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Putting Finance to Work for the Environment

Economic development and environmental preservation: two notions that may seem
contradictory.

Moreover, there is currently a global mindset that believes there can Certainly, but it is precisely these regions of the world that are most
be no genuine eco friendly policy that does not cause an economic threatened by climate change (rising water levels, rising temperatures,
standstill, and even a considerable drop in business activity and desertification), in part generated by human activity.
production in a large number of sectors: industry, agriculture, animal However, there are scientific and technological solutions for cleaning
husbandry, transport, tourism. up industrial and agricultural waste. On the other hand, we must
Paolo Di Gaeta, a graduate in political science and international finance accelerate their implementation because there is no time to lose in
specialist, although very aware of the health problems of our planet, bringing long term health to our planet: all the leading scientists agree
categorically rejects the claim that it is necessary to halt economic growth on this point. And to boost the process we need an internationally
in order to survive. In his opinion humanity has the means to improve recognised organization - like the IMF, the International Bank, the World
the environment while at the same time enhancing the quality of life…. Health Organization, the World Trade Organization - and money, a lot
of money to finance the large-scale clean-up measures to be decided
Isn’t trying to achieve these two objectives like trying to square on by the international community.
the circle?
We must remain pragmatic. It is simply unthinkable to slowdown the How could such a body be directly operational on the source of
global economy as this is inadmissible for hundreds and hundreds of pollution and how could it be financed?
millions of human beings. How can we think for a second that we can In answer to the first part of the question, by giving it unilateral and
tell people below the poverty line in Africa, on the Indian subcontinent legally incontestable decision-making powers so that it can approach
or in South America that they have too much to eat, too many clothes the owners of polluting structures directly. It would then offer to either
and an overabundance of housing. Only the continuation of international to give them financial help to bring their holdings up to standard, or
economic growth can give these men and women a better future. if they do not want this, they would receive compensation for being
expropriated, and then a right to pre-
emptive acquisition would be exercised.
The entity would continue to operate, but
now with a “clean” label, or if this were
not possible, it would be closed down
and a different, more lucrative venture
would be set up in its place.
Finally, in order to finance the
organization, of course in the first
instance there would be contributions
from different nations, sponsorships
- let us not lose sight of the fact that
Bill Gates is the principal sponsor of
the WHO - but if this loan needs to be
supplemented, a loan on the markets
should be raised without hesitation. A
very long term loan, as is now possible,
for example for a century, and even with
a small return of 2 or 3%. I am sure that
it would be covered quickly because
interest rates are even lower than that
at present. They are in fact negative
in some cases. The guarantees would
take the form of signatures given by
the member states on the industrial
properties and the expropriated land
that would have fallen into the hands
of this decision-making centre.

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