant to lead the international community’s education efforts, is losing relevance under the weight of funding cuts, politics, and competition from other actors, leading some to question whether UNESCO still has a future.

 

The International Health Regulations (IHR) an international, legally-binding instrument for monitoring and controlling the international spread of diseases, are coming under scrutiny in the wake of a dispute between the Tanzanian government and the World Health Organization (WHO) over suspected Ebola cases in the country.

 

The CDC Group discusses its approach to impact investing or ‘catalytic capital’ as its Catalyst Strategies team attends the Global Impact Investing Network (GIIN) Investor Forum this week.