Thursday, 02 April 2009 00:00 | and posted in Features
Most of the world's eyes will be on London today as it hosts the G20 summit. Estimated to cost around £19 million, the G20 will see world leaders meet together to rethink and redesign finances in light of the credit crisis that is gripping the world. The G20 is made up of the richest industrial nations on the planet, plus emerging economies such as Brazil. These 19 nations plus representatives of the EU, are accountable for around 85% of the world's wealth.
Non-government organisations (NGO's) such as Oxfam and Christian Aid are calling for the G20 to take the opportunity to change unjust trade laws. In the global economy, trade and finance are very much weighted in favour of the rich, leaving developing nations such as African countries out in the cold. The fact that 19 countries hold 85% of the world's wealth is a startling testament to the unjust nature of rich and poor in our world. Few hold the money while the majority live in poverty.
And it's not about aid. Poor countries should be given the chance to work their way out of poverty, but with unfair trade rules and the World Bank and International Monetary Fund (IMF) putting strict conditions on loans, in the present climate developing nations are trapped in a poverty cycle. So this summit is a chance for a rethink of exactly how global finance and trade works.
The leaders must decide whether to encourage spending to claw our way out of the economic slump, whether to bail out more struggling industries and what powers to grant to the IMF. There's also the green aspect. ‘Climate Camp' has been set up in London and protesters are hoping to peacefully put their views across. They would like the G20 to consider moving away from fossil fuels to more environmentally friendly sources of energy and to put more emphasis on the planet.
There are a lot of issues to be considered and it's big and it's complicated. Let's just hope that when the world leaders sit down together they think about more than just profit; that they remember those who don't have a voice at their table.
Click here or on the image to the right to view the G20 nations.