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A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. Finance Minister Enoch Godongwana said boosting local currency usage among the NDB's members will also be on the agenda, with the aim of de-risking the impact of foreign exchange fluctuations rather than de-dollarisation. "Most countries that are members of the NDB have been encouraging (it) to provide loans in local currencies," Godongwana said. Reuters Graphics Reuters GraphicsSo far, China is by far the NDB's most successful local currency market. GROWING MEMBERSHIPNevertheless, the NDB, established with $10 billion in paid-in share capital from each BRICS country, wants to expand.

Persons: Aly, Enoch Godongwana, Godongwana, Leslie Maasdorp, Maasdorp, Alexander Ekbom, Chris Humphrey, Humphrey, Rachel Savage, Brenda Goh, Tannur Anders, Vincent Flasseur, Karin Strohecker, Joe Bavier, Alexander Smith Organizations: New Development Bank, REUTERS, Reuters, Finance, Federal Reserve, Reuters Graphics Reuters, U.S ., United Arab, Asian Infrastructure Investment Bank, Reuters Graphics, Overseas Development Institute, Thomson Locations: Shanghai, China, Africa, JOHANNESBURG, SHANGHAI, Russia, South Africa, Brazil, India, Johannesburg, Ukraine, United States, Mumbai, Brasilia, Bangladesh, United Arab Emirates, Egypt, Uruguay, Algeria, Honduras, Zimbabwe, Saudi Arabia, Asia, London

☆ A Core Question at COP27: Who Will Pay for Climate Change?
▼ + stars: | 2022-11-06 | by ( Elena Shao | ) www.nytimes.com time to read: +10 min

When world leaders gather in Sharm el Sheikh, Egypt, this week for the annual United Nations climate summit, the debate over who bears financial responsibility for climate change will be center stage. Most Vulnerable, but Least Responsible for Climate Change A vulnerability index developed by the University of Notre Dame measures countries’ exposure, sensitivity and capacity to adapt to the negative effects of climate change. 10 gigatons CO2 Climate change vulnerability index COUNTRY’s Total historical emissions 1 Somalia is highly vulnerable to the impacts of climate change, but has contributed only a tiny fraction of global emissions. Pakistan experienced widespread and deadly flooding this summer that scientists linked to climate change. India 57.1 Gt CO2 0.5 Middle income countries China 249.4 Gt CO2 0.4 Russia 117.5 Gt CO2 Japan 66.7 Gt CO2 Higher income countries United States 421.7 Gt CO2 0.3 United Kingdom 74.9 Gt CO2 Germany 93.1 Gt CO2 Wealthy countries are responsible for half of the world’s emissions since 1850.

☆ How West can mobilise trillions to help save Earth
▼ + stars: | 2022-10-10 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

LONDON, Oct 10 (Reuters Breakingviews) - War, inflation, debt, hunger, energy security and fear of recession will dominate the discussions at the annual meetings of the World Bank and International Monetary Fund this week. America and a group of other countries have given the World Bank until December to come up with a plan. Register now for FREE unlimited access to Reuters.com RegisterThe West has self-interested reasons to mobilise trillions of dollars to help the poorer nations of the so-called Global South transition from fossil fuels. But getting this money to flow to the Global South is tough because investors don’t think the returns on offer justify the risks. It is therefore encouraging that America and other leading shareholders have given the World Bank its marching orders and that Malpass has responded positively.

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