The Human Consciousness Now...Our World in the Midst of Becoming...to What? Observe, contemplate Now.
LONDON, Apr 29 2026 (IPS) - As the United States and Israel’s 2026 attack on Iran remains on pause, most eyes have fixed on oil. Tankers reroute around the Strait of Hormuz, oil benchmarks climb, and insurance costs spike. But while the headlines focus on energy, warning signs are already flashing from the food commodities markets.
Middle East tensions continue to escalate, but global wheat and maize supplies remain relatively well stocked and production has not been significantly disrupted. Yet UK wheat futures have risen to almost £183 per tonne — their highest level since mid-November — after rising more than £2.60 in a single week. At the same time, fertiliser prices — a key input for future harvests — have doubled since the start of the year, even though the main impacts on crop production have yet to materialise.
These are early warning signs — not of a harvest failure, but of how today’s food system responds to crisis. Food prices are beginning to rise, with the FAO Food Price Index steadily increasing in February and March 2026, even though crops have not yet failed, harvests have not collapsed, and global production remains broadly stable. The crisis is unfolding in real time, before any physical shortage has fully materialised.
Of course, real factors matter — but they operate very differently. When oil prices rise, they feed into food production through higher fertiliser costs, more expensive transport, and increased energy use on farms.
But these are gradual pressures: they work their way through the system over months, as farmers purchase inputs, plant crops, and bring harvests to market. Prices linked to these costs would normally rise slowly, in step with actual changes in production.
Instead, prices are moving immediately, driven less by current shortages than by expectations of what might happen. Markets anticipate future disruptions and push prices up faster than underlying conditions would justify. In this system, financial markets are no longer simply reflecting reality — they are actively reshaping it.
Over recent decades, agricultural commodities have been transformed from goods into financial assets. Wheat, maize, and rice are now traded not only by farmers and merchants, but by hedge funds, investment banks, and institutional investors seeking returns.
In wealthier countries, higher food prices squeeze household budgets. In much of the Global South, where food accounts for a larger share of income, the same increases can push families into hunger. Import-dependent countries must pay prices set on global markets even when local supply conditions remain stable
Financial instruments such as commodity index funds channel large volumes of capital into these markets, often detached from real supply and demand. Large trading firms straddle both physical and financial markets, allowing them to profit from volatility, rather than mitigate it.
When geopolitical shocks occur, this capital moves quickly. Investors position themselves ahead of expected disruptions, driving up futures prices that then feed through to importers, retailers, and consumers. The Iran crisis is therefore not just raising costs, it is activating a financial system primed to amplify them.
The consequences are global but uneven. In wealthier countries, higher food prices squeeze household budgets. In much of the Global South, where food accounts for a larger share of income, the same increases can push families into hunger. Import-dependent countries must pay prices set on global markets even when local supply conditions remain stable.
These pressures do not remain purely economic. Food price spikes can have destabilising political effects. Rising costs of staple foods have long been linked to social unrest, including in the lead-up to the Arab Spring, when increases in bread prices contributed to protests across North Africa and the Middle East. This reflects a broader pattern in which rising food costs – amplified by market speculation – increase the likelihood of unrest by intensifying existing social and economic grievances.
This helps explain a persistent paradox: hunger continues to rise in a world that produces more than enough food. The problem is not simply production, but access – and increasingly, how prices are formed.
That system was built over decades: on one hand through the deregulation of commodity markets in the Global North, which opened the door to large-scale speculative investment, and on the other, deregulation exported globally through IMF and World Bank programmes that promoted market liberalisation, privatisation, and the dismantling of public price stabilisation mechanisms, leaving many countries exposed to volatility.
The emerging food price pressures linked to the Iran conflict should therefore be understood as more than a temporary shock. They are a warning signal. If prices can spike before shortages occur, then food insecurity is no longer just a matter of supply. It is a function of how markets are organised.
Until that system is addressed, each new geopolitical crisis — whether in Iran or elsewhere — will continue to reverberate through food markets in ways that deepen inequality and intensify hunger. The next food crisis is not just growing in the fields. It is already being priced in.
Mihaela Siritanu is a political economist for the Bretton Woods Project
UNITED NATIONS, Apr 29 2026 (IPS) - The escalating global climate crisis has led to an increase in the frequency of climate-induced natural disasters, affecting millions worldwide. As governments struggle to keep up due to persistent funding shortfalls and inadequate preparedness and response mechanisms, education systems in Eastern and Southern Africa continue to deteriorate, pushing millions of children into displacement and poverty, further deepening long-term inequalities.
These are detailed out in a April 20 policy brief from UNICEF and global consulting firm Dalberg, titled Protecting Children’s Learning Futures: Quantifying Climate-Related Loss and Damage in Eastern and Southern Africa. The report analyses data from Ethiopia, Somalia, Kenya, Mozambique, and Zambia, examining how increasingly destructive climate shocks are destroying educational infrastructure and limiting growth opportunities for the most vulnerable populations, including girls, children with disabilities, and other marginalised communities.
Through this report, UNICEF and Dalberg stress the urgency of building climate-resilient educational systems that promote human development, economic growth, and long-term self-sufficiency. Without immediate humanitarian intervention, it is projected that hundreds of millions of children are at risk of falling behind in their education by 2050, resulting in billions of dollars lost in development and poorer life outcomes.
“Children are paying the highest price for a crisis they did not create. For the first time, this report shows the scale of climate-related loss and damage to education, yet the impact on children remains largely invisible in financing decisions,” said Etleva Kadilli, UNICEF Regional Director for Eastern and Southern Africa.
“Without stronger prioritization in climate finance, education will continue to bear the brunt of climate impacts, driving repeated disruption,” Kadilli continued. “We must design education systems that anticipate shocks, protect early and foundational learning, and keep schools open. Otherwise, the true cost of climate loss and damage will be measured in lost human potential.”
