Post Covid-19, global leaders must leverage catalytic capital and build a new growth model inclusive of the Global South.
That is the message from the Global South Impact Community – a group convened by the Rockefeller Foundation and International Venture Philanthropy Center – which presented their official statement to G20 leaders earlier this month at the Think20 summit in Bali, Indonesia.
Recommendations in the letter include:
- The Mobilization of Catalytic Finance to the Global South: Countering the asymmetrical flow of net financial resources (from developing to developed economies), by leveraging at least one per cent of total global wealth for impactful and inclusive deployment to the Global South.
- Support for Capacity Development to Enable the Absorption of Catalytic Capital: Investing in needs-driven, institutional capacity development as a critical means for lowering the costs of achieving SDGs.
- Mainstreaming of Decarbonization: Creating a global framework for ‘development towards prosperity with decarbonization’ that can be accelerated through south-south collaboration platforms.
- Strengthened Response to Global Health Crises: Investing in infrastructure and capabilities to strengthen local health systems.
‘With the Indonesian and Indian Presidency’s of the G20 happening in succession, it presents an opportunity to unleash the potential of Impact Leaders in Asia to come to the fore, followed by the G20 in Brazil and South Africa, we have a real opportunity to reshape global social and economic architecture so that it serves communities in all parts of the world’, said Naina Subberwal Batra, IVPC Vice Chair and CEO of the Asian Venture Philanthropy Network.