Thursday, 2 April 2009

Climate change elements of the deal look thin

It seems that the thin part of the communique will be the climate change elements which will have to keep for another day- probably the G8. There has been a lot concern that the final agreement here will not be substantive. Well, I suspect that if you read the environment elements of the communique you will see what warm words without much back up looks like. Partly, this is understandable of course. Economic issues are the immediate concern. But the urgent need to address climate change can not keep for much longer.

On a brighter note, Douglas Alexander, Secretary of State for International Development gave me some reassurance this morning that any new credit extended to lesser developed nations or emerging economies should pay due regard to financial sustainability. He was clear that any conditions that the IMF attach to loans should look at a nation's ability to pay them back in the future. That should go some way to ensuring that countries in severe debt do not end up in an even worse predicament.

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