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1051. Recognizing ‘Geoeconomic Risk’: Rethinking Corporate Risk Management for the era of Great-Power Competition

Author:
Christian Fjader, Niklas Helwig, and Mikael Wigell
Publication Date:
06-2021
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
As economic policy has become a key strategic means in great-power rivalry, states are attempting to control the economic networks that connect the world. By instrumentalizing businesses they change the risk picture for both public and private companies. The securitization of the economy entails a first source of new risk as states attempt to strengthen their control of companies in sectors considered strategic and security-sensitive. Another source of risk stems from the balkanization of the global economy, whereby it would disintegrate into separate spheres of economies decoupled from each other. The competition for control of the global standard-setting regimes constitutes an emerging area of such risk. A final source of risk is the weaponization that accelerates the use of sanctions and export controls. It entails more barriers for companies and puts pressure on the rules-based international system. A novel concept of ‘geoeconomic risk’ is therefore needed to identify, assess and mitigate these new uncertainties associated with the repurposing of the global economy.
Topic:
Security, Sanctions, Conflict, Economic Development, and Rivalry
Political Geography:
Global Focus

1052. Looking Beyond England: Slavery, Settler Colonialism and the Development of Industrial Capitalism

Author:
Paula Reisdorf
Publication Date:
06-2021
Content Type:
Working Paper
Institution:
Centre for Global Political Economy, University of Sussex
Abstract:
This paper examines the debates surrounding industrial capitalism’s origins, critiquing the Eurocentrism in the Political Marxist approach. Instead, using a dialectical framework, I argue that the transition from agrarian to industrial capitalism in Britain required the existence of slavery and settler colonialism in the New World. The reason for this is threefold: Firstly, the removal of surplus populations either to colonies or domestically by employing them in colony- related industries was necessary to avoid stagnation in capitalist development. Secondly, the cheapening of basic commodities leading to a reduction in wages (i.e. relative surplus value extraction) in Britain necessitated enslaved labour in the New World. Thirdly, British industrialisation itself required settler colonialism and slavery because of: 1) the importation of slave-produced raw materials that were manufactured in Britain, 2) the exportation of manufactured products to settler colonies in the Americas, 3) the investment into industry by slaveowners and 4) the credit provision by banks that were tightly linked to the slave trade. I, therefore, conclude by suggesting that taking seriously the links between capitalism and slavery/colonialism could unify post-colonialism and Marxism by demonstrating the interconnectedness between post-colonialism’s principal object of analysis – colonialism – and Marxism’s main object of analysis – capitalism.
Topic:
Post Colonialism, Socialism/Marxism, Capitalism, Slavery, Colonialism, Settler Colonialism, and Eurocentrism
Political Geography:
Britain and Global Focus

1053. Climate of cooperation: How the EU can help deliver a green grand bargain

Author:
Alex Clark, Susi Dennison, and Mats Engström
Publication Date:
10-2021
Content Type:
Policy Brief
Institution:
European Council on Foreign Relations (ECFR)
Abstract:
The global transition away from carbon will fundamentally alter the EU’s dependencies on energy, raw materials, and new technologies. The bloc needs to manage these dependencies while maintaining the fragile consensus between member states on the European Green Deal and fulfilling its ambitions for global climate leadership. The EU should help deliver a green grand bargain by making use of all its sources of economic, multilateral, and soft power. The bloc should reframe the international debate on energy security to focus on clean energy resources and efficiency, engaging in the market reforms needed to incentivise this shift. The EU should make every effort to reassure countries in the global south that the green transition will not leave them behind. The Global Gateway provides a strong framework for doing this – as would an EU Co-innovation and Green Tech Diffusion Fund. The EU also needs to place European sovereignty at the centre of its internal narrative on the European Green Deal. This could help win support for the agreement from member states that are concerned about the economic and social effects of the green transition.
Topic:
Climate Change, Development, Diplomacy, International Cooperation, Science and Technology, European Union, Partnerships, Multilateralism, and Trade
Political Geography:
Europe and Global Focus

1054. Will Only a Green Power Remain a Great Power?

Author:
Marie Dejonghe
Publication Date:
05-2021
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
When the coronavirus broke out in 2020 the whole world literally came to a pause. The pandemic overshadowed all other major problems and started to shape relations between states. Climate change suddenly disappeared from the international agenda. However, the effects of the global climate crisis are showing faster and more severely than ever before: wildfires in Australia, extreme weather events in Asia, tornado’s in America, a melting Arctic... Secondary effects like climate migration and conflicts have become visible as well. This crisis is more urgent than ever. The COVID-19 crisis has shattered our economies, but lockdown measures taken by almost all governments have had a positive impact on the emission of greenhouse gases. The world took a step forward, even if unintended, towards the goals set in Paris in 2015. COVID-19 has taken away a lot from the world, but it may also have created a momentum to continue this downward trend and make it structural. Even the world’s great powers will have to integrate the green transition in their COVID-19 economy recovery plans in order to not fall off the wagon. But will only a green great power remain a great power?
Topic:
Climate Change, Energy Policy, Environment, Green Technology, Pandemic, and COVID-19
Political Geography:
Global Focus

1055. Developments in the Field of Transitional Justice

Author:
Valerie Arnould
Publication Date:
06-2021
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
For a long time, transitional justice has been described as a ‘nascent’ or ‘emerging’ field. While it is true that transitional justice is a youngish concept and praxis (emerging in the late 1980s), today it has definitely grown out of its infancy and moved into an age of consolidation. It is undeniable that transitional justice has developed into a dynamic field of research and practice. At the same time, it remains a highly contested field that is subject to heated debates about the precise nature, scope, legitimacy and effectiveness of the ‘transitional justice project’. Here, I reflect on five notable developments that have marked the transitional justice field over the past decade.
Topic:
Transitional Justice, Legitimacy, Academia, and Transition
Political Geography:
Global Focus