Eastern and Southern Africa are among the most climate-sensitive regions in the world, home to roughly one-third of the world’s most vulnerable countries. According to UNICEF, since 2005 the region has experienced over 700 extreme weather events, roughly 75 percent of which are attributed to climate change, affecting over 330 million people and causing over 40,000 deaths.
As of 2024, climate-induced natural disasters have caused approximately USD 1.3 billion in damages, largely driven by widespread damage to school infrastructure and expenses related to establishing temporary learning facilities. Since 2005, extreme weather patterns have disrupted the education of over 130 million children, resulting in a total estimated loss of USD 120–140 billion in future earnings.
Without urgent intervention, UNICEF projects that these losses could rise to between USD 3.3 and 3.8 billion by 2050, nearly tripling in the most vulnerable contexts. This is equivalent to approximately 440 to 520 million students being stripped of their education, with projected losses in future earnings reaching between USD 260 to 380 billion.
Additionally, persistent climate shocks in Eastern and Southern Africa have been linked to declining school performance, compromised safety, and reduced well-being among school-aged children. According to the report, widespread heatwaves are associated with reduced cognitive performance, lower test scores, and diminished teaching performances among educators.
UNICEF has also reported rising rates of absenteeism and increasing psychosocial challenges, driven by the destruction of schools and the loss of supportive social networks. Schools themselves have become increasingly dangerous for both students and teachers, as damaged infrastructure and heat stress further limit access to safe, equitable, and quality education.
“Many people in the climate movement assume that people who are impacted by climate change are more worried about it, but that is not the case, including in frontline communities,” said Jennifer Carman, Director of Survey Strategy at the Yale Program on Climate Change Communication (YPCCC) at the Yale School of Environment. “Instead, people in frontline communities are more worried about hazards that directly affect their day-to-day lives, like extreme heat and power outages — and these hazards are made worse by climate change.”
Such daily struggles faced by children as a result of climate-driven disruptions to schooling manifest in heightened protection risks. A significant portion of school-aged children in these regions have been forced to relocate multiple times, essentially eliminating their access to structures of supervision, stability, and peer support. Additionally, the climate crisis continues to erode livelihoods, intensifying economic instability across many communities, and elevating children’s vulnerability to exploitation, including rising rates of child marriage, child labour, gender-based violence, and recruitment by armed coalitions.
These risks disproportionately affect girls, children with disabilities, and displaced communities. Despite this, as of 2023 estimates, less than 2.4 percent of funding from critical multilateral funds was allocated toward “child-responsive interventions”, while support for education-specific programs has remained minimal. This is relatively low when compared to national spending for other sectors, such as healthcare. UNICEF estimates that if education programs received adequate support, it could close the USD 97 billion funding gap that is needed to achieve the Sustainable Development Goal (SDG) 4 targets in low- and middle-income countries.
“Without systematically integrating education into climate finance and policy frameworks – including efforts to avert, minimize and address loss and damage – countries risk remaining trapped in repeated cycles of disaster recovery spending rather than sustained resilience building, allowing climate shocks to compound disruptions to learning and generate significant non-economic losses for children and their future opportunities,” the report states.
Figures from UNICEF show that investing in education can yield substantial returns, with every USD 1 invested generating $2 to $13 in avoided losses. With the Fund for Responding to Loss and Damage (FRLD) Board meeting in Livingstone, Zambia, from April 22 to 24, humanitarian organizations and world leaders are aiming to broaden global conversations that are essential in shaping recovery and resilience efforts that could build a brighter future for children in these regions.
Through such dialogues, UNICEF urges governments, stakeholders, and donors to strengthen the integration of education within national climate frameworks, which can be done by explicitly referencing education in National Adaptation Plans (NAPs) and Nationally Determined Contributions (NDCs) to unlock access to “climate and loss-and-damage financing”.
UNICEF also advocates applying a climate-risk lens to domestic education financing, which could help ensure that budget allocations to education sectors are climate-informed and adequately support children’s foundational education and the continuation of their education in the long term.
Furthermore, UNICEF stresses the importance of scaling and better targeting international climate finance for education by encouraging major funding mechanisms to allocate resources for education. FRLD is one such example, financially supporting “unavoidable losses” when education systems are not adequately structured to withstand climate shocks.
“These frameworks should therefore clearly articulate how countries will protect education systems from climate-related loss and damage and strengthen learning continuity, enabling governments to align financing from multiple sources – including climate funds and private sector investment – toward sustained and risk-informed education investments that strengthen education systems and reduce future climate-related impacts,” the report states. “Such investments today can help break this cycle by safeguarding learning, reducing future fiscal pressures and protecting children’s development on which long-term human development depends.”
IPS UN Bureau Report
BONN, Germany, Apr 29 2026 (IPS) - While the world watches the Strait of Hormuz and the discord in negotiations between Iran and the United States, the role of the Gulf states is fading into the background. Iran’s attacks on the Arab Gulf states have triggered a threefold shock.
First, their business model – built on free trade routes, logistics, energy, tourism and entertainment – is under strain. Second, they are losing the confidence of international investors as safe havens, undermining their narrative as a reliable bulwark against the chaos in their neighbourhood. And lastly, their strategy of shielding themselves from external threats through comprehensive diplomacy, de-escalation and dialogue is at stake.
Influential mediators such as Qatar and Oman have come into the crosshairs of the war, as has Saudi Arabia, which only in 2023 resumed relations with Iran precisely to prevent such a scenario of regional escalation. This threefold shock is now forcing all Gulf states to rethink their security architecture in order to better protect themselves in the future.
Contrasting strategies
At present, it appears as though each ruler in the Gulf is pursuing their own strategy, relying on their own instruments and forging their own alliances. This is particularly evident in the case of the Gulf heavyweights Saudi Arabia and the United Arab Emirates (UAE).
The Saudi kingdom sees itself more as an actor committed to de-escalation, coordinating closely with regional players such as Egypt, Turkey and Pakistan.
Despite considerable frustration with the Islamic Republic, which has torpedoed any rapprochement in recent weeks, diplomatic relations with Tehran have not been severed. Instead, Riyadh recognises that some form of modus operandi with Iran will remain necessary.
The UAE, by contrast, has sharpened its rhetoric towards Iran in recent weeks, is increasingly adopting a confrontational stance and emphasises that Israel and the United States will assume an even more dominant role in the region after the war.
These differing positions point to deep-seated divergences between Abu Dhabi and Riyadh, which had already become apparent before the war. In Yemen, the rivalry between the two regional powers escalated in December, culminating in Saudi Arabia publicly criticising its Emirati ‘brother’ and taking military action against its local partner, the Southern Transitional Council.
In Sudan, both governments support opposing sides – the UAE backs the Rapid Support Forces (RSF), while Saudi Arabia supports the Sudanese Armed Forces (SAF) – further fuelling the humanitarian catastrophe three years into the bloody civil war.
The Gulf states are not striving for pure harmony, but rather pursuing similar interests through different instruments.
The two states also pursue contrasting strategies towards Israel. While the UAE signed the Abraham Accords in 2020 and continues to maintain diplomatic and economic ties with Israel, Saudi Arabia has positioned itself as an active defender of the Palestinian cause since Hamas’s attack on Israel on 7 October 2023 and rejects any normalisation of relations with Israel.
These differing positions also reverberate beyond the region. Saudi Arabia, for example, criticised Israel’s recognition of Somaliland in December 2025, where the UAE operates an important port — another illustration of the growing divergence between Riyadh and Abu Dhabi.
Two rival axes thus appear to have emerged, further consolidated by the current war. On one side stands Saudi Arabia as the representative of a more restrained approach to regional policy, working with partners such as Oman, Qatar, Pakistan and Turkey to pursue assertive diplomacy.
On the other side, the UAE – particularly the powerful emirate of Abu Dhabi – has adopted a policy of interventionist strength against Iran and Islamist movements, a stance that is supported in varying degrees by Kuwait and Bahrain. Along these axes, a regional arms race could intensify, economic rivalry could grow, and hyper-nationalism could deepen, leading to further hardening and polarisation of positions across the Gulf.
Yet this seemingly irreconcilable confrontation overlooks the fact that the Gulf states are not striving for pure harmony, but rather pursuing similar interests through different instruments. Their approach is based on a pragmatic both-and strategy that relies on flexible alliances to achieve their objectives. In fact, their goals are not as divergent as often assumed, but can be summarised as three core priorities: preserving national legitimacy, maintaining regional stability and safeguarding economic development.
These are all threatened by the war, creating a natural interest among the Gulf states in avoiding lasting harm to one another — or even outright conflict.
Competition does not preclude cooperation
The Gulf states have a long and shifting history of conflict and rapprochement. Disputes over borders, rivalries between ruling dynasties and families, conflicts over resources and trade routes, and competing approaches to developing their oil- and gas-dependent economies have repeatedly led to periods of defamation, demonisation and disintegration.
Most recently, the so-called Gulf crisis from 2017 to 2021 shook Gulf unity, when the UAE, Saudi Arabia, Bahrain and Egypt imposed an air, sea and land blockade on Qatar. Despite these cycles of tension and reconciliation, the Gulf states have proven remarkably resilient, not least because of their ability to adapt flexibly to new challenges.
They must now demonstrate this capacity more than ever. The current war represents a pivotal moment in Gulf history, redefining how their both-and strategy can remain effective. To ensure this, they may increasingly rely on comprehensive deterrence, flexible alliances and diplomacy, which could lead to closer cooperation in certain policy areas.
This may include enhanced military cooperation, aimed at strengthening national security through regional defence capabilities and reducing dependence on the United States.
The development of a joint drone programme and protection against attacks on maritime security, desalination plants and future technologies are in the interests of all Gulf states — despite their differences in dealing with Iran. The same applies to other areas.
The war, through the sinking of tankers and the deployment of mines in the Persian Gulf, could seriously endanger an already fragile environment. Environmental disasters such as oil spills must therefore be prevented, which can only be achieved through collective action.
The blockade of the Strait of Hormuz has made it abundantly clear to most Gulf states how dependent they are on this sensitive maritime chokepoint for their energy exports.
The impact on the collective psyche of Gulf societies should not be underestimated either. Addressing this will require joint efforts in trauma recovery. The blockade of the Strait of Hormuz has made it abundantly clear to most Gulf states how dependent they are on this sensitive maritime chokepoint for their energy exports.
Alternatives are scarce, benefiting primarily Saudi Arabia and the UAE, while Qatar, Bahrain and Kuwait are being cut off from international maritime trade. Alternative trade routes are therefore essential, but can only be developed through partnership.
Plans for such routes have existed for years and could gain renewed momentum in the context of the crisis — whether in energy, transport or the construction of a Gulf railway network. Saudi Arabia, for instance, is planning new logistics corridors with Egypt and Jordan to enhance its independence.
At present, all Gulf states are suffering from declining revenues from oil and gas sales, tourism and financial services. Overall, economic growth in the region is projected to fall in 2026 from an expected 3.7 per cent to just 1.4 per cent. In Qatar, economic output could shrink by as much as 13 per cent, in the UAE by 8 per cent and in Saudi Arabia by 6.6 per cent.
This will likely lead all Gulf states to invest more cautiously and more selectively — particularly at home. The more they channel their reduced funds domestically, the fewer resources will be available for the urgently needed reconstruction in regional crisis zones such as Syria.
Here too, closer coordination in development cooperation could prove beneficial, as was the case during the Gulf crisis within the framework of the Arab Coordination Group, which brings together the development funds of all Gulf states alongside regional donor organisations such as the Islamic Development Bank.
These examples demonstrate that competition does not necessarily preclude cooperation, but rather depends heavily on context. The existing divergences among the Gulf states should therefore not be seen as set in stone, but as part of a complex process of negotiation and adaptation in times of crisis.
