Your urgent leadership towards a data-driven modern-day Marshall Plan for People and Planet

The authors argue that current international financial institutions, such as the IMF and World Bank, are not designed to handle concurrent global crises including climate change, pandemics, and debt. They propose a strategic financing framework to increase annual investment in low and middle-income economies by over one trillion dollars, focusing on sustainable infrastructure, human capital, and nature conservation. Short-term priorities include the reallocation of 100 billion in Special Drawing Rights (SDRs), restructuring debts for countries pursuing green transitions, and increasing concessional finance. Long-term goals involve strengthening national and global coordination, leveraging public capital to mobilize private investment, and ensuring G7 countries are held accountable for their own domestic climate and SDG policies.

• International financial institutions are currently ill-equipped for multi-country crises; for instance, the IBRD is funded to handle only one mid-sized crisis per decade, making them unable to simultaneously address the climate crisis, pandemics, hunger, poverty, and debt.
• Low and middle-income economies require an increase in investment levels exceeding one trillion dollars annually over the coming decades to support projects in human capital, sustainable infrastructure, adaptation, resilience, nature conservation, agriculture, forestry, and land use.
• Immediate short-term priorities for G7 ministers include reallocating 100 billion in Special Drawing Rights (SDRs) to support African and emerging countries, restructuring debts for nations committed to green transitions via an improved Debt Common Framework, and increasing the quantity and quality of aid and concessional finance.
• Long-term strategic goals include the creation of country-owned platforms to produce sustainable project pipelines linked to verifiable SDG and climate KPIs, and the alignment of global initiatives such as the G20's "Recover Stronger" plan, the EU's Global Gateway, and the Glasgow Financial Alliance for Net Zero.
• The authors call for a doubling of capital for entities like the World Bank and a shift toward a 'grand bargain' where historic emitters and low-income low emitters balance investment benefits against debt risks.

APA

Bhattacharya, A., Guerin, E., Hasegawa, S., Hirono, M., Hornidge, A.-K., Kloke-Lesch, A., Kharas, H., Manservisi, S., Owusu-Gyamfi, M., Palmer, R., Pantuliano, S., Roy, R., & Drummond, J. (2022). Your urgent leadership towards a data-driven modern-day Marshall Plan for People and Planet. African Center for Economic Transformation. https://acetforafrica.org/research-and-analysis/insights-ideas/commentary/an-open-letter-to-g7-finance-ministers/

Chicago

Bhattacharya, Amar, Emmanuel Guerin, Sukehiro Hasegawa, Miwa Hirono, Anna-Katharina Hornidge, Adolf Kloke-Lesch, Homi Kharas, et al. Your urgent leadership towards a data-driven modern-day Marshall Plan for People and Planet. African Center for Economic Transformation, 2022. https://acetforafrica.org/research-and-analysis/insights-ideas/commentary/an-open-letter-to-g7-finance-ministers/.

Wikipedia

{{cite press release |last1=Bhattacharya |first1=Amar |last2=Guerin |first2=Emmanuel |last3=Hasegawa |first3=Sukehiro |last4=Hirono |first4=Miwa |last5=Hornidge |first5=Anna-Katharina |last6=Kloke-Lesch |first6=Adolf |last7=Kharas |first7=Homi |last8=Manservisi |first8=Stefano |last9=Owusu-Gyamfi |first9=Mavis |display-authors=etal |title=Your urgent leadership towards a data-driven modern-day Marshall Plan for People and Planet |publisher=African Center for Economic Transformation |date=17 May 2022 |url=https://acetforafrica.org/research-and-analysis/insights-ideas/commentary/an-open-letter-to-g7-finance-ministers/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{bhattacharya2022your, author = {Bhattacharya, Amar and Guerin, Emmanuel and Hasegawa, Sukehiro and Hirono, Miwa and Hornidge, Anna-Katharina and Kloke-Lesch, Adolf and Kharas, Homi and Manservisi, Stefano and Owusu-Gyamfi, Mavis and Palmer, Ronan and Pantuliano, Sara and Roy, Rathin and Drummond, Jamie}, title = {{Your urgent leadership towards a data-driven modern-day Marshall Plan for People and Planet}}, publisher = {African Center for Economic Transformation}, year = {2022}, month = may, url = {https://acetforafrica.org/research-and-analysis/insights-ideas/commentary/an-open-letter-to-g7-finance-ministers/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }