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7271. Evaluating the Need for Pipelines: A False Narrative for the Canadian Economy

Author:
Jeff Rubin
Publication Date:
09-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
The claim that additional pipeline capacity to tidewater will unlock significantly higher prices for bitumen is not corroborated by either past or current market conditions. Recent international commitments to reduce global carbon emissions over the next three decades will significantly reduce the size of future oil markets. Only the lowest-cost producers will remain commercially viable while high-cost producers will be forced to exit the market. The National Energy Board should consider a rapidly decarbonizing global economy when assessing the need and commercial viability of further pipelines in the country and use Western Canadian Select as the price benchmark when evaluating the economic viability of any new oil sands projects. Pension plans need to stress test their long-term investments in the oil sands in the context of a decarbonizing global economy.
Topic:
International Political Economy
Political Geography:
Canada

7272. Strengthening the Debt Sustainability Framework for Caribbean Small States

Author:
Cyrus Rustomjee
Publication Date:
08-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Since 2005, two debt sustainability frameworks and country-level debt sustainability analyses designed by the International Monetary Fund and World Bank have provided standardized tools to measure and assess debt sustainability. While they have a number of advantages, the utility of these tools for small states is limited by several factors, including insufficient treatment of exogenous shocks, limitations in the tools used to assess debt sustainability and a narrow definition of debt sustainability. This has reduced their reliability in assessing debt sustainability and as a mechanism to help inform both countries’ debt management policies and donor, lender and investor decision making. Several practical modifications can strengthen these tools and improve their utility for small states.
Topic:
International Political Economy
Political Geography:
Caribbean

7273. Starting the Dialogue on Climate Engineering Governance: A World Commission

Author:
Edward A. Parson
Publication Date:
08-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Climate engineering can, if appropriately governed within a coherent overall climate change strategy, reduce risks beyond what mitigation and adaptation can achieve alone, and is probably essential to achieve the Paris Agreement temperature targets. Climate engineering also poses significant new risks, and needs expanded research and scrutiny in climate assessments.
Topic:
International Political Economy and Climate Finance
Political Geography:
Global Focus

7274. A Sustainable Ocean Economy, Innovation and Growth: A G20 Initiative

Author:
Andreas R Kraemer
Publication Date:
07-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
The Group of Twenty should initiate a global ocean governance process and call for dialogues, strategies and regional cooperation to ensure that investment and growth in ocean use become sustainable and reach their full potential. The ocean is the largest and most critical ecosystem on Earth, and potentially the largest provider of food, materials, energy and ecosystem services. However, past and current uses of the ocean continue to be unsustainable, with increasing demand contributing to the ocean’s decline. Better governance, appreciation of the economic value of the ocean and “blue economy” strategies can reduce conflicts among uses, ensure financial sustainability, ecosystem integrity and prosperity, and promote long-term national growth and employment in maritime industries.
Topic:
Climate Finance
Political Geography:
Global Focus

7275. Restructuring Sovereign Debt: An English Law Opportunity

Author:
Steven L. Schwarcz
Publication Date:
07-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Unsustainable sovereign debt is a serious problem for nations, as well as their citizens and creditors, and a threat to global financial stability. The existing contractual approach to restructuring unsustainable debt is inadequate and no treaty or other multilateral legal framework exists, or is currently likely to be adopted, that would enable nations to restructure unsustainable debt. Because a significant percentage of sovereign debt is governed by English law, there is an opportunity to modify the law to fairly and equitably facilitate the restructuring of unsustainable sovereign debt. This policy brief proposes a novel legal framework, focusing on governing law, for doing that. This framework would legislatively achieve the equivalent of the ideal goal of including perfect collective action clauses in all English-law-governed sovereign debt contracts. It therefore should ensure the continuing legitimacy and attractiveness of English law as the governing law for future sovereign debt contracts. Even absent the legislative proposal, the analysis in this policy brief can contribute to the incremental development of sovereign debt restructuring norms.
Topic:
International Political Economy
Political Geography:
Global Focus

