Final document calls for conclusion of financing strategy for sustainable development by 2014

As expected, the final draft of the Rio+20 final declaration does not create a fund to pay for sustainable development in poor nations. The fund was defended by the G-77 (that Brazil and developing nations belong to).

The text deals with the issue by recognizing a need to expand international financing of sustainable development for all nations, especially the poorest. It proposes the establishment of an intergovernmental process under the responsibility of the General Assembly of the United Nations to work out options for a Sustainable Development Financing Strategy. Regional groups are to set up a workgroup of 30 members who will present a report to be concluded by the year 2014.

The final document presented yesterday morning contained 49 pages and can still be modified, explained Brazil’s Foreign Minister, Antonio Patriota, who said it was expected that some changes would be made.

 The issue of financing was in the sixth and last of the chapters. It emphasizes the need for developed nations to make a concrete effort to allocate 0.7% of their GDP to official development assistance institutions (“ODAs”).

The document also calls for combating corruption as it harms efforts to end poverty and sustainable development. There is a call for technological transfer, balanced international commerce that benefits all nations in all stages of development. The text also calls for renewed efforts to reach an ambitious and balanced conclusion to the Doha Round on international trade.