G8: Accordo su economia, clima e sviluppo

l’Aquila: Si apre con un messaggio di solidarietà alla popolazione abruzzese colpita dal terremoto del 6 aprile scorso la dichiarazione su economia, clima e sviluppo concordata dagli otto leader nella sessione di lavoro che si è svolta oggi pomeriggio a LAquila. Si tratta di una dichiarazione che, in sostanza, ha accolto il lavoro elaborato al G8 finanziario di Lecce con la regia della presidenza italiana. "Il cammino per passare dai principi alle regole è cominciato ha affermato il ministro dellEconomia, Giulio Tremonti, ed ha aggiunto "oggi a l’Aquila c'è stata una accelerazione enorme nella definizione delle nuove regole mondiali, in particolare in economia". Nella dichiarazione comune i leader del G8 ribadiscono la loro volontà di raggiungere una riduzione di almeno il 50% delle emissioni globali entro il 2050 e riaffermano il sostegno all’obiettivo dei Paesi sviluppati di ridurre insieme le emissioni di gas serra dell’80% o oltre entro il 2050, prendendo il 1990 o anni più recenti come punto di riferimento per il calcolo delle riduzioni. I leader G8 sono consapevoli che la sfida globale sul clima, secondo i paesi più industrializzati, può essere affrontata soltanto con una risposta globale. Oggi Giovedì 9 Luglio sarà la Giornata dei lavori dedicata al Clima . Cruciale e piena di chiarimenti per gli accordi sul Clima; Riscaldamento globale e tutti i punti cruciali che saranno da definire per rendere applicabile i punti più importanti : 1 contenimento sul riscaldamento del pianeta a 2 gradi Celsius in più dei livelli pre industriali. 2 punto, riduzione di emissioni di CO2 entro il 2050, di cui 50% per l’intero pianeta e l’80% per i paesi industrializzati, su questo punto Cina e India non sono in accordo , qualora tale punto non sia rispettato dai paesi industrializzati entro il medio termine «il 2020» dove Europa e Stati Uniti dovrebbero ridurre del 20% le emissioni rispetto all’anno 1990. Se non dovessero trovare spazio questi accordi i primi due punti , tutto verrà rimandato a Dicembre all’incontro sui lavori che si terrà a Copenaghen. Berlusconi : entro l’anno un nuovo G8 a l’Aquila. in Allegato La Dichiarazione comune RESPONSIBLE LEADERSHIP FOR A SUSTAINABLE FUTURE 1. We, the Leaders of the Group of Eight meeting in LAquila, express our heartfelt solidarity to the people of Abruzzo affected by the tragic earthquake which struck the region on 6th April 2009, and to all those around the world who have been touched by natural disasters. 2. We are determined to ensure sustainable growth and to tackle the interlinked challenges of the economic crisis, poverty and climate change. These challenges require immediate action and long term vision. 3. Guided by our common values, we will address global issues and promote a world economy that is open, innovative, sustainable and fair. To this end, effective and responsible leadership is required. We are determined to fully take on our responsibilities, and are committed to implementing our decisions, and to adopting a full and comprehensive accountability mechanism by 2010 to monitor progress and strengthen the effectiveness of our actions. 4. We remain focused on the economic and financial crisis and its human and social consequences. We will continue to work together to restore confidence and set growth on a more robust, green, inclusive and sustainable path. This will include strengthening standards of integrity, propriety and transparency for economic activities. 5. We intend to secure our present and future prosperity by taking the lead in the fight against climate change. We are committed to reaching a global, ambitious and comprehensive agreement in Copenhagen. In this respect, we call upon other industrialised countries and emerging economies to actively engage, consistently with the principle of common but differentiated responsibilities and respective capabilities. 6. We renew all our commitments towards the poor, especially in Africa. We are determined to undertake measures to mitigate the impact of the crisis on developing countries, and to continue to support their efforts to achieve the Millennium Development Goals. WORLD ECONOMY Economic and financial crisis: the way to recovery 7. The world economy is experiencing the most severe economic and financial disturbances in decades. After several years of very high global growth, we have been facing challenging economic conditions, characterised by financial turmoil, widespread recession, intense deleveraging, an abrupt decline in international trade and growing unemployment and social suffering. While there are signs of stabilization, including a recovery of stock markets, a decline in interest rate spreads, improved business and consumer confidence, the situation remains uncertain and significant risks remain to economic and financial stability. 8. We strongly reaffirm commitments undertaken at the London Summit to take all necessary steps to support demand, restore growth and maintain financial stability, including strengthening financial regulation and International Financial Institutions (IFIs) and maintaining open markets worldwide. We will continue to implement swiftly these decisions and call on all countries to act decisively to reinforce the international economic and financial system, and to work cooperatively and responsibly with regard to the impact on other countries. 9. We have taken stock of progress made to date to restore confidence, stabilise the financial sector and provide stimulus to boost growth and create jobs. Despite the current difficult conditions, we will continue to address global challenges, including fighting poverty and climate change, with the aim of establishing a more balanced and sustainable growth path, underpinned by sound fundamentals and social inclusion. 10. The current financial and economic crisis has reinforced the need generally for cooperation among key economies. The Heiligendamm Dialogue Process (HDP), a topic-driven dialogue of the G8 with major emerging economies – China, India, Brazil, Mexico and South Africa – established in 2007, has helped to fulfil this role by serving as a platform to develop common understanding and shared responsibility in responding to the challenges of the world economy concerning investment, innovation, development and energy efficiency, which will be important for global economic growth going forward. The dialogue has helped to gain a shared understanding of these global challenges in order to find appropriate responses. We endorse the results achieved until now and call for an extension of this dialogue among equals. Economic stimulus and financial stabilisation 11. Since the beginning of the crisis we have taken an unprecedented and concerted action to ensure recovery and repair our financial systems. We have coordinated our efforts with partners at various levels in response to a crisis that has affected every corner of the world. We have taken forceful and coordinated action to provide stimulus to economic growth. We have also acted to restore confidence by providing comprehensive support to our financial systems. While these necessary measures have an impact in the short term on our public finances, we commit to ensure fiscal sustainability in the medium term. 12. We note some signs of stabilisation in our economies and we believe that the turnaround will be reinforced as our measures reach their full effect on economic activity and contribute to improving confidence and expectations. However the economic situation remains uncertain and significant risks remain to economic and financial stability. We will take, individually and collectively, the necessary steps to return the global economy to a strong, stable and sustainable growth path, including continuing to provide macroeconomic stimulus consistent with price stability and medium-term fiscal sustainability, and addressing liquidity and capital needs of banks and taking all necessary actions to ensure the soundness of systemically important institutions. 