The Review Conference takes place at a critical juncture, when a number of emerging issues and new challenges are likely to come up in Doha.
Three international projects are already operational, via bonds to finance immunization, guarantees on vaccine development where market incentive is insufficient, and air ticket levies to fund an international drug purchase facility. There is also renewed interest in a possible currency- transaction "development levy" of 0.005 percent, as well as in internationally coordinated taxes on carbon emissions and arms purchases.
Often overlooked in development discussions, the middle-income countries (MICs) face challenges on a different scale from the poorest nations. But they remain home to more than 40 per cent of the world's poor. As South-South trade, investment and technology exchange expand, and as higher income MICs become new aid donors, expectations of their role as global economic players are also expanding.
The current market turbulence highlights the lack of stability and transparency both in the new financial instruments and in the broader markets. Greater attention is being directed to strengthening national and international arrangements for norm-setting, information-sharing and coordinated actions among agencies responsible for fiscal and monetary policies and for supervisory oversight; and to providing liquidity and resolving bank crises, among other issues.
Financing is one of the four pillars of the Bali Roadmap. Together with technology, it is one of two indispensable means by which countries can achieve significant greenhouse gas reduction and mitigation and adaptation to climate change. Among the important issues are whether existing mechanisms, and most importantly their governance arrangements, can provide the necessary financing, as well as what other mechanisms may be needed.