Alliances are shifting, leading to profound transformations that are particularly affecting the Gulf states. They will not abandon their both-and approach, but will recalibrate it. Whether they act against or alongside one another will depend more than ever on circumstances and the instruments they choose — resulting in a dynamic that could combine partnership with simultaneous polarisation.
Dr Sebastian Sons is a scientist at the CARPO research institute and conducts research primarily on the economic, foreign, social, development and sports policy of the Arab Gulf monarchies.
Source: International Politics and Society. Brussels
IPS UN Bureau
SYDNEY, Australia, Apr 29 2026 (IPS) - It is an invisible contaminant that has been found in fisheries, an essential part of the food chain for many Pacific Islanders. Mercury, emitted from fossil fuel power generation and other industrial processes around the world, has now penetrated marine ecosystems in the Pacific Islands with detrimental consequences for people’s health and wellbeing.
But island states, supported by scientific expertise at the Secretariat of the Pacific Regional Environment Program (SPREP), the United Nations Environment Program (UNEP) and funding by the Global Environment Facility (GEF), the world’s largest multilateral fund for the environment, are implementing the action needed. The Mercury Free Pacific campaign is forging progress to protect islanders and their natural habitats from poisoning.
“Our communities face mercury risks from two main sources: what we eat, fish, and what we use in our homes and workplaces,” Emelipelesa Sam Panapa, Chemical Management Officer at the Department of Environment in the Polynesian atoll island nation of Tuvalu, told IPS. “Fish is the most widespread and challenging risk. It is not just food; it is central to our culture, livelihood and food security.”
The Mercury Free Pacific Campaign has brought together Pacific Island nations and the expertise of the SPREP and UNEP and been made possible with funding by the GEF. Credit: GEF
Mercury is a natural element in the Earth that has been released into the atmosphere for millennia through volcanic events and rock erosion. But human-generated, mostly industrial, processes have accelerated the build-up of mercury emissions. Metal processing facilities, cement works, the production of vinyl monomer and coal-fired power stations are the biggest contributors to the high levels of mercury in the atmosphere today.
From 2010 to 2015 alone, global anthropogenic mercury emissions rose by 20 percent, reports the UNEP. Coal-burning processes account for about 21 percent of all emissions. And this is projected to increase if a further 1,600 planned coal-driven power stations, on top of the existing 3,700 worldwide, are built. Already mercury in the atmosphere is about 450 percent above natural levels, reports UNEP.
After travelling long distances, mercury emissions then deposit in oceans. And toxicity begins when natural bacteria in aquatic environments mix with mercury, transforming it into Methylmercury, which is a neurotoxin. In the Pacific region, Methylmercury has contaminated beaches, coral reefs and fisheries, including swordfish, shark, tuna and mackerel, that are commonly consumed daily. Seafood is an important source of protein for up to 90 percent of Pacific Islanders and contributes to cash-based livelihoods for about 50 percent, reports the Food and Agriculture Organisation (FAO).
Today mercury is named one of the top ten chemicals of concern to public health by the World Health Organization (WHO) and the danger is especially acute in women and children. It can, in higher doses, inflict damage on cardiovascular organs, kidneys and the nervous systems of pregnant women and subsequently affect organ development of the foetus.
A fisherman on the coast of Funafuti, Tuvalu, throwing a weighted net out into the seawater, a traditional form of fishing. Credit: Rodney Dekker / Climate Visuals
The results of a medical study conducted by the Biodiversity Research Institute (BRI) confirmed health concerns. Testing for traces of mercury in 757 women, aged 18-44 years, in the developing island states of the Caribbean, Indian and Pacific Oceans, including the Cook Islands, Tuvalu, Kiribati, Tonga and Marshall Islands, revealed that 58 percent possessed a level in their bodies that exceeded the safe threshold of 1ppm Hg. Researchers concluded the most likely cause was the high consumption of contaminated fish. In comparison, women who consumed lower amounts of fish and seafood recorded the lowest levels of mercury.
However, islanders also encounter toxicity in their households. Mercury is used in the production of common imported consumer products, such as fluorescent light tubes, electrical switches, dental amalgam fillings and skin lightening cosmetics. But it is when these products reach the end of their lives and are discarded that mercury is at risk of lingering indefinitely in the environment.
“The core of the problem is that mercury-added products are not being separated from municipal solid waste, and there are no local facilities for the environmentally sound disposal of mercury waste,” Soseala Tinilau, SPREP’s Hazardous Waste Management Advisor, told IPS. Also, “medical waste incineration sites are identified as potential sources of mercury emissions to the air.” And in some locations, raw sewerage flows have contributed mercury waste due to affected products being washed down drains into waterways and the sea.
A challenge is that waste management systems in many Pacific Island countries are constrained by lack of capacity, technology, resources and infrastructure. “There are no local facilities for the environmentally sound disposal of mercury waste. Therefore, a system for packing, exporting and disposing of this waste in an approved facility abroad is a critical need,” Tinilau specified.
Fisheries, susceptible to mercury contamination, are a major source of food and protein for Pacific Islanders. Fish market, Port Moresby, Papua New Guinea. Credit: Catherine Wilson/IPS
Several years ago, numerous Pacific Island states, including Kiribati, Palau, Tonga, Tuvalu and Vanuatu, joined the Minamata Convention. The first global agreement to reform the ways in which mercury is used, phase it out in industries and develop better waste management practices, among other measures, came into effect in 2017.
Now governments in the region are drawing further on the power of multilateral collaboration in the Mercury Free Pacific initiative. The expansive mandate of the GEF-funded project includes conducting national surveys of mercury contamination, educating local communities about the risks, reviewing exposure to mercury-added consumer products, reforming waste management practices and assisting governments to develop relevant legislation.
The GEF is funding US$12.6 billion in environmental projects currently underway globally, which are expected to generate a further US$80.5 billion in co-financing. And it has a long view of its commitment to the Mercury Free Pacific project through its GEF Islands program, with goals outlined until at least 2030.
