Devex Newswire: In Egypt, Bridgetown takes on Bretton Woods

Mia Mottley, the prime minister of Barbados and de facto representative of lower-income nations at the 27th United Nations Climate Change Conference, tells Devex that she is “quietly confident” that her push to reform the international financial system could become a reality.

Also in today’s edition: Who’s stepping up to the plate to help climate-vulnerable countries, and what are our reporters hearing on the ground in Sharm el-Sheikh? Plus, a look at how medicine patents can be deadly for lower-income patients.

‘You’ll soon find out’

Mottley doesn’t hold back when it comes to high-income countries’ hypocrisy on climate change, which fueled their rise but now threatens to sink everyone else. And she didn’t disappoint in Egypt, where some 40,000 people are gathered for COP 27.

“We were the ones whose blood, sweat, and tears financed the Industrial Revolution,” she said in a scathing address. “Are we now to face double jeopardy by having to pay the cost as a result of those greenhouse gasses from the Industrial Revolution?”

But Mottley’s ambitions go beyond climate justice. She wants to overhaul the Bretton Woods Institutions — the International Monetary Fund and the World Bank Group — that underpin the global multilateral system, which she says isn’t serving the interests of lower-income countries.

And Mottley hints to Devex that she may have the backing of one of the Group of Seven leading industrial nations for her Bridgetown Agenda. Asked who, she tells us: “I think you’ll soon find out.”

Both France and Canada have been linked to the agenda, which proposes a range of initiatives to funnel money to struggling countries, including the expansion of multilateral lending.

She wants to unlock trillions of dollars in financing, including 500 billion in Special Drawing Rights. So what’s standing in the way? Motley also argues that standing in the way of future issuances is the U.S. Congress — as it has an effective veto over fresh distributions over certain thresholds.  

But with the possibility that today’s U.S. midterm elections could reshape Congress — potentially ushering in Republicans who aren’t keen on climate commitments — don’t bet on Bridgetown being at the top of Washington’s agenda anytime soon.

Read more: Mia Mottley hints at G-7 support for the Bridgetown Agenda

ICYMI: Mia Mottley, the Caribbean queen of COP 27

Tune in to the COPcast

My colleagues Sara Jerving, Rumbi Chakamba, and William Worley are on the ground in Sharm el-Sheikh, Egypt, for COP 27, follow them for the latest updates. They’ve also recorded the first in our COPcast podcast series to give you an overview of what to expect.

They talk about “loss and damage,” adaptation, and initiatives such as the Just Energy Transition Partnership — as well as what they’ve personally seen in countries such as Somalia on the front lines of climate change.

So what were Sara, Rumbi, and Will seeing as COP kicked off?

Lots of blocked-off streets leading to endless cycles of detours to accommodate the roughly 100 world leaders — minus Russia, China, and India — descending on the desert tourist city. They’re also seeing lots of participants getting lost in the complex, trying to decipher virtual maps while navigating the various zones of the massive conference center. The lines for the overpriced food are long and hardly anyone is wearing a mask. Prices across the city are jacked up — particularly hotel stays.

As for protests, our reporters haven’t seen any, which isn’t too surprising considering that protests need to be “accredited.” What does that mean? Listen to find out.

Podcast: COPcast episode #1 – what to expect at COP 27

+ COPcast is a series of conversations with leading experts on climate change. Listen to the podcast on Spreaker, Spotify, Apple Podcasts, or search “Devex” in your favorite podcast app.

Digging into the climate data

So which donors are ponying up to help climate-vulnerable countries, and who is on the receiving end?

Data on climate funding is notoriously difficult to track. Different methodologies, sources, and the problem of double-counting can produce all kinds of figures.

But our tireless data detective Miguel Antonio Tamonan combed through the numbers to give you as accurate a picture as possible on climate developing funding. One interesting tidbit: Overall, 41% of the funding went to Asia, while 25% went to Africa. And the United States isn't on the top five donors list.

Read more: What does the data say about climate development funding? (Pro)

+ Try out Devex Pro Funding today with a free five-day trial, and explore funding opportunities from over 850 sources in addition to our analysis and news content.

Gates bets on the farm

One of the many influential players at COP 27 is the Bill & Melinda Gates Foundation, which has announced a $1.4 billion pledge to spur innovation for smallholder farmers in sub-Saharan Africa and South Asia.

Sara tells me that CEO Mark Suzman took the stage Monday to announce the commitment, which spans four years and aims to “build a pipeline of climate-smart agriculture projects” that could benefit livestock farming and women smallholder farmers, among others. It would also support the International Fund for Agricultural Development and double the budget for the CGIAR agriculture research system.

But how long will it take for this funding to actually have an impact on the ground? Sara will be interviewing Suzman for our next podcast episode, so stay tuned.

Patently wrong

COVID-19 may not be in the headlines anymore, but the pandemic — and the inequities it exposed — is still front and center for people such as Priti Krishtel, the co-founder of the Initiative for Medicines, Access, and Knowledge.

The daughter of a pharmaceutical scientist, Krishtel grew up appreciating the global patent system — until she moved to India two decades ago to lead a team of lawyers representing HIV-positive clients, whose diagnosis was a death sentence simply because they lacked access to the antiretroviral therapies widely available in wealthier parts of the world.

This early work in India “left a permanent mark on my heart,” Krishtel tells my colleague Catherine Cheney.

"The patent system was intended to motivate people to invent by giving them a reward of a time-limited monopoly,” Krishtel says. “But in the last 40 years, that intention has been distorted beyond recognition."

Read: How a MacArthur 'genius' fights patents to ensure access to medicines

In other news

Human Rights Watch has criticized Turkey for aggravating Syria's water crisis by limiting water flow downstream and exacerbating the country's deadly cholera outbreak. [AP]

U.N. chief António Guterres says $3.1 billion by 2027 is a small price to pay for a global early warning system to mitigate extreme climate disasters and save millions of lives. [France 24]

Debt-for-nature swaps attract more support from climate-vulnerable countries, which have a collective $500 billion in debt servicing payments due in the next four years. [Bloomberg]

Update, Nov. 9, 2022: This article has been updated to reflect that Mottley referred to 500 billion in Special Drawing Rights, which comes to about $650 billion.

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