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Daniela Gabor Profile picture
@DanielaGabor
Jul 6, 2020 • 38 tweets • 19 min read • Read on X
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my #WallStreetConsensus paper: escorting financial capital to SDG in Global South via (a) structural transformation of local financial systems and (b) state derisking PPP-based SDG assets (for demand, political, climate & liquidity risks)

osf.io/preprints/soca…
cc @MiriamBrett @ma_jose_romero @crystalsimeoni @Kentikelenis @crystalsimeoni @squirrelista @BJMbraun @Frauke77487323
on the empirical side, paper explores the new World Bank Infrastructure Sector Assessment Programs
(InfraSAPs) for Egypt, Nepal, Sri Lanka and Vietnam to document proposed engineering of 'developmental/SDG assets' Image
World Bank sees the COVID pandemic as a strategic opportunity for PPP-led infrastructure recovery plans, and is mobilising PPP offices in Global South for it

blogs.worldbank.org/ppps/how-world… Image
problem is that infrastructure PPPs around the world have been hit by demand risk, as you cannot charge user fees in lockdown.
WB answer: more derisking state, more infrastructure as an asset class, more #WallStreetConsensus ImageImage
👀👀👀👀 Image
#WallStreetConsensus flourishing in Brazil, pandemic be damned: highway PPP project signed in May 2020, financed by Singapore Sovereign Wealth Fund and Patria Investments (partly owned by Blackstone) ImageImage
the largest PPP in Cameron, the Nachtigal Hydro Power Company - a great example of Maximising Finance for Development - has a legal contract of 141 pages. Image
and here is a distribution of risks, with the Government of Cameron (GoC) ticking a lot of boxes - the derisking state in action Image
and the World Bank's new Next Generation Africa Climate Business Plan (July 2020) hardwires #WallStreetConsensus logic via Maximising Finance for Development + Green and Resilient Infrastructure

documents1.worldbank.org/curated/en/946… Image
this Afghanistan PPP will make for an interesting case study of derisking a World Bank promoted PPP Image
turns out what we really need to get trillions for public investment in SDGs is not elaborate financial engineering under #WallStreetConsensus, but euthanasia of the high-net worth individuals, via proper taxation regimes

speaking of euthanasia, come Switzerland

in case you believed that COVID19 at least will give us better funded public health systems, think again: PPP practitioners around the world identify health as the most promising area post-pandemic Image
Alston Report - an indictment of the #WallStreetConsensus

another day, another @WorldBank blog calling for more state guarantees/derisking PPPs, now with a handbook for derisking
blogs.worldbank.org/ppps/using-gov… Image
the environmental politics of the #WallStreetConsensus is to tie the hands of governments in the Global South either directly (environmental regulation = political risk) or indirectly (compensate PPP operators for new rules) Image
guess which continent is sinking more fiscal resources in guaranteeing profits for private energy sector: Africa.

And private sector there means European and US companies. #CompactWithAfrica

cc @crystalsimeoni @wangkinoti @Frauke77487323 @squirrelista Image
oh look what happens to PPPs in US higher education during pandemic times
In this new capitalism, drmand risk - a problem for the state
oh look, WB's COVID19 response is a rhapsody to PPPs h/t @ma_jose_romero Image
in #WallStreetConsensus language games: feminist PPP electrification 'ensures that women and men are equal participants in the new power systems that are established through the arrival of microgrids'
nothing on users fees in this promotional material

blogs.worldbank.org/ppps/haiti-bri…
and feminist derisking. Image
you have to see this @squirrelista earthsparkinternational.org/#

and this h/t @amuliro
what Earthsparks means by derisking renewable energy is exactly what the World Bank's Maximising Finance for Development proposes - the derisking state Image
oh hello Wall Street Climate Consensus in Europe - didnt take long for World Bank to push PPP agenda in European Green Deal cc @nickshaxson @ma_jose_romero

blogs.worldbank.org/ppps/europes-g…
derisking cocoa farming for private investors, another tale from the new Wall Street Consensus world - cc @squirrelista

ft.com/content/805cb1…
these FT pieces on blended finance should be marked as marketing material, given the unfounded stories of successful PPPs it peddles ImageImage
when you move between the World Bank to the Ministry of Finance, what do you take with you?

the gospel of PPPs for Infrastructure as an Asset Class ImageImage
indeed, highway PPP for Infrastructure as an Asset Class, financed by French asset manager Meridiam and derisked by Government of Kenya via Toll Fund