Anil Bruce Sookdeo, the GEF’s coordinator for Chemicals and Waste, elaborated that in the Pacific the GEF has provided US$1.5 million for gathering mapping data, its analysis and developing action and remedial plans in eleven Pacific Island nations, including the Federated States of Micronesia, Samoa, Kiribati, Tuvalu and Vanuatu.
A further US$2 million is allocated to supporting national responses, such as devising effective legislation, community awareness programs and improving waste management processes. The campaign “represents a long-term regional objective, rather than a time-based project and requires sustained commitment and coordinated action by Pacific countries, regional institutions and partners,” he emphasised.
GEF funding has empowered Tuvalu, a country comprising nine coral islands and 11,800 people in the South Pacific, to make strides in its whole-of-society response to the issue. The government has been able to strengthen its capacity and expertise, organise media awareness campaigns and oversee consultation with industries, communities and civil society organisations.
“For the first time, we have a national estimate of where mercury is coming from…we are beginning to understand the risks to our people and we have a roadmap for future action,” Panapa said in outlining the benefits of the Mercury Free Pacific initiative. At the same time, “these efforts represent the beginning of a longer journey to build community understanding and change behaviours related to mercury-added products, waste disposal and dietary choices.”
But a mitigation goal at the top of the list is to prevent mercury from reaching the islands. “Making marine life safe from mercury contamination is not about eliminating mercury already present in the ocean, but about preventing further contamination and managing the risk of exposure,” Tinilau said.
This means, among other measures, restricting the importation of mercury-added consumer products and galvanising global action to halt mercury emissions. Global consensus on phasing out coal-fired power stations and reforming industrial processes would be a start.
Pacific Island countries are demonstrating the political will and action with “regional coherence, national ownership and sustained momentum toward reducing mercury risks to human health, the environment and food systems in the Pacific,” emphasised Sookdeo from the GEF. Now, big emitters need to heed the urgency of reducing emissions at their source.
Notes: The Eighth Global Environment Facility Assembly will be held from May 30 to June 6, 2026, in Samarkand, Uzbekistan.
This feature is published with the support of the GEF. IPS is solely responsible for the editorial content, and it does not necessarily reflect the views of the GEF.
IPS UN Bureau Report
VICTORIA, Seychelles, Apr 29 2026 (IPS) - As the world prepares for the Global Environment Facility (GEF) meeting in Samarkand next month, Seychelles’ pioneering blue bond offers a compelling lesson in practical ocean finance.
For small island states, the ocean is not merely a natural resource; it is the foundation of national life, economic opportunity, and long-term resilience against climate threats.
As President of Seychelles, I introduced the blue economy as a national vision as early as 2008. I did so because I believed then—as I do now—that for an island nation spanning 1.4 million square kilometers of ocean, sustainable development must begin with responsible stewardship of our marine resources. Our future depended on learning how to protect biodiversity, manage fisheries sustainably, and build economic models that serve both present needs and future generations. This vision positioned Seychelles as an early advocate for integrating ocean health with national prosperity.
That vision was not developed in isolation. It was strengthened through deliberate steps and high-level conversations that bridged policy ambition with financial innovation. A key milestone came with the debt-for-nature swap, finalized with the Paris Club creditors and The Nature Conservancy in 2014. This landmark agreement restructured approximately US$21.6 million in debt, freeing resources for marine conservation and climate adaptation. It directly led to the creation of SeyCCAT, the Seychelles Conservation and Climate Adaptation Trust, which has since become a vital mechanism for channeling funds into ocean protection, sustainable fisheries, and resilience projects.
As President, I also discussed the blue bond concept directly with the then Prince of Wales, Prince Charles, during the Commonwealth Heads of Government Meeting in Sri Lanka in November 2013.
Meeting with the Prince of Wales in Sri Lanka in 2013 at the Commonwealth Heads of Government Meeting (CHOGM). Credit: James Alix Michel
His International Sustainability Unit was already promoting innovative ocean finance mechanisms, and our conversation highlighted the urgent need for small island states to access capital markets tailored to blue economy priorities.
This exchange, combined with early engagement from the World Bank and Commonwealth partners, helped refine the idea into a viable sovereign instrument. It underscored a growing global recognition that traditional financing was inadequate for the unique challenges of climate-vulnerable, ocean-dependent nations.
The blue bond represented the culmination of this journey. Structured with technical support from the World Bank, a US$5 million guarantee from the multilateral lender, and a US$5 million concessional grant from the GEF, it raised US$15 million from private investors including Calvert Impact Capital, Nuveen, and Prudential Financial.
On 29 October 2018, Seychelles launched the world’s first sovereign blue bond at the Our Ocean Conference in Bali — an event I had the privilege of attending. This was not just a financial milestone for Seychelles; it was a global proof of concept for ocean-positive investment.
Launch of the Seychelles Blue Bond in Bali at the Ocean Conference in 2018. Credit: James Alix Michel
The bond’s structure was as innovative as its purpose. Proceeds were allocated to expand marine protected areas to 30% of Seychelles’ exclusive economic zone, improve fisheries governance, and develop sustainable blue economy sectors like eco-tourism and seafood value chains. Managed through SeyCCAT and the Development Bank of Seychelles, the funds supported grants and loans for projects that delivered measurable environmental and economic returns. Investors benefited from blended finance that de-risked the instrument, while Seychelles gained long-term capital for priorities that traditional aid could not address.
For small island developing states (SIDS), this model holds profound significance. Nations like Seychelles grapple with high public debt (often exceeding 60% of GDP), acute climate exposure, a heavy reliance on marine resources for 20-30% of GDP, and limited fiscal space. Conventional loans and grants are frequently too rigid, too short-term, or misaligned with ocean realities.
The blue bond demonstrated that sovereign debt instruments can be repurposed for sustainability, attracting private capital while advancing public goods like biodiversity protection and community livelihoods.
