G20 Leaders Are here To Help
The G20 – the world’s richest 20 countries – summit is over. What has it achieved for the global economy and for a sustainable planet?
Well, share markets have risen everywhere after hearing the G20 meeting resolutions. That’s one (early) vote for its success.
But since the economy is only a subset to a whole, sustainable planet Earth on which we may live well, has it really adddresssed this vital dimension?
First, its reported runs on the board:
- It trebled the lending power of the International Monetary Fund to $1 Trillion. That’s important to get credit flows happening again.
- Poor countries will get some of that money. Besides just being good for them it’s good policy to stop a further global economic crumbling in these regions.
- Tax havens will be named and shamed.
- Bankers’ salaries and bonuses will be cut.
- Each country will get rid of “toxic” assets.
- No further trade barriers to be put up, as a boost to free trade.
- The financial stability Board will monitor whether banks and others are taking excesssive financial risk.
- A $250 Billion pledge in trade credits issued by the World Bank.
Spot the gap!
What’s missing here? Yup, you spotted it…
Where are the commitments to phasing out high-CO2 emission-based power plants, manufacturing and transport?
What about growing demand for more consumer products, from developing nations, and just plainly from a growing world population with a heavy eco-footprint?
Underlying the G20 resolutions, as humble old me sees it, is the same thinking that caused us to land in the global warming mess: Growing economies are good. All we need to do is make sure the financial world keeps on grinding away as it has done, bar some tweaking.
I still think Michelle Obama has it right. Dig up your garden, reduce spending, rely on your local producers … Whoooah! So that’s it! Good Lord!
We cannot have that!
That means people won’t consume, ever more, from China, Japan, Europe, wherever. “Reduce, Reuse, Recycle really means: Reduce the worst pimples on the face of the financial system with a make-over; Reuse the guts of the financial system; and Recycle rhetoric about what’s good for us.
OK, I’ll try to hold on to the body of a rich banker when we are all floating together in rising oceans and you can find a G20 Leader to hang on to. After all, we’re all in this together.
It’ll be allright. Don’t worry. They’re here to help.
Aww…, too cynical? Perhaps The Communique did include one sentence on the renewable energy White Elephant: “We have today therefore pledged to do whatever is necessary to build an inclusive, green, and sustainable recovery.” That’s it. Hope it means something!
Green investing in renewable energy and infrastructure is unstoppable with Peak Oil around the corner.
Still need a garden though…
