Gallagher in the Media: Green Finance in Latin America
Kevin Gallagher, Professor of Global Development Policy at the Frederick S. Pardee School of Global Studies at Boston University, spoke with members of the media on the topic of so-called ‘green’ or sustainable finance in Latin America.
Gallagher is the co-director of the Global Economic Governance Initiative (GEGI), which published a recent report of research into the topic. According to the report, green finance in Latin America from sources around the world is falling far short of projections – a state of affairs that could have disastrous climate consequences.
Gallagher made the argument in a Dec. 4 article in Dialogo Chino entitled “Green Finance ‘Falling Far Short’ in Latin America, Says New Report.”
From the text of the article:
While USEXIM devotes most of its resources to the region’s more market-friendly economies like Mexico and Colombia, China lends to countries with “slightly higher risk profiles” such as Ecuador, Argentina, Bolivia, Brazil and Venezuela, report co-author Kevin Gallagher told Diálogo Chino.
“Chinese banks go to a different set of countries than the multilateral development banks (MDBs) because they finance a set of activities that, until recently, have not been as much of a priority, such as infrastructure and extractive industries,” Gallagher added.
You can read the entire article here.
Gallagher was also quoted in a Dec. 1 article in the Tico Times entitled “With COP21 Underway, Development Banks Urged to Boost ‘Green Finance’ in Latin America.”
From the text of the article:
As negotiators from 195 countries gathered Monday in Paris for 12 days of make-or-break climate change talks under the COP21 banner, a small group of scholars met in Washington to discuss the role 11 leading development banks can and should play in promoting so-called “green finance” across the region.
“Latin American delegations can go to Paris with their heads held high, perhaps higher than the region’s ever been able to do,” said Kevin P. Gallagher, co-director of Boston University’s Global Economic Governance Initiative, praising Brazil, Chile and Mexico for particularly strong national commitments to reduce their carbon footprints.
“However, the region’s economic downturn will make it much more difficult for Latin American delegates to carry this momentum back to their capitals,” he said.
You can read the entire article here.
Gallagher earlier expanded on the role of China in Latin America’s financial future in an October article on China Daily entitled “IMF Favorable about RMB SDR Inclusion.”
From the text of the article:
The relationship between Latin America and China is entering a new phase where China is increasing its funding for infrastructure development in the region even as it consumes fewer of the area’s natural resources.
“Even though China’s commodities trade with Latin America has peaked at least for the time being, China’s development banks continue to provide financing for infrastructure projects. This has helped to replace private-sector funding,” Kevin Gallagher, a professor of global development policy at Boston University’s Pardee School for Global Studies said in an interview.
Latin America’s economic struggles were among the topics discussed last week as Lima hosted the 2015 annual meetings of the boards of governors of the World Bank Group and the International Monetary Fund from October 6-10.The last time the annual meetings were held in Latin America was 1967 in Rio de Janeiro.
“I think the World Bank did want to send a signal to the region that they are interested,” said Gallagher. “World Bank lending (in Latin America) has gone down.”
You can read the entire article here.
Gallagher is the co-chair of the Task Force on Regulating Capital Flows and has served as an advisor to the Department of State and the Environmental Protection Agency in the United States, as well as to the United Nations Conference on Trade and Development. Learn more about him here.