A Question of Finance

TWN \| THIRD WORLD RESURGENCE \| ARCHIVE
THIRD WORLD RESURGENCE
Issue No. 349 (2021/3) Click on cover to download the magazine (PDF) COVER: A Question of Finance* For South, all roads in global economic governance lead to inequality The custodians of the international economic order are failing to deliver the development financing so desperately needed by the South. By Bhumika Muchhala SDR issuance must be redistributed from rich to developing countries The Special Drawing Rights allocated under the recent record issuance of these international reserve assets should be channelled to the countries most in need. By Bhumika Muchhala Mobilising climate financing from SDRs: Some reflections SDRs can be a useful means of funding measures to address climate change. The writer looks at how this unique resource could be harnessed towards this end. By Manuel Montes Wrestling international finance into observing the Paris Agreement As private actors enter the climate finance fray, regulation is needed to align such investment and lending with climate-friendly goals. By Manuel Montes No climate justice without debt justice Ensuring sufficient climate finance demands resolution of the debt crisis weighing down the Global South, as called for in the following statement. Oil and water: Testing the G20’s faith in private creditors The case of Chad seeking restructuring of a major loan from the world’s largest commodities trader is a litmus test of how amenable private creditors are to providing debt relief to sovereign borrowers. By Alexander Kozul-Wright Unheeded risks in the turn towards blended biodiversity finance As with climate finance, involvement of the private sector in funding biodiversity conservation is rife with potential pitfalls. By Jens Christiansen and Lim Li Ching QE or no QE, that is the question Developing-country policymakers looking to fuel economic growth may consider one unconventional option: quantitative easing. By Alexander Kozul-Wright Climate Change: Glasgow 2021 Glasgow Climate Pact: A setback for equity, the poor and the planet While the Glasgow Climate Pact is said to have ‘kept alive’ prospects of limiting global warming to 1.5°C, the grim reality is that it has only undermined the fight against climate change. By Meena Raman High drama at adoption of Glasgow Climate Pact The various country delegations at Glasgow expressed their views on the final package of decisions during the closing stages of the conference, which were not short on tension and drama. By Meena Raman and Prerna Bomzan Key decisions adopted in Glasgow Below is an overview of some of the major outcomes reached at the climate conference, while the three articles that follow look more closely at the deliberations and decisions on the hot-button issues of climate finance, loss and damage, and ‘cooperative approaches’ to tackling climate change. By Meena Raman and Indrajit Bose The Glasgow decisions on climate finance By Indrajit Bose Loss and damage fight at COP 26 Article 6 outcomes on market/non-market approaches By Meena Raman	HEALTH & SAFETY ‘Utterly obscene’: Just eight Pfizer and Moderna investors became $10 billion richer after Omicron emerged As the Omicron coronavirus variant continues its rampage, shareholders and executives of COVID-19 vaccine giants Pfizer and Moderna ‘are making a killing from a crisis they helped to create’. By Jon Queally ECONOMICS What’s cooking for MC12? When it finally convenes, the postponed 12th Ministerial Conference of the World Trade Organization may be made to greenlight an agenda of liberalisation measures and institutional reforms inimical to the needs of developing-country members. WORLD AFFAIRS Chile: Another good-sized nail in neoliberalism’s coffin The recent victory of Gabriel Boric in Chile’s presidential election has energised efforts to do away with the exploitative neoliberal economic system in place in the country. A more cohesive movement for change now needs to be forged. By Francisco Dominguez What Archbishop Tutu said about Israel-Palestine The late anti-apartheid champion Archbishop Desmond Tutu’s strident opposition to injustice extended to his denunciation of the Israeli occupation in Palestine. HUMAN RIGHTS The judicial kidnapping of Julian Assange Truths ignored and dubious promises accepted – how a British court arrived at a decision to extradite WikiLeaks founder Julian Assange to the United States. By John Pilger Where Brazil’s neglected people live In Brazil’s impoverished favelas, residents face deprivation and discrimination but also find a valued sense of community. By Thuany Rodrigues WOMEN The feminist building-blocks of a just, sustainable economy Jayati Ghosh outlines the contours of a feminist approach to the economy. By Jayati Ghosh OPINION Myanmar’s ‘triple crisis’: Impact on the pro-democracy movement While the interlinked political, health and economic crises have led to a humanitarian disaster in Myanmar, the debacle has had a sometimes paradoxical effect on the country’s democratic forces. By Jasmin Lorch POETRY I’m getting used to growing old Long regarded as modern Turkey’s greatest poet, Nazim Hikmet (1902-63) wrote many of his poems in prison, where he spent some 13 years of his life. He was also a playwright, novelist and screenwriter. By Nazim Hikmet Third World Resurgence Page
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