Dreaming of a better restart

Friday May 14th, a workshop by the Pontifical Academies of Sciences and of Social Sciences addressed the needed actions of financing the restart after Covid, financing the climate agenda, and financing end of hunger and extreme poverty. The workshop was titled “DREAMING OF A BETTER RESTART” and had as speakers IMF Managing Director Kristalina Georgieva, the US Secretary of the Treasury Janet Yellen, the Chair of the African Union and President of the Democratic Republic of Congo Félix Tshisekedi, US Special Presidential Envoy for Climate, John Kerry and others.  

The meeting was co-chaired by the Presidents of the Academies, Stefano Zamagni and Joachim von Braun. Key issues discussed included the need for large expansion of capital for the multilateral finance institutions (IMF, World Bank etc.), much more attention to finance for overcoming poverty and hunger, fair sharing of vaccines, ending tax havens and establishing global corporate taxes, and a meaningful global CO2 price.    

“Financing the end of hunger needs a set of initiatives”, says Joachim von Braun, Chair of Scientific Group. Considered should be doubling the annual international development funding (ODA) for food, agriculture, nutrition; an End Hunger Fund; blended finance and de-risking instruments; pledges by companies, investment funds, and philanthropies; and most importantly, using the opportunities of some of additional Special Drawing Rights (SDRs) for the IMF for guarantees of country actions, such as a “zero hunger bonds”.

Read concept note “Financing SDG2 and the End of Hunger” by Joachim von Braun.

Read workshop report at http://www.pas.va/content/accademia/en/events/2021/final_report.html