GV #WB #IMF delegates met Aliyu Ahmed & Fidel Odey Advisors to the ED for Angolia Nigeria & South Africa #188Together pic.twitter.com/fQ8P7V43Yu
— Global Voices (@globalvoicesau) October 7, 2015
9.00AM - IMF’s Role in Central and Eastern Europe’s Debt Crisis
Discussing the #IMF's role in Central and Eastern #Europe's #DebtCrisis #AM2015 @globalvoicesau pic.twitter.com/xYMptsJjaO
— Zoe Diamond (@zdiamond_) October 7, 2015
10.00AM - World Bank Flagship Event: Inequality, Opportunity and Prosperity
World Bank flagship event on Inequality, Opportunity and Prosperity #AM2015 @globalvoicesau pic.twitter.com/qu8PpJfVIp
— Zoe Diamond (@zdiamond_) October 7, 2015
Jim Yong Kim discussed the need for fair, efficient tax systems, including stemming corporate tax avoidance.
He also expressed a need for entrepreneurial people in developing countries to have access to capital and for every individual to have access to a bank account and credit.
Kim stressed the importance of both growth and increasing equality. Reducing inequality without growth will not reduce poverty. Likewise growth without increase equality will also not have positive outcomes for poverty alleviation. High rates of inequality can slow economic growth.
"Growth by itself is not enough. We need to end #poverty and increase #equality" - #WorldBank @globalvoicesau @UNSWCoop
— Zoe Diamond (@zdiamond_) October 7, 2015
“Sexism, racism and ageism are bad for your economy” - JYK
“Making sure that everyone in the world has a bank account & access to credit is critical.” - @JimKim_WBG #endpoverty pic.twitter.com/RVol0JmIMd
— World Bank (@WorldBank) October 7, 2015
11.00AM Bridging the Pacific: Harnessing the Benefits of Rising Trade and Financial Integration Between Asia and Latin America
Discussing the #TPP at #IMF Bridging the Pacific forum #IMFYouth #AM2015 @globalvoicesau pic.twitter.com/1MMKGYti2Q
— Zoe Diamond (@zdiamond_) October 7, 2015
Discussions focused on the strengthening of the trade relationship between China and Latin America as a result of the new Trans-Pacific Partnership (TPP).
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On my way to Lima for @WorldBank/ @IMFMeetings http://t.co/M7v2EvUAQq - #climatefinance crucial for #COP21 success pic.twitter.com/MfnexxOdQK
— Christiana Figueres (@CFigueres) October 6, 2015
1.00PM Christine Figueres
Executive Secretary of the UN Framework Convention on Climate Change Management
Ms. Figueres is optimistic going into COP21 and seem encouraged by the 150 country emission commitments that had been released. It is estimated that the commitments made will reduce global warming to 3 degrees. Further action is needed, however to reach the target of 2 degrees.
2.00PM Convesation on the Challenges of Climate Change
Discussing climate change with @Lagarde @JimKim_WBG @CFigueres & @TheNickStern @globalvoicesau pic.twitter.com/l1klLhpAvq
— Zoe Diamond (@zdiamond_) October 7, 2015
Mr. Stern was also optimistic noting that investment in electricity is largely in low carbon plants and China’s coal usage is falling. He said that we have a once in a lifetime opportunity to change the way we live, but this change must occur in the next 20 years.
The debate also expressed the notion that the burden for reducing carbon emissions should not fall on the worlds poorest. Mr. Kim emphasized the importance of finding finance to assist developing countries adopt green energy.
Developing countries wasting resources on #FossilFuel subsidies - @JimKim_WBG #AM2015 @globalvoicesau
— Zoe Diamond (@zdiamond_) October 7, 2015
Pricing #carbon aligns incentives to promote #green innovation - @JimKim_WBG #AM2015 @globalvoicesau @UNSWCoop
— Zoe Diamond (@zdiamond_) October 7, 2015
3.00PM Bertrand Badré
Managing Director and World Bank Group Chief Financial Officer
The Bank is also universal in coverage across the world, with programs in over 100 countries. The Bank also works with both the public and private sector to encourage a conducive investment climate. Mr Badre also cited the Bank's rare AAA credit rating as an asset which allowed the Bank to take greater risks.
The Bank is also one of the largest data collectors in the world and is a forum to discuss global issues.
3.30PM Energy Pricing: Getting it right?
Discussing energy pricing #188Together #AM2015 @globalvoicesau @UNSWCoop pic.twitter.com/ublCOE84ub
— Zoe Diamond (@zdiamond_) October 7, 2015
What is on the table today isn't enough to avoid catastrophic #climatechange #AM2015 #IMFYouth @globalvoicesau @UNSWCoop
— Zoe Diamond (@zdiamond_) October 7, 2015
Drawing on her experience implementing a Carbon Tax in British Columbia, Ms. Polak addressed challenges for jurisdictions that may lose competitiveness if surrounding jurisdictions do not follow suit. She also stated however, that since implementing a price on carbon, British Columbia had experienced greater economic growth than the rest of Canada.
Mr. Parkinson distinguished between short-term and long-term carbon prices. While short-term prices are important for encouraging fuel switching, long-term prices are needed to change investment patterns. He also noted the imperative of fixing energy mispricing, including the removal of fossil fuel subsidies.
5.30PM Civil Society Townhall
In her opening address, Madam Lagarde said that medium term economic growth increases if poorest 20% of the population is included in the growth. Madam Largarde also place incredible emphasis on the inclusion of women – an avid passion of hers. In 90% of the countries the IMF surveyed, women still face legal barriers to gaining equality. The IMF will continue to operationalise gender equality reforms in its programs. Madam Lagarde stressed that promoting inclusion is not only a social necessity it is an economic imperative.