13. We agreed on the need to prepare appropriate strategies for unwinding the extraordinary policy measures taken to respond to the crisis once the recovery is assured. These "exit strategies” will vary from country to country depending on domestic economic conditions and public finances, and must ensure a sustainable recovery over the long term. We welcome the analytical work of the IMF which will assist us with this process. Repairing the financial system 14. Repairing the financial sector, including stabilising financial markets and normalising banking activity, is an urgent priority to ensure lasting economic recovery. We are implementing swiftly the commitments made at the London Summit and call on others to join our efforts to ensure global financial stability and an international level playing field. 15. Besides ensuring access to liquidity, it is crucial to deal decisively with distressed assets and to recapitalize viable financial institutions. We recognise the importance of further international cooperation in dealing with impaired assets, based on common principles and on an objective and transparent valuation of these assets, and in assessing the adequacy of banking capital and reserves, where necessary. Strong coordination on the principles underlying public capital injections, their conditions, and incentives to private interventions is also relevant. We ask the Financial Stability Board (FSB) to continue monitoring developments in financial systems and to help promote a coordinated approach, consistent with avoiding distorting competition and regulatory arbitrage. Further efforts in international tax and prudential cooperation and in combating illicit financing 16. In this difficult time, the protection of our tax base and the efforts to combat tax fraud and tax evasion are all the more important, especially given the extraordinary fiscal measures adopted to stabilise the world economy and the need to ensure that economic activity is conducted in a fair and transparent manner. We are making progress in promoting tax information exchange and transparency across the globe, which is helping to widen the acceptance of internationally agreed standards on the exchange of tax information and increase the number of bilateral agreements signed by several jurisdictions. But there is no space for complacency: all jurisdictions must now quickly implement their commitments. We cannot continue to tolerate large amounts of capital hidden to evade taxation. 17. Echoing the call of the G-20, an appropriate follow up framework is needed to fully benefit from this renewed emphasis on tax information exchange and transparency: a. the OECD Global Forum on Transparency and Exchange of Information must implement a peer-review process that assesses implementation of international standards by all jurisdictions and provides an objective and credible basis for further action; b. since all countries monitored so far by the Global Forum have committed to implement international standards on exchange of tax information, efforts should now concentrate on implementing actual information exchange and increasing the number, quality and relevance of the agreements that adhere to these standards; c. participation to the Global Forum should be expanded; d. recognising the particularly damaging effects of tax evasion for developing countries, concrete progress needs to be made towards enabling developing countries to benefit from the new co-operative tax environment, including through enhanced participation in the Global Forum and the consideration of a multilateral approach for exchange of information; e. criteria used to define jurisdictions which have not yet substantially implemented internationally agreed standards on tax information exchange and transparency should be revised as part of the peer review assessment process to ensure an effective implementation of international standards; and f. a toolbox of effective countermeasures for countries to consider for use against countries that do not meet international standards in relation to tax transparency should be discussed and agreed. We ask the OECD to swiftly address these challenges, propose further steps and report by the time of the next G20 Finance Ministers meeting. 18. We call on all jurisdictions to adhere to international standards in the prudential, tax and Anti-Money Laundering and Combating Financing of Terrorism (AML-CFT) areas. To this end, we call on the appropriate bodies to conduct and strengthen objective peer-reviews, based on existing processes, including through the Financial Sector Assessment Program (FSAP) process. 19. We are pleased with the progress being made by the Financial Action Task Force (FATF) in improving the standards for combating money laundering and the financing of terrorism and by the OECD on international standards of transparency. 20. The fight against non-cooperative jurisdictions should also encompass anti money laundering and terrorism financing, as well as in the area of prudential regulations. We call on the Financial Stability Board (FSB) to assess jurisdictions against international supervisory and prudential standards. The FATF and FSB should report back by September on their progress in identifying uncooperative jurisdictions. 21. We note that several countries are implementing voluntary compliance strategies in order to repatriate assets held in non-cooperative jurisdictions, and the need is felt to define a discussion framework for interested countries. A common framework for balanced and sustainable-growth 22. Going forward, we need a strategy to comprehensively address long-term issues and lead the global economy to stable, balanced and sustainable growth. Achieving economic and social stability as a global public good requires better governance. Regulatory reform will reduce room for excessive leveraging and risk taking and promote sound capitalisation of financial institutions. Common principles and standards on propriety, integrity and transparency governing the conduct of international business and finance help promote a healthy and sustainable economic system. The social dimension of growth is also crucial in this effort, through the promotion of employment opportunities, the creation and updating of skills and the protection of the weakest through appropriate social safety nets and income support. 23. Stable and sustained long-term growth will require a smooth unwinding of the existing imbalances in current accounts. We recognise the importance of working together to ensure the necessary adjustments in line with the multilaterally agreed strategies, which include supporting strong internal demand in surplus countries and increasing savings rates in deficit countries through appropriate macroeconomic and structural policies. New sources of growth will have to be supported by investments in infrastructure, innovation and education to facilitate productivity growth, while ensuring sustainable use of resources in a greener economy, within a context of open markets. Greater macroeconomic policy coordination will also be needed to help ensure that the burden of adjustment is fairly shared. Financial and regulatory reform 24. We strongly support the work undertaken at the Washington and London Summits for the reform of financial regulation, IFIs and the FSB. We are fully committed to implement these decisions in a timely manner and we urge other partners to join our efforts. 