Recommendations by the Commission of Experts of the UNGA President on Reforms of the International Monetary and Financial System Address Nexus between Climate Change and the Economic Crisis

19 March 2009: The UN General Assembly (UNGA) President has transmitted the recommendations of the Commission of Experts of the President of the UNGA on Reforms of the International Monetary and Financial System to UN member States. The recommendations will be addressed in an interactive thematic dialogue on “The World Financial and Economic Crisis and its Impact on Development,” which will convene from 25-27 March 2009, at UN Headquarters in New York, US.

In the preamble of the recommendations, the Commission recognizes that reform of the international system must have as its goal the better functioning of the world economic system for the global good, and that this entails simultaneously pursuing long term objectives, such as the responsible use of natural resources and reduction of greenhouse gas emissions. The Commission further notes that protecting the world against the threat of climate change must be an overarching priority. On responding to the global financial crisis, the Commission notes that appropriately designed short-term measures related to climate change may be complementary to long-term goals. In addition, on immediate measures and the need for new additional funding for developing countries, the Commission warns that failure to maintain the levels of official assistance will impair the sense of global social solidarity, thereby “making agreement on key global issues, such as responding to the challenges of climate change, more difficult.”  [The Recommendations]