Title page
Contents
Summary 4
Foreword 6
01. Introduction: crisis and challenge 9
Pressures in rich countries 10
Pressures in developing countries 11
The foreign aid conundrum 12
A spectrum of solutions 13
02. First principles for a sustainable recovery 15
The economic governance perspective: three principles for policymakers 15
The public health perspective: using 'build back better' investments to promote universal health coverage 18
The environmental perspective: how do you 'build back better' sustainably? 22
03. The geopolitics of development 25
Competition between development offerings - how different are they? 26
What do recipient countries want, and what must donor countries understand? 31
Questions to consider when evaluating development offerings 34
Conclusion: A new approach for a new era of development 35
04. The role of the G20 in mobilizing private development finance 37
Context 37
G20 initiatives: two case studies 39
Lessons for future G20 initiatives 43
Next steps? 45
05. Conditionality in the global financial architecture 47
Introduction 47
The need for reform 49
Lessons from China, Africa and the EU 50
A changing global landscape, and new coordination challenges 52
A more collaborative model? 54
06. Climate finance 55
Introduction 55
The picture so far 57
Global reporting: the missing link? 59
Leveraging public mechanisms to raise private climate finance 60
Conclusions and next steps 63
07. Closing the digital infrastructure and connectivity gap 66
Introduction: Closing multiple digital gaps 66
The role of private investment and mobilized private finance 68
Existing minilateral and multilateral efforts 69
China's role in global digital infrastructure financing and standard-setting 70
What more needs to be done 71
Conclusion 74
08. Bridging the trust deficit 75
Introduction: a lack of trust as a barrier to mobilizing capital 75
Global consequences: no solidarity on climate policy 78
The West vs China: counterproductive rivalry 78
Solutions for building trust 80
Conclusion 84
About the authors 85
Acknowledgments 89
Boxes
Box 1. 'Building back better' - a call for solidarity 14
Box 2. How IMF Article IV reforms and tax incentives can support 'building back better' 20
Box 3. A proposal for a new CFI - a 'climate finance institution' 64