Fernandez government in Argentina just rescinded two PPP contracts signed by Macri govt, documenting several irregularities through which private sector was milking public purse.
👀👀👀👀👀👀👀👀

blogs.worldbank.org/ppps/learning-… Image
I am running out of crazy eyes but meet TCX, where Dutch and German taxpayer money go into derisking exchange rates for local currency frontier bonds. Image
value for money: what TCX does, German edition - cc @BJMbraun

tcxfund.com/tcx-einfuehrun…
this particular flavour of SDG development initiatives goes back to 2007
tcxfund.com/wp-content/upl…

@squirrelista Image
Let the energy market discipline the poor, but after it's milked government for subsidies
public development banks in #WallStreetConsensus: less direct lending, more derisking for private finance

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More from @DanielaGabor

Daniela Gabor Profile picture
Apr 16
Two amazing Global South progressives and a Nobel prize winner walk into an Oxfam panel on post-neoliberalism Image
Stiglitz: w neoliberalism, the growth of financial markets changed the political game tremendously
Lula 's special advisor @AAbdenur - clear mismatch - Global North openly exposing industrial policy but pushing IMF/World Bank to continue with austerity and partnerships for hyper-financialisation
Read 12 tweets
Daniela Gabor Profile picture
Mar 25
missing from this @FT account of the rapid rise of infrastructure as an asset class is the sustained effort that G20 governments have put into derisking infrastructure assets for institutional capital - this is the derisking state in action #WallStreetConsensus Image
@FT with @BJMbraun we've termed this a weak derisking macrofinancial regime - a set of policies (as in the G20 Infrastructure as an Asset Class agenda, or World Bank Maximising Finance for Development) that seeks to mobilise private capital into infrastructure
osf.io/preprints/soca…
Image
BlackRock 's recent acquisition of GIP is a bet that governments - under ideological or real constraints on fiscal space - will not pursue public infrastrucuture projects but instead continue to derisk private capital

Read 6 tweets
Daniela Gabor Profile picture
Mar 19
I did not expect this, but Rachel Reeves' Mais lecture is a lot more interesting - and dare I say, promising - than either the commentariat focused on fiscal rules or the past weeks of 'maxxed credit cards' would have us believe

labour.org.uk/updates/press-…
some parts are taking a direct swipe at us advocates of Big (Green) State, but it's a careful articulation of the alternative rather than the empty austerity ideology of 'maxxed out credit cards' Image
1. We're getting climate politics back at the Bank of England.

Remember, under Carney, it became a world leader in climate policy making, not the greenwashed US Fed version of 'disclosure'/single materiality that Bailey prefers. Image
Read 5 tweets
Daniela Gabor Profile picture
Nov 21, 2023
Carbon wealth taxes are for the left what carbon prices are for the right - distractions consuming political energy
it is a strategic and tactical mistake for progressives to centre the superrich in climate politics.
Tactics - global tax system is organised to enable rampant tax avoidance + evasion for both high net worth individuals & corporations.
Recent efforts to reform have been far less successful than we'd have expected a decade after Piketty made inequality politically salient at global level. Fighting for global solutions around taxes is important, but shouldnt be the key front.
Read 12 tweets
Daniela Gabor Profile picture
Oct 15, 2023
Global South voices - here the President of Colombia - read in the European/US support of the genocide in Gaza a blueprint, an experiment for ecofascism that 'treats us as disposable lives'.
not mincing words

'we are heading to barbary. Humanity, especially in the South, depends on the road we choose to address the climate crisis produced by the Global North. Gaza is the first experiment to treat us as disposable lives.'
Clearer European minds anticipated this response to von der Leyen - but the damage is done

Read 5 tweets
Daniela Gabor Profile picture
Jul 27, 2023
the @ecb hiked rates to highest level ever today, but this matter less.
@Lagarde promised European Parliament to return ECB to Paris climate commitments but still nothing!
in a new report we show it can do Green Unwinding @AuroreLalucq @henrikehahn
greenpeace.de/publikationen/…
we are in the middle of a climate emergency, and the @ecb has stepped back from cleaning its portfolio of dirty bonds -

for no other reason except the (imagined) danger that @lagarde may be seen as 'Mme Climate' instead of fighting inflation.

but fighting inflation & pursuing its 'within mandate' climate rules are not at odds with each other - the opposite.
Mme @lagarde should remind her PR team that subsidising fossil capital, as ECB continues to do via its portfolio of corporate bonds, amplifies supply pressures
Read 16 tweets

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