Markets working to support sustainable development

In the News: 27th April 2015

27 Apr 2015

Here you will find a round-up of all the latest news and events in mechanisms from around the world. 

REDD +

  • The REDD+ scheme has been boosted by the release of a number of projects, support tools and funding mechanisms. These including online forest monitoring tools that through satellite imagery can support results-based payments, online forums, and a series of grants and funding streams to support and build capacity in local participation in REDD+ schemes.
  • However, the Overseas Development Institute drew light on sobering figures which showed that agricultural subsidies worth at least US$486 billion in 2012 completely overshadowed the US$8.7 billion committed by developed countries to REDD+ since 2006. Read more about the implications here

 

Deforestation in the Amazon. Source: Wikipedia

Mining

  • National Coordinators of the Extractive Industries Transparency Initiative (EITI) recently met to share lessons, and discuss a number of key obstacles to their work across a number of countries, including how to represent the interests of civil society and companies in their work, as well as issues around data reliability. This is as commodity traders committed to greater transparency in their dealings with producers, with oil trader Trafigura signing up to a number of the EITIs principles, and agreeing to “disclose some payments made to national oil companies”.
  • In Tanzania a collapse in an artisanal gold mine has killed 19 people, with the toll potentially set to rise.

 

Fairtrade

  • Fairtrade UK boss Michael Gidney, marked the second anniversary of the Rana Plaza textile factory collapse in Bangladesh by reiterating calls for consumers to pay the true cost of clothes, to stop more tragedies affecting poorly paid and protected workers.
  • Access to fair prices was echoed by Fairtrade India CEO Abhishek Jani, who has seen cotton prices in India decline by 20 per cent this year. He drew the link between continuing low prices and a huge number of suicides by farmers –296,000 over the past 20 years – pointing out that 70 per cent of suicides have taken place in the cotton belt.
  • The Fairtrade Foundation is also lobbying European Parliamentarians over the potential impact of the European Common Agricultural Policy reform on small sugar cane farmers in the Global South. The reform would lead to a deregulated European sugar market in 2017 which would pit EU sugar farmers who receive subsidies from their governments against those in Global South, who have previously relied on protections to guarantee developing country imports.

Cotton picker in India. Source: Wikipedia.

Climate finance

  • UN Secretary General Ban Ki-Moon pressed the case for increased funding for the Green Climate Fund ahead of a May meeting in New York where he said governments and investors needed to show how the US$100 billion target could be met, with only US$10.2 billion committed thus far.
  • Meanwhile, the Green Climate Fund accredited seven new agencies who are able to submit funding proposals for projects. These are: Acumen, Senegal's Centre de Suivi Ecologique, UNDP, the Asian Development Bank, Germany's KFW Bank, the Secretariat of the Pacific Regional Environment Program and the Peruvian Trust Fund for National Parks and Protected Areas.
  • The World Bank recently made the case for two key mechanisms to increase climate finance, by phasing out fossil fuel subsidies and redirecting funds towards investment in renewable forms of energy, and by implementing carbon prices worldwide.