Its broader impact extends beyond the US$15 million raised. The Seychelles blue bond lent credibility to the blue economy as a bankable asset class, inspiring subsequent issuances by Gabon (2022), Ecuador (2024), and others. It proved that nature-based solutions and financial innovation are complementary, not competitive. By linking debt restructuring, conservation trusts, and market-based finance, Seychelles created a replicable blueprint that has influenced global discussions at forums like the UN Ocean Conference and G20 sustainable finance tracks.
Yet this success should not be romanticized. Innovative finance alone cannot resolve systemic inequities in the international financial architecture. Blue bonds require robust institutions, transparent governance, technical capacity, and a pipeline of investable projects—foundations that not all SIDS possess. Seychelles benefited from strong political commitment, capable partners like the World Bank and GEF, and a pre-existing conservation framework. Without these, such instruments risk becoming symbolic rather than substantive.
This is precisely why the GEF assembly in Samarkand is so timely. Oceans face escalating crises: overfishing depletes 35% of stocks, plastic pollution chokes marine life, warming waters trigger coral bleaching, and habitat loss threatens 40% of global biodiversity. Yet ocean finance remains woefully inadequate—less than 1% of climate finance targets marine ecosystems, despite the ocean’s role in absorbing 25% of CO₂ emissions and producing 50% of planetary oxygen.
Samarkand offers a platform to scale solutions like Seychelles’ model.
The GEF, as a catalytic funder, should prioritize blue finance architecture for SIDS and coastal states. This means expanding blended finance facilities, providing first-loss guarantees, offering concessional capital, and building capacity for project pipelines. It also requires policy reforms to integrate blue bonds into debt sustainability frameworks, ensuring they complement—rather than compete with—multilateral debt relief initiatives.
Seychelles took a calculated risk in 2008 by centering the blue economy in national strategy. We persisted through debt swaps, presidential diplomacy, and patient institution-building. The blue bond was the reward: a tool that converted vulnerability into opportunity.
As delegates converge on Samarkand, let Seychelles’ story serve as both inspiration and imperative. The blue economy will not thrive on declarations or pilot projects. It demands instruments that harness private capital for public purposes, turning ocean ambition into enduring action. Seychelles opened the door.
The GEF and global community must now widen it—for islands, for coasts, and for the shared blue planet we all depend on.
Note: The Eighth Global Environment Facility Assembly will be held from May 30 to June 6, 2026, in Samarkand, Uzbekistan.
James Alix Michel is the former President of Seychelles (2004–2016) and a global advocate for the blue economy, ocean conservation and climate resilience.
IPS UN Bureau
BRATISLAVA, Apr 28 2026 (IPS) - “What’s important is to make sure that you can immerse yourself in an environment that is positive for your mental health and wellbeing,” says Olena*.
Olena, from Ukraine’s Kharkiv region, was just 12 when Russia’s full-scale invasion of her country began on February 24, 2022. Over the last four years she has seen all her close friends leave the small town she lives in, most to move abroad, and experienced deadly bombings by Russian forces on her home town.
Meanwhile, much of her schooling in that time has been online because the permanent threat of shelling makes it unsafe for authorities to keep her school open.
She admits all this has taken a toll on her mental health.
“I had the most devastating experience when my town was bombed and some people were killed. The sound of explosions and drones causes constant tension still,” she tells IPS.
“I miss having all my friends here. Before the war, we used to spend so much time together – walking around the city, celebrating each other’s birthdays, and simply sitting somewhere and talking for hours. Now many of them are abroad, building new lives. I’m happy they are safe, but I deeply miss the feeling of unity,” she says.
“And for almost four years we [kids in the town] have been studying online. We see our classmates much less, and simple things like chatting during breaks or working on group projects feel like something from another life. We grew up faster than we expected.”
Olena is just one of millions of children in the country whose lives have been upended by the conflict.
As the full-scale invasion goes into its fifth year, research shows the devastating effect it has had on Ukrainian children, displacing millions, plunging many into poverty, and exposing them to the loss of loved ones and other trauma. Meanwhile, 1.6 million have had their education disrupted due to displacement, facility damage, and insecurity. According to UNICEF, one in three children are unable to attend in-person school full-time and more than 1,700 schools have been damaged or destroyed. The Save the Children group has said that Ukrainian children missed 20 percent of lessons during the last academic year alone because of frequent air raid warnings.
Meanwhile, Save the Children has estimated that over a million children have spent hundreds of days with either no or limited face-to-face teaching as schools have moved to online learning for security reasons since the start of the war. This came not long after schools had finished lengthy periods of online learning implemented during the Covid pandemic, meaning some children have had little in-class learning since 2020.
All this has taken a huge toll on the mental health of children and adolescents, local and international groups working with kids in the country have said.
According to UNICEF, a third of households have reported children displaying signs of psychosocial distress.
“Children’s mental health is increasingly under strain. The constant fear of attacks, displacement, endless sheltering in basements, and isolation at home with limited social connections have left children and adolescents struggling,” Toby Fricker, UNICEF Ukraine Chief of Advocacy and Communication, told IPS.
This has been expressed in a variety of emotional and physical expressions of symptoms, mental health experts have said.
These include irritability and emotional instability, particularly among adolescents, and social withdrawal.
“It can be said with sad certainty that since the start of the full-scale invasion of Ukraine by Russia, which is now in its fifth year, the most common issues observed among adolescents are increased anxiety, fear, and chronic stress related to a constant sense of danger and uncertainty. Many teenagers experience emotional exhaustion, sleep problems, difficulties with concentration and learning, as well as decreased motivation,” Daria Lavrenko, a psychologist in the Kyiv region who works with children aged 12 to 18 who have been displaced from regions near the frontlines, told IPS.
Children participate in UActive programmes which include rebuilding infrastructure damaged in the war. Credit: UActive
“Manifestations of social isolation and difficulties communicating with peers have also become quite common, largely due to prolonged distance learning, frequent air raid sirens, and the loss of a familiar school environment. In addition, adolescents often show deep grief reactions due to the loss of relatives on the frontline or as a result of Russian attacks on civilians. Increased irritability, emotional instability, and difficulties with emotional regulation are also frequently observed, which are natural psychological responses to the prolonged traumatic experience of war,” she said.
