Saturday, 28 March 2009

Is the G20 about the interests of the G or the 20?

The crowd says: we want action on unemployment, global poverty and global climate change.

Gordon Brown answers "We will respond to [the protest] at the G20 with measures that will help create jobs, stimulate business and get the economy moving," he said.

Are they even talking about the same thing?

Meanwhile one of the best manifestos circulating for what they probably should actually be talking about that I have seen is the Ubuntu Declaration which Tomorrows Company are circulating asking us to all sign our organisations up to. There are some chilling stats in there about the impact of all this on developing countries and poverty rates and of course readers of this blog will know the Stern argument linking economics and climate change; spend now or hell to pay (plus 5-20% of global GDP lost forever) later.

via BBC

1 comment:

John Grant said...

actually I stand corrected, just been reading the G20 draft communique and it does contain some relevant points on both poverty and sustainability

it seems like things have moved on
(depending on what $x turns out to be)

which is nice

'6. Emerging and developing countries, which have been the engine of recent world growth, are now facing shocks which threaten stability and jeopardise the global economy. It is imperative that capital continues to flow to them. We have therefore agreed to make [$x] of resources available through the international financial institutions. This will finance counter-cyclical spending, bank recapitalisation, infrastructure, trade finance, debt rollover, and social support. To this end:

• we have agreed to increase the resources available to the IMF to $[x] through bilateral borrowing from members of $[x] subsequently replaced by an expanded New Arrangements to Borrow of $[x] and borrowing in the market of up to $[x] if necessary;

• we support a substantial increase in lending of $[x] by the Multilateral Development Banks;

• we will make available $[x] over the next two years to support trade finance through our export credit and investment agencies and through the MDBs. We have asked our regulators to make use of available flexibility in capital requirements for trade finance.

7. We will ensure these resources can be used effectively to meet the needs of emerging and developing countries. The IMF should implement rapidly its new Flexible Credit Line for countries with strong policies and its reformed lending and conditionality framework. It should also double access to its low income country facilities.

8. We have agreed a general SDR allocation of $[x] to strengthen global liquidity.

9. The world’s poorest are most at risk from the crisis and we are resolved to support them. We remain committed to meeting the Millennium Development Goals and to achieving our ODA pledges including commitments on Aid for Trade. We are making available $[x] in social protection for the poorest countries, alongside investing in food security, and we support the World Bank’s Vulnerability Financing Framework.

We call on the UN to establish an effective mechanism to monitor the impact of the crisis on the poorest and most vulnerable. We have also asked the IMF to bring forward, by the Spring Meetings, proposals to use the proceeds of agreed gold sales to support low income countries.

22. We agreed to make the best possible use of investment funded by fiscal stimulus programmes towards the goal of building a resilient, sustainable and green recovery. We will make the transition towards innovative, resource efficient, technologies and infrastructure, and drive new low carbon business opportunities.

We encourage the Multilateral Development Banks to contribute fully to the achievement of this objective. We will work together to explore further measures to promote low carbon growth and build sustainable economies.

23. We reaffirm our commitment to address the threat of irreversible climate change, and to reach agreement at the UN Climate Change conference in Copenhagen in December.