The Advocacy Team Soft-launch Report at the World Bank Annual Meetings 2023: Financing Reparations and Loss and Damage – What are the Options?
A new report by The Advocacy Team and Development Reimagined reveals some of the financing options for reparations and makes recommendations on the most ideal financing mechanisms.
In the report, The Advocacy Team and Development Reimagined used a scorecard based on 15 criteria, to rate the existing options and then suggest innovative financing mechanisms. Some of the set criteria include sustainability of both the recipient and payee, effectiveness, value and access. Financial transaction tax (FTT) scored the most at 107 meanwhile options such as multilateral agreements scored the lowest at 70 also because it scored very lowly on factors such as recipient sustainability.
The report was soft-launched by The Advocacy Team and Development Reimagined at the World Bank Annual Meetings in Marrakech, Morocco in October 2023 . We had the privilege of welcoming the Minister of Finance, Hon. Ryan R. Straughn, Secretary of Finance of Philippines, Ralph Recto, Minister of Finance of Palau, Kaleb Udui Jr – and senior representatives from the NGO sector and the public sector to explore the report further and hear feedback from our special guests.
Overall, the report recommends the financing options should be inclusive – consulting the recipients but most importantly – the financing options should combine a mix of existing and proposed mechanisms for a better outcome.
The full report is available to download in English here .
