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The Drafting Group considering financial issues reconvened in the afternoon, chaired by Daudi Ngelautwa Mwakawago (Tanzania). In the draft decision on financial resources and mechanisms (Chapter 33 of Agenda 21), the G-77/CHINA added the “urgent” need to fulfill financial commitments, and further GEF replenishment. Three new subparagraphs address: initiatives to stabilize volatile foreign private capital flows; the circumscribed impact of capital flows; and the need for business and transnational corporations (TNCs) to encompass sustainable development. A new paragraph calls for new measures to alleviate external debt.

The G-77/CHINA introduced language on: environmental responsibility and TNCs; innovative mechanisms and the Joint Development Committee of the World Bank and IMF; and the financing role of major groups. The EU reaffirmed that Agenda 21 financing in general will come from a country’s own public and private sectors, and suggested concentrating ODA in LDCs and vulnerable sectors. He deleted a reference to achieving stability in international private capital movements. On the expansion of foreign private capital flows, the US added language on non-discriminatory trade and open investment, and national laws, regulations and protecting intellectual property rights in the context of mobilizing resources for sustainable development. He noted the WTO agreement on TRIPS. On economic instruments, SAUDI ARABIA added language on economic instruments and international income redistribution, and conditionality. JAPAN deleted the reference to the gradual abolition of subsidies.

In the draft decision on changing production and consumption patterns (Chapter 4), the G- 77/CHINA stated that the draft was not balanced and that they are working on a redraft. The US added text from the Report of the Ad Hoc Group, noting that changes in “patterns” could result in the sustainable use of natural resources and that there is a trend towards a global consensus on the importance of changing “patterns.” He added a reference inviting governments to report to CSD-5 on their experiences.

In the sub-paragraph noting the responsibility of developed countries, the US and the EU deleted the reference to the principle of common but differentiated responsibilities. The EU added text noting the importance of all countries recognizing their responsibility. NORWAY added a reference to “sustainable lifestyles.”

The EU added paragraphs recognizing that governments can influence other stakeholders in society, that procurement policies can address the use of environmentally-sound products, and urging governments to facilitate participation of major groups. The EU combined the paragraphs regarding business and industry and NGOs.

NORWAY added references urging actors to bring their findings to CSD-5 and through that into the Special Session, and added the OECD to the list of international organizations called on to conduct policy relevant studies. CANADA called for the “further development,” in addition to the possible use, of concepts such as carrying capacity, eco- space and ecological footprints.

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