But severe somatisation of symptoms, including facial tics, involuntary head movements, and speech disorders, have also been frequently reported. Sleeping disorders are common, especially among young children.
“These are common reactions when the body is suffering the consequences of mental health strain,” Viktoria Kondratyuk, a psychologist who works with the humanitarian group War Child on projects in Ukraine, told IPS. “It affects the immune system, weakens it, and that’s why you see so many [children] getting sick, especially in the winter],” she added.
Since the full-scale invasion, the Ukrainian government has moved to increase provision of mental health support through the approval of key legislation and the implementation of a nationwide mental healthcare programme.
At the same time, NGOs are working with regional administrations and local communities to improve public access to mental health services and psychosocial support, including providing informational and educational activities and integrating psychosocial support into existing social and educational services. It is hoped this will expand access to assistance for vulnerable groups and greater support for children and adolescents.
However, problems with access to such services, and recognition of mental health problems by those affected, mean many children are not getting the help they need, experts say.
“Many teenagers who experience psychological difficulties as a result of the war do not receive the help they need in time. This is partly due to limited access to specialists in certain regions where infrastructure has been damaged or where there is a shortage of mental health professionals. At the same time, attitudes toward mental wellbeing remain an important barrier,” said Lavrenko.
“Some teenagers avoid seeking help because they fear judgement, do not want to appear ‘weak’, or believe that their experiences are not serious enough. In addition, prolonged life under the conditions of war changes how young people perceive their own emotions. Many painful feelings—such as fear, anxiety, and helplessness—may be minimised or suppressed as the psyche attempts to adapt to constant danger and maintain the ability to function. This is a natural psychological defence mechanism; however, it can also lead to children and adolescents remaining without the support they need for long periods of time.
“Furthermore, adults do not always immediately notice or correctly interpret children’s emotional difficulties, as they themselves are often exhausted by the ongoing traumatic reality of war,” she said.
Lavrenko added that a different approach needed to be taken to mental health care given that Ukraine has been at war for so long.
“Under current conditions, improving adolescents’ mental health cannot be limited only to traditional approaches to psychological care. Ukraine is living through a full-scale war for a fifth year, and in this context, support for mental health often comes from things that are considered a normal part of life for teenagers in other countries: the ability to study consistently, communicate with peers, participate in extracurricular activities, think about the future, and make plans for their careers. This is why it is extremely important to create and expand programmes aimed at addressing educational losses and restoring opportunities for adolescents to socialise,” she said.
IPS spoke to a number of teenagers in different parts of Ukraine about mental health and access to services for them and their peers.
While not all have accessed specific mental health services, some said they had and that it had helped them. Some said they felt there was adequate access for them to psychosocial services, but others said it was woefully lacking, especially in schools where they felt it should be either discussed in classes more frequently or even taught formally as a subject.
“Teachers rarely discuss this in schools – it needs to be made part of the curriculum,” Andrej*, 16, from the Kyiv region, told IPS.
However, all of them pointed to the benefits of the kind of programmes referred to by Lavrenko.
The teenagers who spoke to IPS were involved in one such programme, UActive, in which children participate in initiatives helping rebuild towns and cities damaged by fighting.
They all said the project had given them a sense of purpose and hope for the future.
“Being part of UActive became a source of hope. It reminded me that even in dark times we can build something meaningful. Through our meetings and projects, I felt unity, support, and real motivation to act instead of just worrying,” said Olena.
“Some special sessions organised by UActive orientate toward working with different aspects of mental health… encouraged me to seriously analyse my mental health and seek support when I need to,” Nadezhda*, a teenager from Kyiv, told IPS.
Organisations involved in projects for children in the country told IPS that programmes focused on child mental health could have a profound effect on improving child wellbeing.
“For adolescents, civic engagement helps them connect with their peers and find a sense of purpose amid the uncertainty of war. UNICEF’s UPSHIFT programme is one example of this, where we train youth teams and equip them with the skills they need to lead and implement projects that support the needs of their communities. Such activities also provide a sense of purpose at a time when they feel like they have little control over their lives and the situation unfolding around them,” said Fricker.
However, while both the children and organisations which spoke to IPS said access to such programmes and other forms of psychosocial care are key to helping children at the moment, they also believed that ultimately the best way of improving child mental health would be for the war to end.
Even then, though, experts believe that even after an end to the fighting, people will be struggling with mental health problems related to the conflict for many years to come.
“When a child lives for years in an atmosphere of danger, loss, instability, and constant stress, it inevitably affects the development of their psyche, their sense of safety in the world, and their ability to trust in the future. In terms of long-term consequences, some teenagers may continue to experience heightened anxiety, difficulties with emotional regulation, challenges in relationships, or uncertainty about their future for many years even after the war ends,” said Lavrenko.
She added though that there was hope that with proper action now, some of the worst long-term effects among children might be mitigated.
“It is important to remember that the human psyche has significant potential for recovery, especially when adolescents receive support, a stable environment, access to education, and opportunities for socialisation. This is why it is extremely important to invest in programs that support children and adolescents now, helping them gradually regain a sense of safety and build a healthy future,” she said.
*Names of all children have been changed for security reasons.
IPS UN Bureau Report
SYDNEY, Apr 28 2026 (IPS) - Bangladesh remains one of the most corrupt countries in the world. Its corruption perception index (CPI) score, 24, is 18 points below the global average score of 42, and 21 points lower than the Asia-Pacific region’s average of 45. One of the main sources of corruption is over-priced aid-funded projects as they lack competitive bidding. Projects funded through Government-to-Government deals drive up costs by more than 400% compared to more transparent alternatives, and around 35% of project costs are lost to corruption and inefficiency.
