Much more Climate Finance Now! Jomo Kwame Sundaram and Anis Chowdhury

Funding developing countries' climate change mitigation and adaption efforts was never going to be easy. But it has become more uncertain with President Trump's decision to leave the Paris Accord. As a candidate, he threatened not to fulfil the modest US pledge of US$3 billion towards the 2020 target of US$100 billion yearly for the Green Climate Fund (GCF). The GCF was formally established in December 2011 "to make a significant and ambitious contribution to the global efforts towards attaining the goals set by the international community to combat climate change". In the 2009 Copenhagen Accord, developed economies had promised…

Quantitative Easing for Wealth Redistribution Jomo Kwame Sundaram

Following the 2007-2008 global financial crisis and the Great Recession in its wake, the ‘new normal' in monetary policy has been abnormal. At the heart of the unconventional monetary policies adopted have been ‘asset purchase' or ‘quantitative easing' (QE) programmes. Ostensibly needed for economic revival, QE has redistributed wealth – regressively, in favour of the rich. As its failure to revive most economies becomes apparent, and opposition to growing inequality rises, QE may soon end, judging by recent announcements of some major central banks. Already, the US Federal Reserve and the Bank of England have been phasing out purchases of…