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Morning, this is Kasmira. Today we're covering why the International Monetary Fund's (IMF) plan to issue $650 billion in special drawing rights alone won't help the world's most debt-vulnerable countries.

Delegates in Geneva are concerned that the World Trade Organisation's (WTO) ministerial conference will not provide enough room, quite literally, for negotiations. Plus, why going green is a business imperative for small firms.

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Kasmira Jefford, Geneva

28.06.2021


Sustainable business & finance news


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IMF headquarters in Washington. (Keystone/EPA/Jim Lo Scalzo)

💰 IMF's $650bn needs to target debt elephant in the room. The board of the International Monetary Fund gave their unanimous support on Friday to a plan to give member countries $650bn in new reserves, the biggest cash injection since the Second World War. But without being accompanied by supplementary measures, development experts warn it will do little to resolve the bigger long-term debt problem being faced by vulnerable nations.

Geneva Solutions (EN)

🤝 'No room for deal-making at WTO conference'. A US delegate told the World Trade Organization on Friday that he saw "very little scope for negotiated outcomes" ahead of a major ministerial conference set for later this year, citing the difficulties of negotiating in person among the challenges.

Reuters (EN)

Here's what else is happening


Number of the day


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😷 🌪️ Survey highlights Covid-climate business double whammy. Small to medium-sized enterprises (SMEs) around the world have been hit the hardest by the coronavirus pandemic, with two out of three strongly affected compared with less than half of large companies, a survey by the International Trade Centre (ITC) on Wednesday showed. However, a failure to adapt now to the looming climate crisis will leave them more exposed to future shocks, it warned.
While many SMEs are concerned about the impact of climate change on their businesses, most have not invested in measures to adapt to it. Only 38 per cent of small businesses have taken action compared with 60 per cent of large firms. Despite perceived challenges, the ITC argues that transitioning to more sustainable business practices will ultimately make SMEs more competitive and increase market access. “Going green is both a survival imperative and a business opportunity,” ITC’s executive director Pamela Coke-Hamilton said.

ITC (EN)

Next on the agenda


📍 28 June | Post-Covid economic & financial recovery: what about the city? At this online event, local governments’ representatives will share their experiences and initiatives they implemented to respond to this multifaceted crisis.

Geneva Cities Hub (EN)

📍 29 June | Panel on 10th anniversary of the Guiding Principles of Business and Human Rights. During the 47th session of the Human Rights Council, there will be a panel discussion on the 10th anniversary of the UNGPs. It will be available to view on UN Web TV at 4pm CEST.

Business & Human Rights Resources Centre (EN)

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