It is widely recognized that the “global commons” and issues that transcend national borders (including climate change, pandemics, and migration) present the greatest challenge to the current multilateral architecture. Given the urgent and existential nature of the climate challenge, the imperative for collective action is urgent. Yet progress has been too slow. The report from the Bretton Woods Committee’s Multilateral Reform Working Group (MRWG) addresses the causes of this impasse and seeks a path forward. It identifies “gaps” (in governance, implementation, and accountability) in both the public and the private sector, and shows why only a system-wide approach to reform will suffice.
On the public-sector side, the gap in governance stems from the lack of a coordinating function within the global commons, especially when it comes to addressing climate change. A second major public-sector gap concerns implementation. Though many efforts to address global challenges are underway, their disparate nature means that the whole is less than the sum of the parts. The third gap concerns accountability and how impact is measured because what gets measured gets done. Regarding the private sector, whose role is indispensable, the governance gap concerns the lack of data on the carbon footprint of the corporate sector where the majority of carbon emissions arise. The implementation gap stems from insufficient regulatory and financial instruments to facilitate climate change investment at scale and the implementation gap concerns lack of mechanism to reduce greenwashing.
The Report lays out a rich agenda for public and private sector action.
Siddharth Tiwari, the Principal Author of the Report, will present the report for about 30 minutes and thereafter Gerry Rice will Chair a period of open questions/comments for another 30 minutes.
Siddharth Tiwari, IFF Vice President, Former Chief Representative for Asia and the Pacific, BIS Former Director of the Strateg, Policy and Review Department, IMF
Gerry Rice, IFF Vice President, Former Director of the Communications Department of the IMF and World Bank
Warm-up/preparation
Introduction and housekeeping
Presentation of the Bretton Woods Committee (BWC) Report
Q&A with online audience
Closing remarks
Siddharth Tiwari became chief representative or Asia and Pacific, Bank for International Settlements (BIS) on 1 November 2018.
Before joining the BIS, Mr. Tiwari served as executive secretary to the G20 Eminent Persons Group on Global Financial Governance from 2017 to 2018. From 1985 to 2017, he was at the IMF, where he occupied top-level positions and shepherded the institution's work on strategy, policy and lending operations, as well as on administrative matters. He also has significant experience in international policymaking and cooperation, including on issues of great relevance to the Asia-Pacific region.
He earned his master's and doctorate degrees in economics from the University of Chicago.
Dr. Gerry Rice is the former Spokesman of International Monetary Fund (IMF), and Director of the Communications Department from December 2011. Prior to this, he served as Deputy Director for the Communications Department (2006-2011).
As Director of Communications, Dr. Rice served as the Spokesman for the IMF and was responsible for the Fund’s strategy on external engagements with media and the Fund’s key stakeholders, including legislatures and parliaments, labor representatives, civil society groups, and academics, as well as the Fund's internal communications. The Director works closely with the Managing Director and senior Fund management, advising on the communication of IMF operations, including policy and lending decisions.
Prior to joining the IMF, Mr. Rice had an illustrious 25-year career at the World Bank. Amongst other positions, he served at the World Bank as Communications Director, where he managed all aspects of the World Bank’s external and internal communications.
Dr. Rice has the distinction of being the only person to have ever served as director of information communication for both IMF and World Bank.
Over 1999-2000, Mr. Rice also returned to his native Scotland to help with the international economic dimensions of the devolution project that was launched with the establishment of the first Scottish Parliament in 300 years. At that time, he published a book entitled “Scotland’s Global Opportunity”.
Mr. Rice earned his PhD in Modern History from Glasgow University and was a Kennedy Scholar at Harvard University. His PhD thesis on the establishment of the US Peace Corps was later published as The Bold Experiment. He is also a graduate of Harvard’s Management Development Program and has served as Visiting Professor at Glasgow University.