25. We emphasize the need for an enhanced global framework for financial regulation and supervision, promoting consistency between accounting and prudential standards and setting up adequate tools to address procyclicality, as well as ensuring a comprehensive oversight of all systemically significant entities and activities. We commit to vigorously pursue the work necessary to ensure global financial stability and an international level playing field, including on compensation structures, definition of capital and the appropriate incentives for risk management of securitisation, accounting and prudential standards, regulation and oversight of systemically important hedge funds, standardisation and resilience of OTC derivative markets, establishment of central clearing counterparties for these products, and regulation and transparency of credit rating agencies. 26. We are fulfilling the commitments to provide resources to the International Monetary Fund (IMF) and for trade finance. We have led efforts to provide the IMF with the necessary resources to expand its lending capacity and urge other countries to participate. We are also exploring ways to substantially increase the IMF capacity for concessional lending and we encourage the Fund to explore the scope for increased concessionality to low-income countries. We remain committed to reforming the IMF to enable it to carry out its critical role in the modern global economy. We support the completion of the IMF quota review by January 2011 and the agreement on the second phase of voice and representation reform in the World Bank Group by the 2010 Spring Meetings. We welcome the actions being taken by the World Bank and other Multilateral Development Banks (MDBs) that highlight their important countercyclical role in responding to the global crisis. After comprehensively reviewing their capital positions, including a thorough resource demand analysis based on agreed medium to long-term strategies, we are prepared to consider additional financing needs. Additional elements to be considered include a clearer division of labor and collaboration among institutions, enhanced balance sheet flexibility, good governance, better risk management, effective use of aid, progress on promoting innovation, and an adequate focus on the worlds poorest. Common Principles and Standards 27. For the market economy to generate sustained prosperity, fundamental norms of propriety, integrity and transparency in economic interactions must be respected. The magnitude and reach of the crisis has demonstrated the need for urgent action in this regard. Reform efforts must address these flaws in international economic and financial systems with resolve. This will require promoting appropriate levels of transparency, strengthening regulatory and supervisory systems, better protecting investors, and strengthening business ethics. To address these issues we have agreed on the objectives of a strategy to create a comprehensive framework, "the Lecce Framework”, building on existing initiatives, to identify and fill regulatory gaps and foster the broad international consensus needed for rapid implementation. The Framework includes the areas of corporate governance, market integrity, financial regulation and supervision, tax cooperation, and transparency of macroeconomic policy and data. To ensure the effectiveness of the Lecce Framework, we will make every effort to pursue maximum country participation and swift and resolute implementation. We are committed to working with our international partners to make progress, with a view to reaching out to broader fora, including the G-20 and beyond. 28. We invite international organisations, in particular the World Bank, the International Monetary Fund (IMF), the World Trade Organisation (WTO), the International Labour Organisation (ILO) and the Organisation for Economic Cooperation and Development (OECD), to enhance their cooperation and to improve coherence. Corruption 29. In this context we are determined to strengthen action on corruption, which poses serious problems to the stability and security of societies, undermines the institutions and values of democracy and jeopardises sustainable development and economic prosperity. Reaffirming our previous commitments, we will intensify our efforts to effectively fight against corruption in all countries. 30. The ratification and implementation of international Conventions in this field is a fundamental signal in this direction. We call for the ratification of the United Nations Convention against Corruption (UNCAC) by all countries and a strong and consistent follow-up of the Bali Conference by ensuring effective implementation of UNCAC, including the development of an effective, transparent and inclusive review mechanism. We will promote adherence to and enforcement of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and support of its permanent monitoring mechanism. We will fully enforce our laws against bribery of foreign public officials and, consistent with national legal principles, will rigorously investigate and prosecute foreign bribery offences. We encourage other major economies to accede to the OECD Convention as soon as possible. 31. International cooperation against corruption should be enhanced in order to achieve effective results. We are therefore committed to update G8 anticorruption initiatives and further support outreach activities and technical assistance to other countries. 32. We reiterate our previous commitments to deny safe havens to corrupt individuals and their illicitly acquired assets, and to prevent corrupt holders of public office from gaining access to the fruits of their illicit activities in our financial systems. We will strive to improve international legal cooperation in asset recovery investigations within the framework of the UNCAC, including by seeking ways to facilitate informal cooperation and supporting identification and dissemination of good practices. We will strengthen cooperation on asset recovery, including through the Stolen Asset Recovery initiative (StAR). 33. We encourage IFIs to adopt more transparent business practices, including through enhanced internal safeguards, and enhancement of measures to facilitate cooperation with national authorities in corruption cases. 34. We also welcome the update of the Accountability Report: Implementation Review of G8 on Anti-Corruption Commitments which was presented for the first time in Toyako. We envisage making it a permanent tool which sets examples on combating corruption and holds the G8 countries to the highest standards of transparency and accountability. To this end, we appreciate the assistance of the OECD in preparing our regular reports on anti-corruption commitments. Going forward, we invite our major partners to prepare similar reports on their anti-corruption commitments. 35. We continue to support the Extractive Industries Transparency Initiative (EITI) to improve governance and reduce corruption in the extractive sector. We will intensify efforts to promote validation by all implementing countries and all companies operating in those countries. We also strongly encourage EITI candidate countries to complete implementation within their agreed timeframe and call on other developing and emerging countries and their companies to adhere to the initiative. Employment and social dimension 36. We are committed to tackling the social dimension of the crisis, putting peoples concerns first. The impact of the economic crisis on labour markets can undermine social stability. Therefore, good macroeconomic policies must be linked to employment and social policies that reduce unemployment, enable a quick re-entry into the labour market and prevent social exclusion. We support the conclusions of the G8 Social Summit in Rome and the London Jobs Conference to take further coherent actions to reduce the impact of the crisis on employment and maximise the potential for growth in jobs, in accordance with the following principles: a) promotion of active labour market policies to reduce unemployment, enhance skills development and match jobs with labour market needs; maintain income support for the unemployed; sustain existing employment, including through partial unemployment schemes combined with training provisions and temporary flexible work or other arrangements, such as employment subsidies, in order to prevent lay-offs; b) ensuring the sustainability and effectiveness of social protection systems as drivers of confidence and consequently of economic and employment recovery; c) we invite international organisations, in particular the IMF, the OECD and the ILO, to take into account the labour and social impact of their advice and cooperation with governments. 