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34 We therefore call on the G20 to show leadership and:

Undertake large-scale and labour-intensive investments in green infra- structure, such as energy efficienc , buildings, renewable energies and public transport;

Develop training and skills’ development programmes for workers to accede to good quality “green jobs”. These must target in partic- ular vulnerable communities, such as those affected by the current economic crisis;

Commit to ambitious short and medium term green house gas (GHG) emission reduction objectives, based on respective responsibilities and capacities and mobilize the necessary funding for enabling a successful agreement in Copenhagen;

Promote at the international and national level a “just transition” to a low carbon and socially-fair economy and support the position presented in the UNFCCC negotiating text for COP15 in Copenhagen;

Recognize the role of trade unions in building consensus and creating the right conditions for the major transition that has to take place;

Commit to providing Euro 200 billion of public funds that are required to support adaptation by developing countries for the period 2013- 2017 and take steps to encourage additional private sector invest- ment.

BEYOND thE CrISIS - A NEW MODEL FOr A BALANCED ECONOMY

35

G20 leaders at the London Summit declared:

e start from the belief that prosperity is indivisible; that

growth, to be sustained, has to be shared; and that our global plan for recovery must have at its heart the needs and jobs of hard-working families, not just in developed countries but in emerging markets and the poorest countries of the world too; and must reflect the interests, not just of today’s population, but of future generations too. e believe that the only sure foundation for sustainable globalisation and rising prosperity for all is an open world economy based on market principles, effective regulation, and strong global institutions. e have today therefore pledged to do whatever is necessary to: ……

build an inclusive, green, and sustainable recovery 10.

36 The G20 leaders must not turn away from this declaration. The crisis has turned the spotlight on the failures of the policies of market fundamen- talism of the preceding decades. The widespread increase in inequality over the past two decades documented by the OECD11 was not only socially unjust – it was at the core of the macroeconomic imbalances that sparked the crisis. Deregulated financial markets and financial innovation did not lead to more efficient economies – they simply increased the risks. Now is the time to work towards a new model of economic development that is sustainable, balanced and fair. This is our generation’s opportunity

10 11

G20 Global Plan for Recovery and Reform, London 2 April 2009. OECD, Growing Unequal, 2008.

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