Wall Street

“Rio+20 should have been about life, about the future of our children”

By Stephen Leahy

RIO DE JANEIRO, Jun 19 2012 (IPS)

“Very disappointing.” That was the term business and non-governmental organisations used to describe the formal intergovernmental negotiations at the Rio+20 Earth Summit as of Tuesday.

With overwhelming scientific evidence showing that the Earth’s ability to support human life is at serious risk, the Rio+20 summit is being held to help chart a safe course that will steer away from disaster and bring a better future people around the globe.

After two years, negotiators from more than 190 nations agreed Tuesday to a 49-page draft of the document “The Future We Want”, intended to be the roadmap for this transformation. This document will be presented to heads of states in Rio de Janeiro to revise and finalise by the summit’s conclusion on Friday.

Yet the draft document leaves out a 30-billion-dollar fund proposed by a group of developing countries known as the G77 to finance the transition to a green economy. Nor does it define tangible Sustainable Development Goals (SDGs), which will be substituted for the Millennium Development Goals, which expire in 2015.

“This (the revised text) is extremely disappointing….There is no vision, no money and really no commitments here,” said Lasse Gustavsson, head of the Rio+20 delegation from WWF International, which works to stop environmental degradation worldwide.

“Rio+20 should have been about life, about the future of our children, of our grandchildren. It should have been about forest, rivers, lakes, oceans that we are all depending on for our food, water and energy security,” Gustavsson told TerraViva.

Instead, two years of work have resulted in merely a long document that commits to virtually nothing but more meetings, he said.

“This document is a great disappointment. There’s no ambition and little reference to the planetary boundaries we face,” said Kiara Worth, representing the U.N.’s Major Group on Children and Youth at Rio+20.

“The voices of civil society and future generations is going unheard. We ought to call this Rio minus 20 because we are going backwards,” Worth told TerraViva. Continue reading →

“Hunger is not a food production problem. It is an income problem”

By Stephen Leahy

UXBRIDGE, Canada, Jan 28, 2011 (IPS)

Billions of dollars are being made by investors in a speculative “food bubble” that’s created record food prices, starving millions and destabilising countries, experts now conclude.

[This is the second of a multi-part series investigating what is driving food prices higher]

Wall Street investment firms and banks, along with their kin in London and Europe, were responsible for the technology dot-com bubble, the stock market bubble, and the recent U.S. and UK housing bubbles. They extracted enormous profits and their bonuses before the inevitable collapse of each.

Now they’ve turned to basic commodities. The result? At a time when there has been no significant change in the global food supply or in food demand, the average cost of buying food shot up 32 percent from June to December 2010, according to the U.N. Food and Agriculture Organisation (FAO).

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Nothing but price speculation can explain wheat prices jumping 70 percent from June to December last year when global wheat stocks were stable, experts say.

“There is no food shortage in the world. Food is simply priced out of the reach of the world’s poorest people,” said Robert Fox of Oxfam Canada in reference to the estimated one billion people who go hungry.

“Hunger is not a food production problem. It is an income problem,” Fox told IPS. Continue reading →