37. Social and employment policies are a crucial pillar in the context of a new global framework. Measures should provide income relief for people and households and prevent long-term unemployment, with particular reference to the most vulnerable groups, taking into consideration gender issues. Advanced, emerging and developing countries as well as international institutions should work together to ensure employment oriented growth and promote social cohesion. Taking forward the ILO Decent Work Agenda, building on the ILO resolution on "Recovering from the crisis: A Global Jobs Pact”, is relevant to respond to the crisis at worldwide level and advance the social dimension of globalisation. Governments and enterprises should not use the crisis as an excuse to diminish compliance with worker rights or to diminish worker protections. We commit to promote employment and social protection on a global level and the observance of internationally recognised labour rights as reflected in the ILO declaration on Fundamental Principles and Rights and its follow-up. We also commit to address the human dimension of the crisis and to restore growth on a stronger footing. 38. We support the decisions taken in London regarding the reinforcement of resources for social protection for the poorest countries through voluntary and bilateral contributions, including to the World Banks Vulnerability Framework. Green recovery 39. The emergency response to the economic crisis should not overlook the opportunity to facilitate a global green recovery putting our economies on a path towards more sustainable and resilient growth. Our fiscal stimulus packages are increasingly investing in measures encouraging the creation of green jobs and low-carbon, energy efficient and sustainable growth. These include energy efficiency measures, investment in public transportation infrastructure, incentives for fuel-efficient vehicles, research in alternative sources of energy, support for renewable energy technologies, as well as in enhanced CO2 reduction, recycling and disposal such as Carbon Capture and Storage. We remain committed to enhance the environmental dimension of budgetary measures and to reinforce efforts to promote clean energy and energy efficiency. Along with the ongoing WTO negotiations on the liberalization of environmental goods and services, we will intensify efforts to make progress on the reduction or elimination of trade barriers on a voluntary basis on goods and services directly linked to addressing climate change, as agreed at the Toyako Summit. At the same time, we will ensure proper regulatory and other frameworks facilitating transition towards low-carbon and resource efficient growth. In this light, we call for a reduction of subsidies that artificially encourage carbon-intensive energy consumption. Energy security, global energy markets and investment climate in the energy sector 40. The current financial and economic crisis should not delay cost-effective investments or programmed energy projects that would create jobs, enhance energy security and help limit greenhouse gas emissions in the short and medium term. We urge all countries and the private sector to adopt a long-term view in planning their investments. We are committed to promoting economic recovery together with a significant change in investment patterns that will accelerate the transition towards low-carbon, energy efficient growth models. We especially encourage more rapid application of the many cost-effective technologies already available to improve the energy efficiency of power generation facilities, buildings, industry and transport. Accelerated investment in low-carbon technologies is needed to minimize the existing and potential carbon lock-in represented by capital stock in buildings, factories, vehicles and electric power generating facilities. 41. In this context, we reaffirm our strong commitment to implement the St Petersburg Principles on Global Energy Security in our countries and call on others to join us in this effort. We invite the major international energy organisations to review and update their programmes and promote them in light of the changing energy challenges. 42. Unpredictable energy markets and highly volatile prices put at risk the ability of the industry to plan and implement investments in new infrastructures, consistently with long term demand dynamics. It is in the interest of both producers and consumers to enhance transparency and to strengthen their dialogue towards reducing excessive volatility in the market. Fossil fuel producing, transit and consuming countries must work together to increase stability and predictability of supply and demand patterns and promote investments in the energy sector, including by supporting and developing further predictable legal and regulatory frameworks. We welcome the progress made and the follow up initiatives of the Jeddah and London Energy Meetings in identifying obstacles to efficient energy markets. We call for better coordination among the international institutions and for the acceleration and strengthening of the existing initiatives towards a more structured dialogue, based on the outcome of the London Energy Meeting, between producing, transit and consuming countries, focused on improving the investment climate, discussing ways to reduce excessive volatility of prices and promoting energy security. To this effect we support the important work undertaken by the International Energy Agency (IEA) and the International Energy Forum (IEF), including the activities of the High Level Steering Group of the IEF. We ask experts within the IEF to assess different options to reduce excessive volatility in oil prices. 43. Besides stable and predictable regulatory frameworks, transparent and well-functioning energy markets are essential prerequisites for reducing investment risks and uncertainties both in producing and consuming countries. We therefore emphasise the need for timely and reliable data on demand, supply, stocks, spare capacity and investment plans. To this end, we continue to strongly support the Joint Oil Data Initiative (JODI), managed by the IEF, and call for all countries to cooperate in improving quality, completeness and timeliness of data. We also strongly support the IEFs work on initiating the collection of annual data on investment plans. We believe that greater transparency in gas markets is required. We therefore call upon the IEF to examine the possibility of extending JODI-type activities to natural gas. 44. We encourage international initiatives to improve market transparency and functioning and to address excessive price volatility in commodities markets. In particular, we welcome recommendations by the International Organization of Securities Commissions (IOSCO) on regulation and supervision of financial derivative markets, and underline the importance of accelerating their implementation by national authorities and further cooperation between them and ask all countries to implement IOSCOs recommendations. We ask the IOSCO Task Force on Commodity Markets to consider further possible specific improvements to the transparency and market supervision of oil futures markets and make specific recommendations. Trade 45. We reconfirm our commitment to keep markets open and free and to reject protectionism of any kind. In difficult times we must avoid past mistakes of protectionist policies, especially given the strong decline in world trade following the economic crisis. Recovery needs a strong international trade component to be viable and the relevant programmes must fully respect our obligations and commitments to non-discriminatory treatment under WTO and other international agreements. We will maximise efforts and steps to promote and facilitate trade and investment. 