The green economy is not just a current “buzz concept”. It represents a profound change in perceptions. Sadly, the opportunity to lock in a paradigm shift in international policy was lost at Rio+20.
The G7 states themselves are no more likely to push for a Global Economic Council than turkeys are to vote for Christmas, but that should not stop others from advocating along these lines.
The economic crisis has brought about a transformation in international governance, signalling a break with the established economic architecture. While at the outset, measures taken appeared in an ad hoc or temporary manner, the decision at the recent Pittsburgh Summit to institutionalize the Group of 20 leaders’ summit reflects a decided shift in economic leadership. New players, new institutions and new issues have moved to the centre of the agenda.
Last August, the UN Environmental Programme reported that “around $300 billion or 0.7 per cent of global GDP is being spent on energy subsidies annually.” These subsidies are particularly important because most are devoted to fossil fuels.
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