On the eve and post Rio+20 UNFCCC meet a lot of things happened which needs to be understood for its far reaching implications in the near future. Highlighted below are a few paragraphs -
The world’s fixation on economic growth ignores a rapid and largely irreversible trend of natural resources depletion that will seriously harm future generations, according to a newly released report that unveils a new indicator aimed at encouraging sustainability.
On 17 June 2012, at the United Nations Conference on Sustainable Development (the Rio+20 Summit), the International Human Dimensions Programme on Global Environmental Change (IHDP) and partners launched the Inclusive Wealth Report 2012.(IWR 2012)
The IWI report examined changes in the combined wealth of twenty countries, which together account for almost three quarters of global GDP, from 1990 to 2008. Despite reporting a growth in GDP Brazil, China, South Africa and the United States were shown to have significantly depleted their natural capital including fossil fuels, forests and fisheries.
Around the same time a letter was published at the Rio+20 Summit.The Clean Revolution campaign, a major initiative by The Climate Group and a range of partners from the public and private sectors that calls for a ‘green growth’ push out of global recession. The letter, says: “By the end of the decade, the low carbon market could triple in value to over US$2 trillion. At a time when government and business leaders everywhere are calling for strategies that deliver growth, we have an historic opportunity before us to lead the world out of recession and into a more stable, sustainable future. This is the time for a green industrial revolution led by real investment in clean technologies and infrastructure. The ‘Clean Revolution’ is essential if we want to ensure we save our economies from the crippling costs of runaway climate change, and create meaningful jobs and enhance energy security.” It will be a new Industrial Revolution – Tony Blair.
The attempt to have subsidies removed all together from fossil fuel was the first step in the right direction. It was bound to fail, but that itself is a success. Because never before so many groups from such diverse back ground could raise the collective voice against the fossil fuel lobby and be heard.
What must be understood is that to have a resurgent economy, one must have the resources in place. And today, the World has an historic opportunity to remove inequality. Today we do not, other than in theory; have a developed against a developing world. Because once we change the indices which measures development and growth, it is the “least developed” and “emerging economies” which have more Natural wealth than some of the developed Nations who have over exploited their own.
However, the developed Nations like the EU & the USA, Japan, Russia, Australia and others have enormous technological advancement and knowledge base, which should be exchanged in fair-value for equitable distribution of the Earth’s Natural resources. And at the same time efforts must be made to replenish what is possible. It is indeed a fantastic time to do business which by default has to be sustainable because there are no options left. The best part is the large conglomerates and corporations survival depends on continued and constant supply of raw material for production. And they will ensure that Sustainability in all form of modern living is applied. It would be done either with partnership or coercion.
The call for going beyond material wealth to gauge our well-being and make sure that well-being is achievable and sustainable for future generations has long appeared in much of the sustainable development, environmental, and ecological economics literature, significantly less in economics and development literature. The present pre-occupation with the Green Economy, we fear, will not provide the change we seek if we do not address the fundamental problem of what precisely we are measuring and the indicators we need to develop.
These words in the IWR 2012, underscores the changing mindsets of the economies which have an impact in this World. And it would be well for all Nations to adapt and adopt measures which lead to an age and era where history will define it as the Golden Age of Mankind, when generating wealth would no more mean accumulation of riches which are intrinsic in nature but have the true resonance of Sustainable Development Goals and Millennium Development Goals .