For Media

Hotels for Press
Accommodation levels in Rio de Janeiro are anticipated to be at full occupancy during the conference. While it is not the responsibility of the United Nations to procure accommodation for the media, it should be noted that the Brazilian national organizing committee for Rio+20 has committed to blocking a minimum of 500 hotel rooms in Rio de Janeiro for media covering the conference. Costs must be covered by the media. For more details, visit: For information regarding room availability please contact: Terramar Travel Agency

Emails: or or

Tel: (+55+21) 35120067 or (+55+11) 30142042 or (+55+19) 35145600

Media representatives must present their approval letter and copy when requesting their accommodations.

  • Published on: 29 Mar 2012
  • Source: The Economic Times

Brics must redefine growth, sustainability and reform to change the global system
The Brics summit, to be held in Delhi at the end of March, is an opportunity to begin a discussion on the global governance deficit. Looking ahead to 2050, the major challenges for growth stem from the availability of global ecosystem services, or sustainability , with climate change as a concern.

The strategic issue before the summit is whether to tweak a failing system established by and in the interest of 20% of the world's population, which has also brought benefits to another 30% in poor countries, or responding to planetary limits , shape new rules that will bring prosperity to the half of humanity yet to benefit from industrialisation, urbanisation and higher incomes .

The ongoing negotiation on global goals to be agreed on at the Rio+20 World Conference on Sustainable Development, to be held in June, is an opportunity to take the leadership. The global order established in the 1950s, and its institutions and mechanisms, is not able to meet the tensions between increasing interdependence between states and intensifying competition between them for scarce natural resources.

The effects of economic activities on the global commons now exceed the local environmental impacts of resource extraction . Therefore, economic growth depends on access to limited global ecosystem services, and the resulting inequality of opportunity will be a source of grievance, adding a new dimension to existing conflict over access /control of hydrocarbons.

The current global economic governance has shaped finance-led globalisation, leading to unprecedented prosperity along with heightened inequality. Businesses benefited from low interest rates, driving a major increase in trade. Cheap commodities and labour led to a surge in growth in industrialised countries, using up 80% of natural resources.

Developing countries providing these resources grew more quickly, reducing poverty and providing markets opened by the WTO. It also led to inequality, financial volatility and accelerated the shift of economic power to the Brics, signalling an end to this phase of globalisation characterised by selfregulated free markets.

Similarly, over the last 20 years, environmental treaties have not been able to develop a consensus on patterns of natural resource use. New values and norms will be needed for the transformation from a consumerist society based on freedom of choice to a more constrained societal model that provides rewards to encourage conservation and discourage waste in industrialised countries, while poor countries reshape growth pathways to secure human well-being .

The UN provides a framework for international dialogue , but has so far been primarily a global service provider for international coordination in specific areas like health, agriculture and education, rather than a forum to enable eradication of poverty.

The IMF and the World Bank are struggling to shed the 'Washington Consensus' . Over 400 regional trade agreements, as preferential agreements, contradict the free-trade principles of the WTO. Technological advances are essential for development, but a multilateral agreement deemed them to be private rights enforced by states under global trade rules, creating new markets and a cause of resentment .

Fragmentation between the financial, trading and production system has served the interests of industrialised countries, while a focus on ends, not means - essential for developing countries - requires policy coherence to deal with overlaps in delivering public goods.

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