THE UN’S ZERO DRAFT, THE RPRP REPORT AND THE MONETARY CHALLENGE
Monday, January 30, 2012
During this month of January 2012 the UN Headquarters have been abuzz with both the Zero Draft produced by the two co-chairman of the Bureau for the Commission on Sustainable Development and the Resilience of People, Resilience of the Planet (RPRP) by the High-level Sustainable Development Group (GSP) established on August 9, 2010 by SG Ban Ki-moon. Both of these two products, a draft and a report, are inputs into the Rio 2012 Earth Summit process.
How do they stack up in respect to a carbon-based monetary transformation as proposed by the International Institute for Monetary Transformation?
The Zero Draft is a minimalist document based upon a compilation document that had a very wide range of views, practices and proposals. It was a great disappointment to many that this draft had not more substance.
The RPRP report which was launched today in Addis Ababa, is a serious attempt to analyze the present world situation, it points to 8 drivers of change and proposes recommendations, one of which is the important one dealing with a Global Sustainable Development Council. It would replace the nearly two decades old Commission for Sustainable Development which received failing marks. Recommendations 52 and 53 read: “263. Governments should consider creating a global sustainable development council to improve the integration of the three dimensions of sustainable development, address emerging issues and review sustainability progress, with meetings held on a regular basis throughout the year. This body could be a
subsidiary organ of the General Assembly and would replace the Commission on Sustainable Development. It would need to have a broad geographical and political membership and to fully engage relevant international institutions —including United Nations agencies and the international financial institutions —and non-State actors from civil society, the private sector and science. 264. Such a council would develop a peer review mechanism that would
encourage States, in a constructive spirit, to explain their policies, to share
experiences and lessons learned, and to fulfill their commitments.”
Though the global economy was mentioned many times, both in terms of past and future developments, and its connection with the financial system highlighted several times, the terms monetary and monetary system, let alone monetary transformation, was not mentioned. The monetary connection with the financial system could have been identified, both analytically and programmatically.
An important event in terms of a carbon-based international monetary system was a meeting on January 26 at the New Economics Institute in Manhattan where some forty representatives of NGOs held their first international consultation on the production of NGO sustainability treaties for Rio 2012 Earth Summit. These treaties would be similar to those over three dozen sustainability treaties produced during Rio 1992. About a half a dozen participants expressed interest in being part of the treaty cycle on monetary transformation. I volunteered to send the first draft of this treaty to them for their feedback and expand the treaty cycle after their comments. This draft will be uploaded to the www.timun.net in the next couple of days.