Anis Chowdhury
Complicity
Development partners – traditional and non-traditional – cannot deny their complicity. The most culpable is the World Bank, followed by the Asian Development Bank (ADB) and Japan International Cooperation Agency (JICA). The shares of Bangladesh’s external debt liabilities to them are around 29%, 23% and 18%, respectively, totalling 70% of total external debt. Russia and China are Bangladesh’s main non-traditional development partners, with their respective shares of total external debt at 11% and 7%. All donors offered loans rampantly to the fascist regime to achieve their strategic and business interest, ignoring its extensive corruption and wide-spread human rights violations.
The World Bank briefly demonstrated its adherence to responsible lending principles when it cancelled $1.2 billion IDA credit for the Padma Bridge project in 2012, citing high-level corruption allegations. But its lending subsequently increased as if to expiate itself for the cancellation of the Padma Bridge loan. Mr. Hasan, one of the most corrupt ministers in the deposed Hasina Government, boasted, “once the World Bank cancelled its credit to finance Padma Bridge but now [in 2023] it has proposed to provide $2.25 billion”. To embarrass (or absolve?) the Bank, Sheikh Hasina presented a picture of the Padma Multipurpose Bridge to World Bank President David Malpass at the loan signing ceremony.
While Dhaka boasted that the Padma Bridge project was “entirely funded” by the government, China Exim Bank in fact provided $2.67 billion preferential buyer’s credit. The project costed approximately $3.6-$3.9 billion, nearly 3 times the initial estimate of $1.2 billion (the amount sought from the World Bank), largely due to corruption. The cost over-run triggered crises in both the forex and local currency markets, leading to the erosion of the country’s foreign exchange reserves.
The International Monetary Fund (IMF) provided the lifeline at the dying hours of Hasina’s kleptocratic regime when it approved $4.7 billion in January 2023 with some vague conditionality, such as raising revenues, implementing structural reforms to create a conducive environment to expand trade and foreign direct investment, deepening the financial sector, and developing human capital.
The IMF chose to turn a blind eye to widespread corruption, including the looting of banks by the regime’s cronies, gross violations of human rights and election engineering to hold on to power. Can the IMF absolve itself of responsibility for enabling the survival of the collapsing repressive and corrupt regime to commit human rights violations and abuses during the mass uprising against it a year and half later?
Old habits die hard
Corruption in Bangladesh has deep roots; corruption’s tentacles have reached almost the entire body polity of the country to become a ‘social culture’. Nevertheless, the Interim Government, led by Nobel Laureate Professor Yunus, took some bold reform initiatives to strengthen the Anti-Corruption Commission (ACC) and the integrity of the financial sector.
Thus, it is deeply disappointing that the newly elected government replaced the highly professional central bank governor with a failed business person with no background in banking or international macroeconomics within the first week of assuming power. A loan defaulter himself, the new governor immediately relaxed the loan rules. The government also amended the Interim Government’s Bank Resolution Ordinance to allow the return of the restructured banks to previous owners who looted these banks.
These changes, together with the new government’s rejection of the Interim Government’s ordinances concerning the ACC, the independence of judiciary and the human rights commission, are clear signs of the old habits’ refusal to die and the persistence of corruption.
Another old habit, i.e., addiction to loans (so-called aid), denies to die. As of April 2026, the External Relations Division (ERD) of the Ministry of Finance has been instructed to look for up to $3 billion from development partners. Interestingly, the ERD’s main activity is foreign fund searching through its ‘fund searching committee’ which meets periodically to review (code name for naming and shaming section chiefs) its monthly loan signing targets. Instead, the ERD should have been focusing on fostering and strengthening economic relations – trade and investment – as its name implies.
One direct damage of aid addiction is the lethargy in mobilising domestic resources – Bangladesh’s tax-GDP ratio (around 7%) is not only low compared with the averages for low-income countries (13.5%) and middle-income countries (18.9%), but has also been declining from its peak of around 9% in 2012 since its borrowing from development partners accelerated.
Of course, the other collateral damage is the persistence of corruption. IMF research finds that countries with “voracious” and “fractious” politics divert large amounts of public resources to unproductive transfers to powerful interest groups.
Development partners’ responsible roles
All development partners – multilateral and OECD DAC members – ostensibly are in favour of “good governance”, meaning against corruption. The World Bank “considers corruption a major obstacle… to promoting shared prosperity”. The IMF views corruption as “a major obstacle to economic growth, stability, and development”. The ADB “maintains a zero-tolerance stance against corruption, viewing it as a major obstacle to development, poverty reduction, and economic growth”.
Unfortunately, the evidence of their complicity presented above tells a different story from their avowed anti-corruption posture. This casts doubt on their role as development partners. Global evidence shows that donors do not systematically allocate aid to less corrupt countries.
The citizens of the country expect that development partners remain true to their declared anti-corruption stance and advance concessional loans provided the government commits to strict monitorable anti-corruption measures and deep structural reforms. In particular, urgently needed funds should be considered if:
• Ordinances of the Interim Government designed to strengthen anti-corruption measures, protect human rights and ensure judicial independence are ratified by the Parliament;• amendments to the Bank Resolution Ordinance are repealed; and
• a professionally competent and experienced person with high integrity is appointed as central bank governor.
To achieve deep structural reform, the focus should be on strengthening domestic revenue mobilisation and reorientation away from the aid-dependent development model to a trade and investment led development model. Therefore, development partners should open up their markets, encourage investment in productive sectors and help develop Bangladesh’s productive capacity.
On the other hand, if they remain complicit and advance loans in a highly corruption-prone environment, any future pro-people government will have the right to declare such loans as “odious” and to refuse repayment obligation.
Anis Chowdhury, Emeritus Professor, Western Sydney University (Australia). He held senior UN positions in Bangkok and New York and served as Special Assistant to the Chief Advisor for Finance (with the status and rank of State Minister) in the Professor Yunus-led Interim Government. E-mail: anis.z.chowdhury@gmail.com
IPS UN Bureau