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Low-carbon economy is way to future, says Jeffrey Sachs

MUSCAT The world needs to wake up to the “looming catastrophe” of climate change. It must focus on a low-carbon economy, which is relevant to Gulf countries today, renowned economist Jeffrey D. Sachs told an audience in Muscat on Sunday.

“We need to maintain a symbiotic relationship with nature. The planet is overstressed, it needs a global response,” Sachs said while delivering a lecture on ‘Challenges Facing the World Economy in the Coming Decade, Sustainable Development and Eradication of Poverty,’ organised by BankMuscat.

Solar energy is a big boon for countries like Oman. It is the solution for a smooth transition from hydrocarbon and fossil fuel, to alternative sources of energy.

Speaking to Oman Tribune, Sachs, who is a director at The Earth Institute at Columbia University, said sustainable development is a triple bottom line, which includes aspects such as economic development, fairness and equality in welfare and prosperity reaching everyone.

“The world needs to accomplish a lot in this regard. Poor countries are trapped and environmentally, things are worsening at the global level,” Sachs said.

Highlighting a multi-layered approach to achieve sustainable global development, he said that poverty traps need to be broken if the world is to achieve economic development.

“Millennium villages and cities could be considered as development models to eradicate poverty.”

“Stabilising the global population is another priority for the world. The dynamics of population is profoundly altering. Demographics are the fundamental driver of change,” Sachs said.

According to him, although the geopolitical weight of Europe is declining, like the US and the developed countries, it is still an impressive part of the world where there is a high quality of life. “This is the ultimate measure of the progress of the country. Europe has reached population stability and in certain areas, a shrinking population, because of low fertility and increased life expectancy. But it is still to be admired.”

Sachs said the growth of countries like India and China, apart from leading to a shift in global balance from the developed world, has posed a serious need to address climatic change.

“India and China do not have the tradition of leading globally. And global cooperation in this case is difficult because different countries see this issue differently,” Sachs said.

“The world is still deeply divided about what to do with nuclear power. And the only thing that overshadows all other forms of energy is solar power. The amount of solar energy that reaches the world is 10,000 times more than the energy produced.”

Another concern, he said, is to ensure that agriculture and urbanisation affecting 8 billion people in the world goes hand in hand. “Food security is a huge concern, and sustainable food supply is a challenge which countries around the world have still not addressed.”

“Finally, the world must follow global ethics, taking into consideration that we are a common humanity and protecting the common interest of all will help make the world a safer place to live,” Sachs said.

About the role of the private sector in addressing these issues, Sachs said: “My main advice to companies is first to study these issues from the point of view of the company itself.

Second, is to identify the technologies or management strategies or systems the company has, which can help in the battle and third is to find the partners to carry out that battle.” 

“So this is a community based development effort where companies say ‘here’s what we can do because we have these technologies and are ready to play a role’ and we call this the millennium village because this will help achieve the millennium goals,” he said.

Sachs cited the example of Ericsson and Bharti Airtel in India which have partnered to ensure that broad band reaches even the poorest of villages which can be used for the health sector, quality schooling etc.

About the millennium development goals, Sachs said: “The millennium development goals were adopted in 2000 by world leaders and said they would be achieved by 2015. I think the millennium development goals played an unexpectedly large and effective role in galvanising the world to do something about poverty, hunger and disease. So I visit dozens of governments each year and in developing countries the millennium development goals are the heart of the governments planning, monitoring and feedback process. They have been made the framework of policies in developing countries but we’re not going to meet them everywhere. Progress in general has been made pretty amazingly but not fast enough to meet these goals.”

The lecture was attended by Chairman of BankMuscat Sheikh Khalid Bin Mustahail Al Mashani, Deputy Chairman Suleiman Bin Mohammed Al Yahyai, board members, policy-makers, ambassadors, senior government and corporate officials.

Earlier, addressing the gathering, Al Mashani said that BankMuscat was grateful to Sachs for accepting our invitation to speak on a topic that is of utmost concern to all.

“BankMuscat recognises that its operations must aid sustainable development. The corporate social responsibility of the bank is a commitment to contribute towards this cause,” said AbdulRazzak Ali Issa, Chief Executive of the bank.

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