PLEA Network

25 September 2019, Climate Homes News. UN agency calls for global Green New Deal to overhaul financial system. Only a global Green New Deal can provide governments with the muscle needed to take on the climate crisis, a UN development agency report released on Wednesday said. The United Nations Conference on Trade and Development (Unctad), which was founded in 1964 to help developing countries to access equitable international trade, called on governments to overhaul the rules of the international trade and monetary systems so that all countries – in particular developing ones – could carry out the necessary mass investments to decarbonize their economies. Unctad secretary general Mukhisa Kituyi said meeting the UN sustainable development goals, which include reining in the heating of the planet, “requires rebuilding multilateralism around the idea of a global Green New Deal, and pursuing a financial future very different from the recent past”. “The global economy does not serve all people equally,” said Richard Kozul-Wright, director of Unctad’s division on globalization and development strategies, who oversaw the report. “Under the current configuration of policies, rules, market dynamics and corporate power, economic gaps are likely to increase and environmental degradation intensify.” Read more here