In a disappointing and disheartening plenary session today, the Brazilian chair adopted the watered down draft text to be taken to world leaders tomorrow to formally adopt. As delegations clapped away at our failed future, civil society loudly protested from the back of the plenary hall.
As a last attempt to salvage this summit, civil society has united its efforts to write a letter to UK Prime Minister David Cameron at the G20 Summit calling for an urgent intervention to deliver ambition at the Rio+20 Earth Summit. The letter highlights that the draft text is severely lacking in ambition, urgency and political will. Countries are reluctant to commit to a bolder agenda largely because they do not believe that the money can be found to deliver the transition to a fair, prosperous and sustainable world for all.
Civil society is calling on the UK, as a member of G8, G20, UN Security Council and the European Union, to take matters into their own hands and be pioneers in this endeavor to save the planet and forge an international agreement on tackling global inequalities. To do this, three commitments are needed to transform this summit.
- Phase out harmful fossil fuel subsidies, with safeguards for the world poorest communities. Commitments to begin such a process were made by the G20 at their meeting in Pittsburgh in 2009 and again in Toronto in 2010, but with almost no progress to date. Developed countries spend around $100bn a year in subsidies and tax breaks to prop up fossil fuel production, according to the OECD.
- Introduce a Financial Transaction Tax (FTT) which has been proven by the International Monetary Fund (IMF), the European Commission and independent studies to be a credible, effective and development friendly tax. It is a hugely popular idea, supported by 63% of European citizens and more than 1000 economists, and could raise at least $400bn a year.
- Stop multinationals dodging their taxes. This would generate an extra $160 billion a year in tax revenues in poor countries alone. This is money that these companies already owe but which they are not paying.
The biggest impediment to means of implementation and finance is that the money isn’t there, but as shown above, the money is clearly there and can be easily freed up and utilized. Strong political will and even stronger leadership is needed now to push these negotiations to deliver a safe and prosperous world for everyone.