1056. Risky Bet: National Oil Companies in the Energy Transition

Author:
David Manley and Patrick Heller
Publication Date:
02-2021
Content Type:
Special Report
Institution:
Natural Resource Governance Institute
Abstract:
The global energy transition from fossil fuels to cleaner energy will profoundly affect the global economy. It will limit how much greenhouse gases humanity emits and hopefully avoid catastrophic global warming. This transition will, however, also have a profound effect on state-owned national oil companies (NOCs). NOCs—in which the government is the sole or the dominant shareholder—produce half of the world’s oil and gas, and invest 40 percent of the capital in the global oil and gas industry. They are also important for millions of citizens in the developing countries where many NOCs operate. This report explores the risks the energy transition brings for NOCs and governments reliant on oil revenues. With the pace of energy transition uncertain, the authors of this report offer a warning to governments and NOCs as they consider their future investment plans.
Topic:
Climate Change, Energy Policy, Oil, and Investment
Political Geography:
Global Focus

1057. How Can Anticorruption Actors Use EITI Disclosures?

Author:
Sebastian Sahla, Alexandra Gillies, and Matthieu Salomon
Publication Date:
02-2021
Content Type:
Special Report
Institution:
Natural Resource Governance Institute
Abstract:
Corruption in the extractive industries represents one of the main obstacles to ensuring that natural resources contribute to sustainable development. The heightened corruption risks across the sector are well documented, with many of the most prominent global corruption cases in recent years involving actors in oil, gas and mining. High-profile corruption scandals have occurred in several EITI countries. In Colombia, a former EITI supporting company has faced investigations over alleged illegal political campaign financing. Two large oil companies and their executives face criminal trial in Italy over a controversial oil deal in Nigeria. In Iraq, a “fixer” company bribed officials to help its clients secure oil industry contracts. EITI reports are silent on these and many other alleged cases of corruption. This has raised critical questions, particularly among civil society actors and academics, about the relevance of EITI in addressing the sector’s most pressing challenges. Although EITI reports rarely speak directly about corruption, they are nevertheless an important resource for anticorruption actors. As the EITI considers how it can more effectively play a role in addressing corruption, the authors of this report aim to shed light on how EITI’s current reporting can help oversight actors understand and address corruption risks. The authors identify best practices in how EITI countries disclose corruption-related information, highlighting the strengths and weaknesses of the initiative and providing insights that can help EITI maximize its relevance to future anticorruption efforts. Based on a review of EITI documents from 17 countries, the authors identify trends in how reporting presents corruption-related information.
Topic:
Corruption, Development, Oil, Natural Resources, Gas, and Industry
Political Geography:
Global Focus

1058. Diagnosing Corruption in the Extractive Sector: A Tool for Research and Action

Author:
Alexandra Gillies, Sebastian Sahla, Matthieu Salomon, and Tom Shipley
Publication Date:
09-2021
Content Type:
Special Report
Institution:
Natural Resource Governance Institute
Abstract:
NRGI’s corruption diagnostic tool aims to support anticorruption actors as they tackle the complex and sensitive challenge of extractive sector corruption. Drawing on extensive sector-specific analysis, the tool enables its users to: Gather evidence and convene consultations to identify the forms of corruption most likely to negatively impact their country’s extractive industries; Diagnose the causes of these forms of corruption; Build an evidence-based anticorruption action plan, focused on preventing future corruption. The tool prioritizes multi-stakeholder participation, and its flexible approach allows users to adapt the content and process to meet their needs.
Topic:
Corruption, Natural Resources, Regulation, and Industry
Political Geography:
Global Focus

1059. Stuck in the Past: Lessons on Emissions for Developing Oil Producers

Author:
David Manley and David Mihalyi
Publication Date:
07-2021
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
As much of the world slowly moves into a low-carbon future, a group of countries are firmly stuck in a fossil-fuel past. These are mainly countries rich in fossil fuel resources. This is not only a problem for the global target to limit the emissions of greenhouse gases, but it puts these countries under a “carbon curse”. Under this curse, people pay more for energy, might be locked out of trading opportunities with countries with carbon taxes, and breath dirtier air. These fossil fuel-rich countries provide a lessons for developing countries with fossil fuels that are still to industrialize. These are countries that still have time to change direction to avoid being stuck in the past, and move into a more prosperous and cleaner future. Key messages Most economies are slowly decarbonizing, but the economies of high-income, fossil fuel-rich countries are not. This is the case whether examining production- or consumption-based emissions. Low-income, fossil fuel-rich countries can learn from the experience of wealthier fossil fuel-rich countries. Remaining on their current path could mean that low-income, fossil fuel-rich countries could face high energy costs, exclusion from export markets, and failure to meet future climate commitments.
Topic:
Climate Change, Energy Policy, Oil, Carbon Tax, and Carbon Emissions
Political Geography:
Global Focus

1060. Recommendations for Strengthening the Role of the EITI in the Fight Against Corruption

Author:
Sebastian Sahla and Matthieu Salomon
Publication Date:
09-2021
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
Corruption in the extractive industries is one of the biggest obstacles to the accountable and sustainable management of natural resources. While EITI has the potential to contribute toward the fight against corruption, the initiative is falling short in realizing this potential in many countries. NRGI’s new memo details recommendations for EITI to strengthen its relevance for anticorruption efforts. This memo builds on a review of EITI disclosures from around the world conducted by NRGI, the findings of which are summarized in a February 2021 report titled How Can Anticorruption Actors Use EITI Disclosures?.
Topic:
Corruption, Natural Resources, Sustainability, and Industry
Political Geography:
Global Focus