The Green Climate Fund has named Yannick Glemarec of France as its new Executive Director. Prior to his appointment Glemarec served as UN Assistant Secretary-General and Deputy Executive Director for Policy and Programme in UN Women and was Executive Coordinator for the UN Multi-Partner Trust Fund Office in New York from 2013-2015 and the UNDP Executive Coordinator for the Global Enviornment Facility from 2007-2012. SRI Executive was delighted to partner with the GCF on this critical search.
Board members at the Green Climate Fund (GCF) representing the developing countries are split over proposals to implement a voting system to break deadlocks on policy and project decisions. Under the current system all 24 members of the GCF have effective veto power which has caused several policy issues to be repeatedly deferred due to a lack of consensus. Representatives from vulnerable communities have joined representatives from developed countries in calling for governance reform to speed up the flow of money, but the emerging economies are resistant as they see it as an effort by donors to exert more control over the flow of climate finance.
A group of experts led by economist Pierre Larrouturou and climate scientist Jean Jouzel have published a draft treaty for a sweeping European climate finance pact which would see the European Union injecting more than a trillion euro into the fight against climate change. The pact proposes two new tools to address global warming and social inequality: a green subsidiary of the European Investment Bank to lend to member states and a fund to disburse grants across Europe, the Mediterranean and Africa.
Amnesty International’s seven-member senior leadership team has offered to resign after a review of the NGO’s workplace culture described the organisation as having a toxic work environment with widespread bullying and harassment, problems with nepotism, and an ‘us v them’ dynamic.
Takehiko Nakao, the President of the Asian Development Bank, outlines the steps multilateral development banks need to take to adapt to the modern world.
USAID Administrator Mark Green testified at the US House of Representatives this week as he seeks congressional approval for his team’s plans for reorganising the agency.
23 charities including Save the Children, Oxfam, and ActionAid, have written a letter to the UK’s chancellor Philip Hammond warning the UK’s aid budget is being diverted from the poorest countries to promote commercial and political interests. The letter marks a shift in tone from the agencies who have been reluctant to suggest the UK’s aid has been misdirected in the past.
The UK’s CDC Group, the National Investment and Infrastructure Fund (NIIF) of India, and Eversource Capital have partnered together to invest USD $330 million in CDC’s Ayana Renewable Power platform. Ayana was launched to develop utility scale solar and wind generation projects in India.
The US Supreme Court has ruled 7-to-1 that international organisations based in the US are not completely shielded from legal liability in American courts. The ruling came in a case centered on the International Finance Corporation after farmers, fishermen, and a small village in India sued the IFC over air pollution and water contamination stemming from a coal-fired power plant which had been constructed with a USD $450 million loan from the financial institution. The court’s decision could have ramifications for financial organisations such as the World Bank and the Inter-American Development Bank, potentially leaving them facing similar legal challenges in the future.
With Scientists reporting that 2018 was the hottest year ever recorded for the world’s oceans, the Environmental Defense Fund has laid out the potential dangers rising ocean temperatures could bring in the coming years.
As tensions rise between India and Pakistan in the wake of a deadly terrorist attack in Kashmir which killed more than 40 Indian police officers, India is threatening to restrict the flow of the Ravi River to Pakistan. With fears the two nuclear powers could be headed for war, Foreign Policy asked Sunil Amrith, a professor of South Asian studies at Harvard University, of the role water plays in South Asia’s history, politics, and economic development to understand how significant an escalation this act would be.
A collection of articles published by the Stanford Social Innovation Review and the Bridgespan Group exploring ‘how big-bet philanthropy is changing the ways that social entrepreneurs, nonprofit organizations, donors, and advisors are working to have an impact on major social challenges.’
The Gates Foundation has announced the appointment of Cheikh Oumar Seydi as its new Africa Director. Seydi is the former Regional Director of the International Finance Corporation’s Sub-Sahara Africa office and was the organisation’s Director for East and Southern Africa and its Global Director for Human Resources in the past.
The Global Green Growth Institute (GGGI) has announced the appointment of Gerard O’Donoghue as Assistant Director-General (ADG) of Finance and Corporate Services. O’Donoghue joined the GGGI as Chief Financial Officer in October of last year and has held senior finance positions in both the Green Climate Fund and the CGIAR in the past.
The Asian Development Bank has announced the appointment of Ahmed Saeed as vice-president for Operations 2, giving Saeed responsibilty for operations in the Southeast Asia, the East Asia, and the Pacific departments. Saeed is currently Managing Director and Head of public sector for Middle East, North Africa, and Pakistan at JP Morgan and has extensive experience working with governments, central banks, finance ministries, and sovereign wealth funds on a broad range of economic and financial issues.