From talks about climate change to the global financial crisis, there was a world of big events this week, quite literally. Here’s a quick wrap of the big ones and the key takeaways from each:
Climate Change Talks in Bonn, Germany
About 2,000 representatives from around the world gathered in Bonn, Germany to discuss global climate talks. Think of this as the meeting before the meeting before the meeting to decide how much is too much when it comes to global emissions. It’s a preparation meeting for another one at the end of the year—the United Nations Climate Change Conference in Copenhagen, Denmark, where the international community aims to establish a global climate treaty.
Key takeaway: This meeting marks the return of the United States to the negotiating table on global emissions. The existing agreement—the Kyoto Protocol—was signed in 1997 but the U.S. ultimately refused to accept its terms because of a lack of mandatory emission levels placed on developing countries like China and India, among other issues, which essentially stalled talks.
The Obama team is now full steam ahead on reaching an agreement with the international community, and later this month will host talks with the top 17 economies that produce 80% of the world’s emissions. Their hope is to breathe new life into the negotiations and ultimately craft a new treaty at Copenhagen that reaches beyond emission levels and trading to increase the supply of clean energy, create financial incentives, and help fund technologies for developing countries.
Arab League Summit in Doha, Qatar
Keeping track of who's who and what's what at the Arab Summit in Doha, Qatar this week proved complicated: Iran's President was kept away so that Saudi Arabia would attend; Egypt’s president did not attend because of differences over Qatar's stance in the latest Israeli/Palestinian conflict (Qatar sided with the Palestinians, Egypt sided with Israel); and Syria's president talked of wanting peace with Israel while at the same time urging militants to keep up the resistance.
Key takeaway: The meeting of these oil-rich nations yielded little news as it was cut short from three days to one. The main outcome was a vote of solidarity for Sudanese President Omar al-Bashir who is wanted by the International War Crimes court for crimes against humanity in Darfur. Basically, the vote is a message to the global community that they consider the ICC to be meddling in affairs. Sudan has kicked out all aid groups from the country since the warrant was issued.
The G20 in London, England
Aside from all the protests against capitalism ahead of the G20 meeting, and the hubub surrounding Michelle Obama’s fashion choices and touching the Queen, the main ideas from the Group of 20 meeting addressed the global economic crisis.
Key takeaways:
1. More money for loans for poorer countries
Group of 20 members will make contributions to bring the International Monetary Fund’s coffers to over $1 trillion, giving it more room to lend money to countries suffering in the downturn. (Background: The IMF was created in 1944 as an international financial facilitator, helping to stabilize currency exchanges and to serve as a lender of last resort for countries needing money. Its 185 members fund it.)
With many of the world’s bigger economies suffering, their decreased buying power is taking a toll on smaller economies that rely heavily on them. The hope is that the IMF can fill in some holes.
2. More money to promote global trade
An additional $250 billion was set aside to finance trade around the world.
3. More regulations on financial institutions
The G20 came together on new rules for regulating hedge funds and lifting the veil of secrecy around tax shelters.
And that’s a wrap! We’ll see you next week.
