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MEANS OF IMPLEMENTATION: On the role of private capital in developing countries, delegations called for: mobilization of private investment (G-77/CHINA); macroeconomic stability, open trade and investment policies, well functioning legal and financial systems (EU); regulatory frameworks and incentives (G-77/CHINA); policies and measures (CHAIR and G-77/CHINA); and ODA donor and multilateral development bank support. On 47 (external debt), delegations: acknowledge that external debt continues to “hamper” the sustainable development efforts of [many] (EU) developing countries; call for “equitable,” comprehensive (G-77/CHINA), development-oriented and durable [sustainable development-oriented] (US) solutions for the poorest and heavily indebted countries. The G-77/CHINA proposed that the World Bank and IMF collaborate with UNCTAD and the UN Secretariat on a comprehensive study on the relationship between indebtedness and sustainable development. CANADA preferred “further collaboration.” The US bracketed the amended text.

In 48 (domestic mobilization of resources), the G-77/CHINA preferred a general reference to fiscal and monetary policies and did not want the text directed at developing countries only. The US and the EU stressed the paragraph’s importance. The revised text notes: financing for implementation of Agenda 21 will come from countries’ own public and private sectors (G-77/CHINA); policies could include sound macroeconomic reforms, including fiscal and monetary reforms, review and reform of subsidies, promotion of personal savings and access to credit; and such policies should be decided by each country taking into account its characteristics, especially as reflected in national sustainable development strategies, where they exist (US).

On 49 (subsidies), delegations called for further research to identify and “consider the phasing out” (NORWAY) of subsidies that have market distorting, “socially” (G-77/CHINA) “and” (EU) environmentally damaging impacts. The US and CANADA preferred to delete the principle of common but differentiated responsibilities, which was bracketed. A reference to taking account of conditions “particularly in developing countries” (G-77/CHINA) was also bracketed.

On 50 (economic instruments), delegations called for information on economic instruments and pilot schemes [as appropriate] to, inter alia, demonstrate their best use [while avoiding or minimizing adverse impacts] (US) [on terms of trade and trade competitiveness] (G-77/CHINA) [particularly on developing countries] (CHAIR). A NORWAY amendment commends, inter alia, environmental taxes.

<M>In 52 (UNCED agreements), the reformulated text notes: developing countries need greater access to ESTs to meet their UNCED obligations (CHAIR); there is an urgent need to fulfill the [commitments](G-77/CHINA) [objectives](EU) in Chapter 34; current forms of cooperation should be built upon and expanded (CANADA); barriers and restrictions to transfer should be identified (G-77/CHINA); and progress in this regard should be regularly reviewed by the CSD (G-77/CHINA). The EU said barriers to transfer have been identified and the CHAIR suggested calling for their reduction. The G- 77/CHINA stressed the need to identify the barriers.

In 53 (governments’ role), the US said the G-77/CHINA’s proposal, noting a government role given that technology transfer to developing countries cannot be confined to market forces alone, should be “subject to IPR.” The amended proposal was bracketed. On 54 (enabling environment for EST transfer), the G-77/CHINA agreed to, ad referendum, a call for the facilitation of the transfer of privately owned technology on concessional terms as mutually agreed. On 56 (public- private partnerships), the EU called for a conducive legal and policy framework. CANADA called for a “continuing” role for multilateral development banks and international development institutions (US). In a G-77/CHINA proposal regarding the creation of regional centers for technology transfer, AUSTRALIA said UNEP is establishing similar centers. Delegates called for cooperation of UN bodies for this purpose, as appropriate.

On 57 (business linkages), the US included a role for multilateral development banks and international development institutions alongside governments. NORWAY added support for cleaner production. On 58 (South-South cooperation), a G- 77/CHINA amendment calls on interested donor countries and international organizations to support trilateral arrangements and contribute to the UN Voluntary Trust Fund for South-South Cooperation. A new 58bis (US) prioritizes technology needs assessment to assist identification of technology transfer projects and capacity-building activities, with environmental technology assessment. On 59 (global electronic information and telecommunications), a G-77/CHINA amendment calls for enhanced developing country capacity. JAPAN will re-draft a paragraph on information and communications technology and alleviating environmental impacts. Delegates continued into the night.

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