7276. Issues in Bringing Canadian Fintech to the International Stage

Author:
James Hinton, Domenico Lombardi, and Joanna Wajda
Publication Date:
06-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Given financial technology’s (fintech’s) priority on the global stage, and the Canadian federal budget’s focus on innovation and the middle class, now is the time for Canada to assess its position and develop a national strategy on fintech. The aim of this policy brief is to provide a general description of the fintech industry in Canada, and to describe and draw attention to two complementary aspects of developing a fintech strategy for Canada: first, encouraging domestic fintech innovation — through open data and payment systems — and second, encouraging international expansion — through international agreements among regulators and comprehensive intellectual property strategies. For Canada to be a contender in fintech, Canadian policy makers need to target both domestic growth and international expansion of the sector. In addition to increasing the availability of funding, removing regulatory uncertainty and taking the lead on a national fintech strategy, policy makers should assess the merits of access to data and payments systems for stimulating domestic fintech growth. Increased patent generation and ownership, greater integration of Canadian technology in standards and international agreements with regulators will allow Canadian fintechs to build on their success internationally. The Hamburg G20 Summit on July 7-8, 2017, presents an opportunity to become more informed about the potential financial stability implications from countries already pursuing national fintech strategies.
Topic:
International Political Economy
Political Geography:
Canada

7277. Can Canada Step into the Breach? Addressing Climate-related Financial Risk and Growing Green Finance

Author:
Céline Bak
Publication Date:
06-2017
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
There was no consensus on climate-related financial risk at the Group of Twenty (G20) meeting of central bankers and finance ministers in March 2017, and the final communiqué did not mention climate change or the Paris Agreement. US President Donald Trump has since announced his intention to withdraw from the Paris Agreement; therefore, the phase I report from the Task Force on Climate-related Financial Risk Disclosures may not be welcomed at the G20 summit in July. As a result, G20 finance ministers must assure governance of this agenda through interconnected national high-level expert groups. Canada’s financial institutions including asset owners and asset managers have the capacity to move swiftly to contribute to a platform for international collaboration on climate-related financial risk and green finance opportunities.
Topic:
Climate Finance
Political Geography:
Global Focus

7278. Post-Conflict Re-Construction in MENA: Previous Experiences and Stakeholder's Inclusive Involvement in the Future Reconstruction of Libya, Syria and Iraq

Author:
Amaia Goenaga
Publication Date:
09-2017
Content Type:
Working Paper
Institution:
IEMed/EuroMeSCo
Abstract:
The European Institute of the Mediterranean (IEMed) and Casa Árabe, with the collaboration of ICEX (Spain Trade and Investment), organised in 2016 an international conference entitled "Post-conflict re-construction in MENA: Previous experiences and stakeholders’ inclusive involvement in the future reconstruction of Libya, Syria and Iraq". The aim was to tackle the different aspects and challenges related to reconstruction in post-conflict countries in the region. Given the dimension and complexity of the subject, the conference was structured in a double meeting, bringing together stakeholders, academics and experts. The first one took place in Barcelona on the 11 April 2016 and the second one on the 19 September 2016 in Madrid. This document gathers and assesses the main conclusions and recommendations reached in both meetings. Thus issues tackled have been grouped into five main lines of discussion, which are divided into epigraphs devoted to some key concrete issues:
Topic:
Conflict Resolution and Conflict Prevention
Political Geography:
Middle East

7279. Digital Entrepreneurship: Expanding the Economic Frontier in the Mediterranean

Author:
Santana Moisés
Publication Date:
09-2017
Content Type:
Policy Brief
Institution:
IEMed/EuroMeSCo
Abstract:
The goal of this paper is to introduce the promotion of technology-based entrepreneurship as an engine for Mediterranean economic growth, with an emphasis on the role of entrepreneurs. Without avoiding or undermining current problems or challenges, this document takes a look at the Mediterranean Basin free of stereotypes and from a constructive viewpoint. Hence it applies to the Mediterranean the words spoken by Shimon Peres when he received the Nobel Peace Prize together with Yasser Arafat and Yitzhak Rabin in 1994: “A Middle East that is not a killing field but a field of creativity and growth.”
Topic:
International Political Economy and International Security
Political Geography:
Global Focus

7280. Neighbouring Host-Countries’ Policies for Syrian Refugees: The Cases of Jordan, Lebanon, and Turkey

Author:
Luigi Achilli
Publication Date:
09-2017
Content Type:
Policy Brief
Institution:
IEMed/EuroMeSCo
Abstract:
The question of how neighbouring countries manage the socioeconomic challenges of incoming Syrian refugees necessitates assessment of the policies developed, over the past few years by the governments of Jordan, Lebanon and Turkey, to tackle the embracement strategies and financial challenges, whether through international, humanitarian or bilateral aid or national resources. This paper is composed of three chapters; each dedicated to one of three afore mentioned countries. The status quo is discussed in terms of the latest data on the numbers of Syrians, the financial costs and the apparent socioeconomic implications. How policies are developed and financed by these neighbouring host countries, and what lessons and recommendations can be drawn from this analysis of policies and their financing is also evaluated.
Topic:
International Affairs and Refugee Crisis
Political Geography:
Syria