Information
  • Lead-organizer: Brazil
  • 15:30 - 19:00
  • Date: 21 Jun 2012
  • Room: P3-4

Documents
A Green and Inclusive Economy: The Finance Ministers' Perspective

Organizing partners

Ministry of Finance of Brazil

Introduction

The Ministry of Finance of Brazil proposes as a side event to organize a Ministerial Seminar of the Group of Twenty (G20), which would gather Finance Ministers from G20 countries as well as from outside the group. The event will offer an opportunity to discuss the perspectives of Financial Ministries on the implementation of a Green and Inclusive Economy, viewed as one of the tools available to countries for the promotion of sustainable development. This gathering would also highlight the commitment of major countries? Finance Ministries to better integrate the economic pillar on national strategies of sustainable development.

Detailed programme

The Seminar will have two panels, which will consider key issues that are being addressed by Finance Ministries on the ongoing process of developing strategies for the promotion of a Green and Inclusive Economy. All speakers would be Finance Ministers from G20 and invited countries.
The first 2 hour panel (Green and Inclusive Economy: the road to sustainable development) focuses on the decisive role States must take in order to lead the transformation of the economy, emphasizing that a ?green economy? does not entail the submission of the environment to the logic of the market ? but rather that the market must consider and attend to environmental and social needs. Finance Ministers will discuss the strategies under implementation in their respective countries, such as the contribution that sustainability guidelines for public and state-owned bank financing can provide to alter economic actors? incentives to adopt appropriate practices. Other issues that could be discussed are the gradual elimination of environmentally harmful subsidies and the potential role of industrial and fiscal policy for the promotion of sustainable development.
The second 2 hour panel (Changes in patterns of production and consumption in a context of structural economic change) focuses on the opportunities provided by the conversion of economies from the current unsustainable course, plagued by inefficiencies, increasing environmental pressures and inequality growth, to a truly Green and Inclusive Economy. It has been widely noted that proper incentives and regulatory frameworks can promote a sustainable pathway for recovery from economic and financial crisis, creating green jobs, encouraging investments, increases in productivity and technology adoption, as well as the growth of ?green? industrial and services sectors.
The Seminar will contribute to emphasize to UNCSD/Rio+20 participants, relevant stakeholders, the media and public opinion, the relevance of economic policies for the attainment of sustainable development goals. As one of the pillars of sustainable development, economic issues will come to the front of discussions on the UNCSD, which will require the direct participation of Finance Ministers from a wide range of countries on the Conference, demonstrating their commitment to renew political support for sustainable development.
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