46. We stress the importance of fully adhering to the standstill commitment and the commitment to rectify protectionist measures adopted in London to avoid further deterioration of international trade, including refraining from taking decisions to increase tariffs above todays levels. We will refrain from raising new barriers to investment or to trade in goods and services, imposing new exports restrictions, or implementing World Trade Organisation (WTO) inconsistent measures to stimulate exports. We ask the WTO together with other international bodies, within their respective mandates, to continue to monitor the situation and to report publicly on the adherence to these commitments on a quarterly basis. 47. We will continue to ensure that our share of the pledge taken in the London Summit of $250 billion of support for trade finance is promptly made available through our export credit agencies (ECAs) and investment agencies and through Multilateral Development Banks. We support coordination and cooperation in its implementation, and welcome exchange of information on the measures taken in this regard. Cooperation among ECAs, such as strengthening re-insurance schemes, is expected to play an important role to this end. 48. We commit to reach a rapid, ambitious, balanced and comprehensive conclusion of the Doha Development Agenda on the basis of progress already made, including with regard to modalities. We are engaged in a strengthened dialogue with our major partners to this end and look forward to discussing with them tomorrow. Investment 49. The current crisis has affected capital flows, including foreign direct investments (FDIs), which represent an important source of financing and a driver of economic growth and integration. We stress the positive role of long term investments. We will work to reverse the recent decline in FDI, by fostering an open, receptive climate for foreign investment, especially in emerging and in developing countries. 50. Aware of the global nature of the markets where our citizens and businesses operate, and of the interrelated effects of our actions, we fully stress our engagement against protectionist measures. In this light, we welcome OECDs efforts to monitor restrictions on investments and encourage the ongoing joint work of the OECD Freedom of Investment Roundtable (FOI RT) with the WTO, the United Nations Conference on Trade and Development (UNCTAD) and the IMF, in this area. 51. The interconnected nature of the crises we are facing and the contribution investment can make in tackling them – for example, by improving energy security, agricultural production, technology transfer and development opportunities - calls for an improved investment framework. Progress was made at the Toyako Summit on the basic principles contained in Bilateral Investment Treaties and Free Trade Agreements that set the stage for attracting investments. We now need to work with a wider group of countries toward principles and instruments suited to a global scenario, that foster predictability and stability of the investment framework and we stress the important contribution that the Heiligendamm Dialogue has made in this context to build common ground on the need for an open investment climate. 52. To this end, we commit to enhance cooperation with our major partners to agree upon shared principles which may serve as the basis for a more structured and wider process towards an agreed common multilateral framework in the long run creating a predictable and stable climate for investment. To this end, we commit to work with our HDP/HAP partners to produce in one years time a report on progress made in order to evaluate possible common responses, including the feasibility of launching a process with wide ownership, and with participation from relevant international organisations such as OECD, UNCTAD, the World Bank, and other major stakeholders. 53. Conscious of the complementary role played by governments and the private sector in reaching a sustainable growth, we call for enhanced efforts to avoid wider consequences of the financial crisis and to promote responsible business practices. To this end we promote the dissemination of internationally-recognised voluntary Corporate Social Responsibility (CSR) standards to raise awareness among our governments, citizens, companies and other stakeholders. We will further promote and foster Corporate Social Responsibility through encouragement of adherence to the existing relevant international instruments, in accordance with our Heiligendamm commitments. We also welcome the work of relevant international institutions (ILO, OECD, UN Global Compact) to incorporate CSR into business practices and encourage them to work together in a coherent way in order to achieve synergy effects with existing CSR instruments. Innovation and Intellectual Property Rights 54. Innovation and knowledge are key factors for supporting the recovery and putting the world economy on a more sustainable growth path. We intend to accelerate innovation in relation to long-term challenges and to encourage the development of new industries, companies and services that will be decisive to create new sources of growth. We are committed to implementing innovation policies in our countries, also through our stimulus packages. We aim to foster research, entrepreneurship, human capital and skills, green technologies and investment in infrastructure, including Information and Communication Technology (ICT) networks. 55. Innovation has also a major role in addressing global policy challenges, such as environment protection, health and poverty. Stronger international cooperation and more effective mechanisms for diffusion of innovation in all its forms are needed, both in, and between, developed and developing economies, including modernisation of public administration. In this framework, we acknowledge the contribution made by the OECD Innovation Strategy to the development of mechanisms for monitoring changes in the innovation process, its diffusion and its impacts and evaluating innovation policies. 56. We also recognize the important contribution that the Heiligendamm Dialogue has made to build common understanding on priorities of Partner countries, on the socio-economic aspects of intellectual property, and on ways to increase the efficiency of the international system to the benefit of all. The Dialogue has reinforced a common understanding with Partner countries that an enabling policy and business environment where intellectual property rights (IPR) are respected is necessary to promote innovation, knowledge, entrepreneurship and creativity. 57. Innovation can be promoted via an effective Intellectual Property Rights system. The increasing use of IPR at the international level has made IP a key component in sectors as diverse as trade, industrial policy, public health, consumer safety, environment protection and the internet. We acknowledge the central role that the World Intellectual Property Organisation (WIPO) plays in fostering an integral vision and coherent development of the international IP system. We also reaffirm the importance of Patent Cooperation Treaty and global patent harmonisation such as Substantive Patent Law Treaty (SPLT) and acknowledge the expansion of international patent collaboration including work-sharing initiatives such as the Patent Prosecution Highway. 