The evolving poly-crisis facing the world and the impacts most acutely experienced by the most vulnerable groups, in particular in the outskirts of the world , are reversing hard-won development gains and compounding climate and environmental challenges, undermining the prospects for a just, equitable, and rights-based recovery, while jeopardising the 2030 and Climate Agendas.
The current economic, trade and financial system in place has implemented short-term measures unable to provide a fair and long-lasting resolution, especially for low and middle-income-countries and social groups, where poverty, inequalities, hunger, among many others are part again of their
day-to-day lives. Only a privileged few have concentrated on the dividends of a system that places profit over life and policies dominated by the pursuit of economic growth ignoring planetary boundaries. As the crises exacerbated the systemic failures of the financial architecture and at a time of depletion of the current economic model that threatens the survival of the planet and humanity, there is no room left for business-as-usual responses.
The C7 Working Group on Economic Justice and Transformation aims to promote a broader structural change of the current economic, trade and financial architecture, based on justice, centred on the sustainability of life, and aligned with social, economic and cultural rights.
This Working Group will address issues related to debt relief and debt restructuring, access to concessional finance (Special Drawing Rights, Official Development Assistance), climate finance (i.e. debt swaps), role of MDBs on fair financing, fair tax policies, trade justice, publicly-backed private finance, international finance and the digital economy.
Since there is a close interconnection with wider issues, cross-cutting human rights, gender equality, decent work, food security, inter-generational impacts (youth and elders) and the climate crisis, among others, will also be covered. At the same time, as economic, trade and financial decisions are part of a global decision-making ecosystem, other ongoing processes such as G20. WTO and FFD will be considered in this group discussions.
2024 Coordinators:
Monica Di Sisto, GCAP Italy/Fairwatch
Patricia Miranda, Latindadd