A strong, coherent and coordinated response to the economic crisis in developing countries is needed, with innovative financing flanking traditional public Development Aid (ODA). These are the conclusions of the G8 Development Ministers’ Meeting held in the Foreign Ministry in Rome on 11-12 June 2009.
A strong, coherent and coordinated response to the crisis
A strong, coherent and coordinated response to the crisis and its effect on the weakest countries is needed to prevent the economic crisis from turning into a deeper social crisis with all its possible consequences in terms of political instability and conflicts. Global ODA levels in 2008 increased by around 10% to approximately US$ 120 billion. But greater effort is needed. “We therefore reaffirm our commitments on ODA and international assistance made at Gleneagles and confirmed at Heiligendamm and Toyako”.
Innovative financing for development
Alongside traditional forms of ODA the Ministers undertook to “mobilize additional resources and activate innovative instruments”, such as, for instance, Advance Market Commitments (AMCs) and the International Finance Facility for Immunisation (IFFIm), air-tickets solidarity levy and using the proceeds from emissions trading, including the promotion of public-private partnerships and new forms of voluntary contributions by citizens and private companies. They also undertook to work together on the Italian Presidency’s proposal of “reducing the global average costs of transferring remittances, e.g. from the present 10% to 5% in 5 years”.
Existing mechanisms for assessing global economic and social vulnerability “need to be improved and better integrated”. Close collaboration with international organisations appears fundamental in this regard.
A greener future
The Development Ministers reiterated “the importance of taking rapid and effective action to combat climate change, as science clearly indicates, and of reaching a global, ambitious and comprehensive agreement in Copenhagen in December 2009”.
They acknowledged the fundamental role of the G8 in promoting investments in the development and deployment of technologies and know-how in developed and developing countries, in particular in energy efficiency, renewable energies and low carbon technologies.
Towards a cross-sector approach to sustainable development
All the policy areas identified by the G8 (health, water and sanitation, food security and education) are closely connected and need to be tackled with an integral and comprehensive approach, aimed at sustainable development.
As regards food security in particular, efforts are also required for achieving a sustainable solution through coherent and science-based policies aimed at fostering environmentally sound agricultural growth.