58. Counterfeiting and piracy continue to pose a threat to the global economy, public health and welfare. For this reason, we welcome the results of work carried out by our experts, as reflected in the G8 Intellectual Property Expert Group Report of Discussion. We stress the importance of enhanced, inclusive, ambitious international cooperation to tackle counterfeiting and piracy. The negotiations for the Anti-Counterfeiting Trade Agreement (ACTA), which the participants should seek to agree as soon as possible, represent an important opportunity to strengthen standards for enforcement of IPR. With the same aim, we will continue strengthening bilateral and multilateral cooperation among customs authorities through INFO IPR and information exchange considering the model arrangement and capacity building at the World Customs Organisation (WCO). Moreover, we encourage governments and businesses to participate in the ongoing work of the OECD as it examines further the economic impacts of counterfeiting and piracy in Phase III of its study. 59. Internet and the new technologies have created new opportunities and business models for the creation and widespread distribution of digital content that fosters increased knowledge, science, education and free speech. At the same time, these technologies can provide a mechanism for digital piracy. For this reason we consider it important to deepen our understanding of the impact of the Internet and the new technologies on the worldwide diffusion of digital piracy and counterfeit goods, as a component of strategies aimed at ensuring that ICT fully serves the goal of fostering innovation and creating sustainable economic growth and prosperity. Sustainable use of natural resources: climate change, clean energy and technology 60. The interlinked challenges of climate change, energy security and the sustainable and efficient use of natural resources are amongst the most important issues to be tackled in the strategic perspective of ensuring global sustainability. A shift towards green growth will provide an important contribution to the economic and financial crisis recovery. We must seize the opportunity to build on synergies between actions to combat climate change and economic recovery initiatives, and encourage growth and sustainable development worldwide. 61. Science clearly shows that anthropogenic greenhouse gas emissions – mainly produced by the use of fossil fuels - are provoking dangerous climate change, putting at risk not only the environment and ecosystem services but the very basis of our present and future prosperity. The costs of inaction far outweigh the costs of moving towards low-carbon societies. At the same time, stable and secure energy availability is indispensable for social and economic development; it is essential to ensure global energy security and energy access in developing countries, particularly the most vulnerable. Immediate and resolute action is needed by all countries to build on existing and new technologies and to design and deliver innovative economic, environmental and energy policies. 62. We emphasise the paramount importance of technology development and diffusion on a global scale in meeting these challenges and accelerating the economic recovery, while moving towards a low-carbon society. It is indispensable to encourage efficient markets, competitive frameworks and consistent public policies, to enhance investments in energy efficiency, clean technologies and renewable energies, which will in turn create opportunities for businesses worldwide. We will take the lead in accelerating the transition towards a low-carbon economy based on green, sustainable growth, reflecting the need to lower dependence on traditional energy sources. We reiterate the commitment made at the London Summit to make the best possible use of our fiscal stimulus programmes, also in light of the deliberations of the G8 Environment Ministerial in Siracusa and the G8 Energy Ministerial in Rome, and will ensure that such packages will contribute substantially towards building new, cleaner economies that will create new jobs and bring about a green and sustainable recovery. We call upon other countries to join us in this endeavour. Climate change and environment Fighting climate change 63. This is a crucial year for taking rapid and effective global action to combat climate change. We welcome the decision taken within the UN Framework Convention on Climate Change (UNFCCC) in Poznan to enter full negotiating mode, in order to shape a global and comprehensive post-2012 agreement by the end of 2009 in Copenhagen, as mandated by the Bali Conference in 2007. We must seize this decisive opportunity to achieve a truly ambitious global consensus. 64. We reconfirm our strong commitment to the UNFCCC negotiations and to the successful conclusion of a global, wide-ranging and ambitious post-2012 agreement in Copenhagen, involving all countries, consistent with the principle of common but differentiated responsibilities and respective capabilities. In this context we also welcome the constructive contribution of the Major Economies Forum on Energy and Climate to support a successful outcome in Copenhagen. We call upon all Parties to the UNFCCC and to its Kyoto Protocol to ensure that the negotiations under both the Convention and the Protocol result in a coherent and environmentally effective global agreement. 65. We reaffirm the importance of the work of the Intergovernmental Panel on Climate Change (IPCC) and notably of its Fourth Assessment Report, which constitutes the most comprehensive assessment of the science. We recognise the broad scientific view that the increase in global average temperature above pre-industrial levels ought not to exceed 2°C. Because this global challenge can only be met by a global response, we reiterate our willingness to share with all countries the goal of achieving at least a 50% reduction of global emissions by 2050, recognising that this implies that global emissions need to peak as soon as possible and decline thereafter. As part of this, we also support a goal of developed countries reducing emissions of greenhouse gases in aggregate by 80% or more by 2050 compared to 1990 or more recent years. Consistent with this ambitious long-term objective, we will undertake robust aggregate and individual mid-term reductions, taking into account that baselines may vary and that efforts need to be comparable. Similarly, major emerging economies need to undertake quantifiable actions to collectively reduce emissions significantly below business-as-usual by a specified year. 66. We recognize that the accelerated phase-out of HCFCs mandated under the Montreal Protocol is leading to a rapid increase in the use of HFCs, many of which are very potent GHGs. Therefore we will work with our partners to ensure that HFC emissions reductions are achieved under the appropriate framework. We are also committed to taking rapid action to address other significant climate forcing agents, such as black carbon. These efforts, however, must not draw away attention from ambitious and urgent cuts in emissions from other, more long-lasting, greenhouse gases, which should remain the priority. Promoting the role of markets to reduce emissions 67. We believe that efficient markets, including carbon markets, supported by stable and predictable regulatory frameworks, are central to achieving these objectives. A wide range of competitive instruments and mechanisms, such as emissions trading schemes and performance-based regulation, constitute some of the most flexible and cost-effective means to foster economically sound investments in energy efficiency, renewable energy, clean and innovative technologies. Other measures, including, where appropriate, incentives, fees, emission and other taxes, progressive reduction of fossil fuel subsidies, consumer labelling, innovative financing mechanisms and public-private partnerships, designed and applied consistently with our international obligations, can also be useful in the context of policies that promote green and sustainable development models and accelerate the transition towards a low carbon society. 