The climate change conference in Paris had a grand start last week, with high profile speeches from host French President Francois Hollande, American President Barack Obama, Britain’s Prince Charles and many other leaders. Immediately after the opening, the negotiators got down to work and they have not stopped. They realised that their task, to produce the Paris agreement on climate action after 2020, is all-important, whatever good rhetoric the political leaders may come up with. At the half-way mark of the two-week conference, there is no certainty that a final deal can be reached. The conference, known as COP21 (21st Conference of the Parties of the United Nations Framework Convention on Climate Change), is scheduled to end this Friday but could stretch till Saturday or even Sunday. (more…)
The rich world must take greater responsibility for climate change
By Narendra Modi
In the next few days in Paris, the world will decide the fate of our planet. I hope the climate conference that begins there today will produce an agreement that restores the balance between ecology and economy — between our inheritance and our obligation to the future. The conference will also, I hope, reflect a collective global commitment balancing responsibilities and capabilities on one hand with aspirations and needs on the other. It should recognise that, while some face a choice between lifestyles and technologies, others stand between deprivation and hope. (more…)
The grant of patents and the exorbitant cost of “lifesaving” drugs
By Germán Velásquez
The important relationship between the examination of patents carried out by national patent offices and the right of citizens to access to medicines hasn’t always been well understood. Too often these are viewed as unrelated functions or responsibilities of the state. And the reason is clear: patentability requirements are not defined by patent offices, but frequently by the courts, tribunals, legislation or treaty negotiators. This is the case when patent policy is implemented in isolation from, rather than guided by, public health policy. (more…)
Two new Chinese funds totalling US$ 5.1 billion to help developing countries tackle climate change and development problems could be a game changer in South-South cooperation and international relations. China gave a big boost to South-South cooperation when its President, Xi Jinping, made two unprecedented mega pledges totalling US$5.1 billion to assist other developing countries, during his visit to the United States in September. (more…)
Past Mistakes and Current Joint Responsibilities: the Greek debt crisis
By Yuefen Li
With the Greek debt crisis raging on, another round of blame exercise has started. It is not really unhealthy to do so, as with it comes the responsibilities for fixing the crisis. Looking back over the years since Greece joined the euro zone in 2001, it would be correct to say that the Troika -the European Central Bank (ECB), the International Monetary Fund (IMF), the European Commission (EC) – as well as the Greek government all have had their share of misjudgments, illusions, technical errors and political prejudices, though some parties more than the others. (more…)
A new climate change agreement is to be adopted in Paris in December, but there are big differences on how to reach a fair deal, and the negotiations are tough. The UN Climate Conference in Paris in December may become a Climate Summit if many top political leaders accept an invitation to attend. What role they are to play is not yet known, or even the dates they are requested to come. A new agreement to tackle climate change is expected to be adopted. But there are many hurdles to overcome before a deal is reached. (more…)
After a late flurry of additions to the founding membership of the Asian Infrastructure Investment Bank, attention now turns to setting the China-led AIIB’s rules and regulations. But important questions remain – most important, whether the AIIB is a potential rival or a welcome complement to existing multilateral financial institutions like the World Bank. Since China and 20 mostly Asian countries signed the AIIB’s initial memorandum of understanding last October, 36 other countries – including Australia, Brazil, Egypt, Finland, France, Germany, Indonesia, Iran, Israel, Italy, Norway, Russia, Saudi Arabia, South Africa, South Korea, Sweden, Switzerland, Turkey, and the United Kingdom – have joined as founding members. (more…)
The author argues that the West, led by the United States, has taken on itself the right to intervene in the affairs of others and, in the case of the Arab world, has created situations that justify subsequent military interventions which have had a high cost in both human and financial terms. (more…)
Can the World Afford to Put All Hopes on Debt Contract Improvements for Sovereign Debt Workout?
By Yuefen Li
The lack of a formal sovereign debt restructuring mechanism has been considered by many as a serious deficit or missing link in the international financial architecture. However, even though the international debates on the topic have been going on for decades, heating up each time with the onset of a debt crisis and cooling down when the crisis was contained, up to now such debates have not yet come to fruition. With the onset of the global financial crisis and especially the legal litigation against Argentina and Greek debt crisis, the debate has become even more intensified with views more convergent than ever on the need of a mechanism. For decades, timely and orderly sovereign debt restructuring which can restore medium term debt sustainability to debtor countries as well as less costly to creditors has been the common expectation of stakeholders involved in sovereign debt restructuring, except those who want to get their windfalls in the debt crisis. (more…)
Developing Economies Increasingly Vulnerable in Unstable Global Financial System
By Yılmaz Akyüz
After a series of crises with severe economic and social consequences in the 1990s and early 2000s, emerging and developing economies have become even more closely integrated into what is widely recognised as an inherently unstable international financial system. Both policies in these countries and a highly accommodating global financial environment have played a role. Not only have their traditional cross-border linkages been deepened and external balance sheets expanded rapidly, but also foreign presence in their domestic credit, bond, equity and property markets has reached unprecedented levels. New channels have thus emerged for the transmission of financial shocks from global boom-bust cycles. (more…)
The IPCC’s final report, known as the Synthesis Report, indicates the world is doomed if present climate and emission trends continue, but the key solutions are as elusive as before. Imagine our world getting more and more polluted, and little space left for the Earth to absorb more pollutants before all kinds of disasters take place. And imagine that we have not yet found the solutions to really slow down the emissions or to prevent the catastrophe that lies ahead. This look into our scary future was evident at the recent meeting in Copenhagen to finalise the last climate change report of the IPCC (inter-governmental panel on climate change). (more…)
Malala got the Nobel peace prize; here’s why Nabila won’t
By Staff, Firstpost of India
Last week, the Nobel Peace Prize committee announced two winners: Pakistan’s Malala Yousafzai and India’s Kailash Satyarthi for their struggle for the rights of children. While for most Indians K Satyarthi’s name was a bit of a mystery, Malala was already a widely known international figure, her personal story documented on magazine covers around the world. The celebration of Malala in the West has long inspired conspiracy theorists who view her as a CIA stooge — and that she is now the youngest recipient for the Nobel Peace Prize is likely to prove more fodder for the same. But you don’t have to be paranoid to ask the question raised by Murtaza Hussain in Al-Jazeera: What about Nabila Rehman? (more…)
