hello Nature as an asset class, seems #wallstreetconsensus getting more ambitious every day ft.com/content/f04fc3… via @financialtimes
this is not a lone - however powerful US voice - biodiversity and natural capital have been on the policy agenda for a while, and @greenfinanceobs has been warning about it
rhetorical strategy in Maximising Finance for Nature similar to Maximising Finance for Development:
1. Identify and quantify financing gap. Use large numbers to make it obvious governments/public money cannot do it.
2. Frame government action as a question of subsidies to dirty industries.

Never ever suggest this may be a question that regulation would sort much faster.
3. Then bring in Derisking state: why subsidies dirty polluters when you can subsidise private financiers with tax breaks, incentives & regulatory measures.
Note here when private finance talks about regulation, they dont mean dirty activities.
They mean deregulation of finance

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More from @DanielaGabor

20 Aug
it's 2020, World Bank waxes lyrical about maximising private finance for development, G20 promotes local currency bond markets yet if you are a human without a Bloomberg terminal, finding data on African local sovereign bond markets is more painful than extracting a tooth.
and dont AFMI at me, has site has been under maintenance for the last two months.
on the other hand, looking for data/analysis takes to unusual places like this: stories of empire, sovereign bond markets edition. Image
Read 11 tweets
17 Aug
Oh look, the U-turn government has still found a way to hurt working class universities
and if you wonder what this means, here it is:

the cap was there to ensure the 24 higher ranked #RussellGroup Unis dont hoover all students and teach them with precarious part time staff, leaving the other (roughly) 80 scrambling, particularly in COVID19 times
you may say, this is great, we should all be educated in Russell Group, though in my experience lower tier unis like mine focus far more on teaching, on NSS scores, because RussellGroup also hoovers up most research income.
Read 15 tweets
16 Aug
almost quaint that IMF still holds onto 'human capital' to account for divergent growth performance,

but then I read about Eastern Europe's 'success' story and am reminded of how destructive IMF's role in the region has been in early 1990s
seriously, 4 highly-paid economists wrote this ideological crap that wouldnt even pass in an MA dissertation.
IMF economists designing lending packages to Eastern Europe in early 1990s thought that the region suffered from excess demand inherited from socialism, and prescribed the monetarist medicine: devaluation, tight money, tight fiscal policy. Image
Read 16 tweets
14 Aug
yesterday I argued that we shouldnt think 'savings glut' but 'portfolio glut' when framing this moment in the financial globalisation supercycle: the trillions of, mostly Global North, institutional investors searching for yield, often in emerging countries.
the 'portfolio glut' is important not just to dismantle the financial globalisation neutrality strawman rearing its head in the debate, but to think through consequences of shift to market-based finance in emerging countries
portfolio glut creates complex trade-offs for EMs, as this @FT piece today shows: foreign investors demanding that EMs raise policy rates to provide yield, pandemic hit to local aggregate demand be damned

ft.com/content/e498a3…
Read 4 tweets
14 Aug
good morning to Germany's perennial soul-searching about banking reforms, that somehow result in calls for more 'financial capitalism'

ft.com/content/3ec6d2… via @FinancialTimes
FT readers never let us down: 'who writes these articles? American banking interns?' Image
besides American banking interns, the view of German banks needs to go big investment banking prevails in SPD circles too.

Heard with my own ears an SPD MEP berating a cooperative bank rep for 'being stuck in the 1950s with your patient banking'
Read 5 tweets
6 Aug
the new report of the Global Investors for Sustainable Development Alliance, written w UN for the European Commission shows us that #WallStreetConsensus proceeds at fast pace - a thread

un.org/development/de…
this is the private finance manifesto on Maximising Finance for Development, taking the World Bank's agenda, particularly on the climate front Image
the Manifesto sets out recommendations for creating new SDG asset classes via PPPs 'to a degree not experienced since WW2 or ever - the post-COVID recovery shall be PPP based cc @ma_jose_romero @wangkinoti @crystalsimeoni Image
Read 17 tweets

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