68. The elimination or reduction of tariff and non-tariff barriers to trade in environmental goods and services is essential to promote the dissemination of cleaner low-carbon energy technologies and associated services worldwide. Efforts should be intensified to ensure a successful outcome of the ongoing WTO negotiations on the liberalisation of environmental goods and services. Carbon leakage is an important issue to tackle. It must be addressed in a WTO compatible way. We support the aim of a comprehensive global agreement at Copenhagen, which we believe to be the most appropriate way to deal with any carbon leakage issues that may arise. 69. We support flexible, economically sound market-based approaches to emission reductions. In particular, cap & trade schemes, where implemented, have proved largely successful and improved understanding of the potential advantages, critical issues and indicators. The use of market mechanisms, including those under the Kyoto Protocol, provides opportunities to reduce emissions cost-effectively, while facilitating technology diffusion, low-carbon development and the involvement of emerging and developing countries. With a view to building on these experiences and to facilitate action under the global post 2012 agreement, we commit to: a) further explore, taking into account national circumstances, the potential of carbon trading systems and their possible linkages; b) cooperate among us and with other countries to expand carbon markets to the extent possible and reduce costs and align emission allowance trading schemes, with a view to developing transparent carbon markets which would expand to involve emerging and developing countries, including on a sectoral basis; c) support the development, reform and enhancement of project, programmatic and policy-based offset mechanisms, including the Kyoto Protocols Clean Development Mechanism (CDM), in order to encourage their use, enhance their effectiveness and environmental integrity, and facilitate actions from developing countries under the global, post-2012 agreement; d) work with others to further develop market mechanisms under the Copenhagen agreement to possibly include sectoral trading and sectoral crediting mechanisms, to enhance the participation of emerging economies and developing countries in the market ensuring environmental integrity. 70. The private sector will continue to be an essential player in the efforts to address climate change. To trigger a change in direction and mobilise investments we will engage the private sector more actively, in order to bring its expertise into the international framework and enhance information exchange and partnerships between Governments and businesses. 71. Sectoral approaches can be useful tools to facilitate progressive involvement by emerging economies and reinforce economy-wide mitigation policies of developed countries. Analysis has highlighted the potential to curtail emissions by focusing on specific sectors and we welcome the ongoing work of the International Energy Agency (IEA) and others in this respect. 72. Attention should also be devoted to sectors, such as international aviation and maritime transport, that represent a significant and growing source of emissions and are characterised by a predominantly international dimension. We will use our participation in ICAO, IMO and UNFCCC processes to reach an agreed outcome for the post-2012 period to rapidly advance towards accelerated emission reductions for the international aviation and maritime sectors. Technology development and research 73. The development and deployment of technologies and know-how in developed and developing countries will play a crucial role both in mitigation and adaptation to climate change and in moving towards low-carbon growth models. It is essential to substantially improve energy and resource efficiency in key sectors, as well as to develop and disseminate low-carbon technologies, in particular renewable energy. In this context, we stress the critical role of an efficient system of intellectual property rights (IPR) to foster innovation. Capitalizing on new technologies will require a major scientific effort and policy initiatives. Building on our existing commitments to urgently advance the development and deployment of clean energy technologies, consistent with existing international obligations, we will: a) encourage and facilitate the development, deployment and diffusion, particularly through the engagement and leveraging of critical private sector investment, of advanced appropriate technologies in emerging and developing economies, which permit a technological leap and avoid lock-in; b) further promote international participation and cooperation in R&D activities and to this end we invite the IEA to further define its proposal for an international low-carbon energy technology platform; c) promote technology roadmaps, such as those being prepared by the IEA, to further the development and demonstration of innovative technologies; d) work with developing countries to build capacity to support the deployment, diffusion, demonstration and transfer of climate friendly technologies. 74. Recognising the importance of research and development, we committed in Toyako to increase investment in basic and applied clean technology research and development. We will intensify such efforts and explore options to enhance global technology cooperation. We ask our experts to assess progress in meeting these commitments, and report back by our meeting in Canada in 2010. We will promote further national and international fundamental research on the earths climate. We believe that provisions on financing technology research, development, deployment and diffusion should form an integral part of the post-2012 agreement. Financing 75. Financing is central to achieving an agreement at Copenhagen and requires mobilisation of significant financial resources, both public and private. Given its capacity to innovate, the private sector should play a pivotal role in financing investments in new technologies. Public resources should therefore seek to leverage private-sector financing, to support research, development and demonstration of low carbon technologies in order to accelerate the development and deployment of early stage technologies, and to aid implementation of adaptation and mitigation strategies in developing countries. To promote concerted efforts on technology and financing, we: a) strive for greater predictability of international support and affirm our intention to contribute our fair share, in the context of an ambitious deal in Copenhagen; b) affirm that all countries, except Least Developed Countries (LDCs), should participate in the financial effort to tackle climate change, according to criteria to be agreed, and we support consideration of the proposal by Mexico; c) call for the elaboration and implementation of an effective financial arrangement to support the post-2012 regime. We underline that mobilizing financing for developing countries, through a broad range of financial sources, including financial assistance, is required for adaptation and mitigation, and to facilitate the transition to low-carbon economies. Financial support needs to be efficient, effective and equitable and therefore linked to results in terms of emission reductions and adaptation actions; d) will work to ensure that the governance of mechanisms disbursing funds is transparent, fair, effective, efficient, and of balanced representation among developed and developing countries. We stress the importance of building on