India's Impact on Global Finance: Net Zero Goals vs. Economic Growth | Raisina Dialogue 2024

Raisina Dialogue 2024 | Democratic Dollars: Can the Planet Reclaim the Bretton Woods? | The post-war global financial order, centred on the Bretton Woods institutions, is in urgent need of reform. It is being challenged by new institutions, some of which are based out of Beijing. There are multiple new demands on its capacity, from energy transition to adaptation finance to debt restructuring. It is still struggling to fine-tune its partnership with the private sector. Geopolitical contestation and geopolitical fragmentation have complicated the task of international financial reform: major economies harmonise their economic approach with industrialisation and geopolitical aims, it is important to ensure that progress on development and climate goals is accelerated. Some of these policies now reflect economic fragmentation rather than multilateral cooperation.

Sufficiency, affordability and accessibility of finance is key for advancing green and digital transitions. Thus, calls for financial architecture reform, especially for achieving climate goals, have become mainstream. But these reform discussions have deep geopolitical implications, especially for traditional multilateral institutions.

Can MDBs be reformed quickly enough to tackle the issues of importance to the developing world? How is this process impacted by geopolitical competition?

Given that financing the energy transition is one of the primary issues facing the Global South, what are the specific ways in which a reformed multilateral order could aid in this complex endeavour?

What is the role that country-specific multi-actor platforms and partnerships can play in accelerating economic transitions?

How can MDBs more effectively partner with other sources of private and public finance, and what are the specific skills they would bring to this partnership?

Who can and should take the lead in this reform process, and ensure outcomes are equitable and effective?

Speakers:
N.K. Singh, Chairperson of Fifteenth Finance Commission; Co-Convenor, Expert Group on MDB Reforms, India
Tadashi Maeda, Chairman of the Board, Japan Bank for International Cooperation, Japan
Jayant Sinha, Member of Parliament, India
Osamu Yamamoto, Chief Executive Officer, Unison Capital Management Pte. Ltd., Japan
Divyata Ashiya, Trustee, RUSI, United Kingdom

Moderator:
Camilla Fenning, Programme Lead, E3G, United Kingdom

Watch more from Raisina Dialogue 2024 playlist: https://www.youtube.com/playlist?list=PLHu-cm5A_l80onhNarG4BOIHpnsNZKXCt

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