RIO RESULTS IN FINANCIAL COMMITMENTS, DISAPPOINMENT

06/25/2012

Despite some criticisms that the results of Rio were "a failure of leadership" and "insipid," the summit did manage to secure some financial commitments to sustainability goals and new approaches to measuring sustainability and economic progress. United Nations Secretary General Ban Ki-moon announced last week that more than 50 governments have committed to new energy strategies while private investors have pledged $50 billion toward a goal of doubling the share of renewable energy and the rate of efficiency by 2030. The United States pledged $2 billion in grants, loans, and loan guarantees, and Brazil pledged $4.3 billion toward universal energy access at the meeting. In addition, the eight largest multilateral development banks unveiled a plan last week to spend $175 billion on public transport systems in an effort to shift away from roads. The banks estimated that the initial investment will leverage 10 to 20 times as much money from city governments and the private sector on buses, trains, and cycle lanes. However, the meeting, aimed at stimulating moves toward a green economy, instead resulted in a declaration putting it as just one possible pathway to sustainable development, according to the BBC. "This is a 'once in a generation' moment when the world needs vision, commitment and, above all, leadership," said Mary Robinson, former Irish president and UN High Commissioner for Human Rights. "Sadly, the current document is a failure of leadership." Former Brazilian president Fernando Cardoso said that continuing to place a division between economic growth and development is "not the way we are going to solve the problems that we are creating for our grandchildren and great-grandchildren." For the story on energy commitments, see http://www.reuters.com/article/2012/06/21/us-un-climate-energy-idUSBRE85K1RI20120621. For the story on public transit investment, see http://www.guardian.co.uk/environment/2012/jun/20/development-banks-rio20-public-transport. For the story on disappointment after the meeting, see http://www.bbc.co.uk/news/science-environment-18546583. For the outcome document, see http://daccess-dds-ny.un.org/doc/UNDOC/GEN/N12/381/64/PDF/N1238164.pdf?OpenElement