existing instruments and institutions, such as the Global Environment Facility (GEF), multilateral development banks, adaptation funds and bilateral assistance agencies and the Climate Investment Funds (Strategic Climate Fund and Clean Technology Fund); e) promote public-private partnerships, in order to facilitate targeted and efficient investments in research, development, deployment and diffusion of clean technologies, while mobilising additional resources from the private sector. Adaptation 76. Recognising that even implementing ambitious mitigation steps will not avoid further climate impacts, we will define and implement effective adaptation and capacity building policies. We are deeply concerned about the consequences of climate change on development, ecosystem services, water and food security, agricultural output, forests, health and sanitation, particularly for LDCs and SIDS, but also for the poor and most vulnerable in all countries. We underline the possible security implications of the adverse impact of climate change and the potential for increased conflicts over scarcer resources. We will address these issues in a spirit of partnership between developed and developing countries and confirm our commitment to effectively address adaptation in the Copenhagen agreement. We will, in addition: a) mainstream effective adaptation strategies and risk assessments into international cooperation programmes and assist developing States in integrating adaptation efforts into national development plans and policies; b) significantly increase consideration of the role of ecosystems in adaptation measures, with a view to improving resilience of ecosystems, reducing vulnerability and underpinning new and sustainable growth models; c) strengthen knowledge networks for adaptation and support for research and capacity building related to vulnerability and impact assessments as well as planning and implementation of adaptation measures; d) address the need for financing for adaptation through appropriate bilateral and multilateral mechanisms. Natural disasters 77. To address the increased threats of natural disasters and extreme weather phenomena caused by climate change, such as increased flooding, storm surges, droughts and forest fires, we will act to improve risk preparedness, prevention, monitoring and response times, particularly in developing countries, by: a) defining common guidelines for disaster prevention and management to be used in developing national plans, in collaboration with the UN International Strategy for Disaster Reduction (UNISDR) and the World Meteorological Organisation (WMO), building on the Hyogo Framework for Action and on national experiences, as well as improving management of risks, awareness raising and training of the population and civil protection real-time response, such as logistical support for emergency situations; b) supporting the ongoing work on the development of the Global Earth Observation System of Systems (GEOSS). Forests and land degradation 78. Aware that deforestation accounts for approximately 20% of annual CO2 emissions, and that forests are an essential repository of biological diversity and key to the livelihoods and rights of many people, we remain engaged in seeking the reduction of emissions from deforestation and forest degradation and in further promoting sustainable forest management globally. We will: a) support the development of positive incentives in particular for developing countries to promote emission reductions through actions to reduce deforestation and forest degradation. Considering that these measures will provide tangible results only in the medium term, it is also crucial to undertake early action initiatives to urgently tackle drivers of deforestation, and we will cooperate to identify innovative instruments in this respect, including through initiatives such as UN programme on Reducing Emissions from Deforestation and Forest Degradation, Forest Carbon Partnership Facility (FCPF) and the Informal Working Group on Interim Finance for Reducing Emissions from Deforestation and Forest Degradation (IWG-IFR); b) continue to support efforts to reduce emissions from deforestation and forest degradation, including the role of conservation, sustainable management of forests and enhancement of forest carbon stocks, as set out in the Bali Action Plan. We continue to support REDD and will consider the inclusion of financial mechanisms within the future global agreement on climate change; c) encourage cooperation and the use of synergies between the UNFCCC and other international forest-related processes, and promote national strategies developed in collaboration with relevant players, including governments, indigenous peoples and local communities, civil society groups and the private sector; d) enhance cooperation with partner countries to combat illegal logging and trade in illegally-harvested timber, in accordance with our obligations under international agreements and building on our previous commitments and actions, including those under the Forest Law Enforcement and Governance (FLEG) processes. We reaffirm our intention to promote transparent timber markets and trade in legal and sustainably produced timber. In that regard, we will follow up, where appropriate, with concrete actions on the preliminary list of options presented in 2008 by the G8 Forest Experts Report on Illegal Logging; e) reinforce international cooperation and information sharing for sustainable forest management, including use of forest resources, prevention and management of forest fires and monitoring of pests and diseases. 79. We are deeply concerned about desertification and land degradation in drylands, as both causes and consequences of climate change. Acknowledging the substantial impacts of these phenomena on human well-being, poverty, food security and the environment, we recognise the efforts of the UN Convention to Combat Desertification (UNCCD) and call upon the Parties and existing funding mechanisms to strengthen synergies among the Rio Conventions in the implementation of selected projects. Furthermore, we will work with developing country partners to integrate effective Sustainable Land Management (SLM) into relevant cooperation programmes and assist them in integrating SLM into national development plans policies and national climate change mitigation and adaptation strategies. Biodiversity 80. Recognising the intrinsic value of biodiversity and its essential contribution to economic and social well-being and the fundamental role of ecosystem services in poverty reduction, in the achievement of the Millennium Development Goals (MDGs), we: a) will reinforce our efforts to meet the 2010 Biodiversity Target to significantly reduce the current rate of biodiversity loss at the global, regional and national level; b) underline the necessity to establish a vision and an ambitious and achievable common framework for biodiversity beyond 2010, making use of the synergies between climate change and biodiversity policies. To this end, we endorse the "Carta di Siracusa” on Biodiversity as an effective means to promote a long-term strategy to enhance the conservation of biodiversity. 81. We also acknowledge that, despite international efforts to date, including within the framework of the Convention on Biological Diversity (CBD), the rate of biodiversity loss is increasing, exacerbated by climate change and impacts of human activities. In order to reduce the negative effects related to ecosystem degradation, including water and food scarcity and on carbon sinks and to strengthen the conservation and sustainable use of biological diversity, we will: a) strive to ensure that sustainable development policies take into account the benefits of ecosystem goods and services, integrating the conservation and sustainable use of biodiversity into all relevant sectors; b) wor