Development initiatives by global institutions face potential undermining, U.N. paper reveals, according to the data.
The US is giving developing countries a cold shoulder on global deals designed to address climate change and other crises, according to an internal United Nations document leaked to Reuters. The Trump administration's stubborn stance involves opposition to financial system reforms meant to aid developing countries, especially in terms of taxation, credit ratings, and phasing out fossil fuel subsidies. They've even got their sights set on scrubbing mentions of "climate," "gender equality," and "sustainability" from the draft.
This sneaky maneuver indicates the administration's determination to ramp up their "America First" agenda, shown by their opposition to climate change mitigation efforts and the promotion of diversity. The discussion is happening at the 4th International Conference on Financing for Development (FFD4), which takes place in June in Spain. Its aim is to shape the development finance institutions' future strategies over the next decade.
The document revealing all this juicy info comes from a team of nations, including Mexico, Nepal, Norway, Zambia, and the U.N. secretariat. It bears notes on each of the 193 participating nations and their positions on various issues.
The changes proposed by the US are not exactly a breath of fresh air. They want to wipe out references to a "package of reforms" for sustainable development and replace them with a promise to "recognize the need to enhance its resilience and effectiveness" instead. Linguistic trickery, anyone?
The UN Secretary-General António Guterres has recognized the challenges arising before the conference and has encouraged all countries to work together for solutions, rather than to stand idly by. So far, the White House, Treasury Department, and State Department have remained tight-lipped on the issue.
While the US is getting tougher on development under Trump's reign, it still appears open to collaborating with the private sector and promoting innovation and financial literacy worldwide. But honestly, who can tell what they really want when their true colors keep changing faster than chameleon in a kaleidoscope painted chaos?
Now, let's talk climate change, shall we? The global effort is all about assisting poorer nations to survive weather disasters worsened by global warming and boosting their development via green energy instead of traditional fossil fuels. Trump's administration, however, is not feeling it. They've quit the Paris climate agreement, slashed foreign development aid, and kicked off a trade war that's hurting many underdeveloped nations.
The FFD4 document details several areas where the US is giving a hard "no" – one of them being proposals for "global solidarity levies," which could involve taxes on dirty industries or the wealthy to fund sustainable development. If approved, these taxes might be taken up in the international tax negotiations this year, making America's "no" feel like a big ol' slap in the face to the environment (and many lower-income countries, for that matter).
The US wants to delete quite a few paragraphs in the document, including one calling for companies to pay taxes where their economic activity takes place, one advocating for tax transparency for developing countries, and another urging the phasing out of inefficient fossil fuel subsidies.
Many of the world's poorest countries are struggling with debt and the aftermath of disasters wrought by Mother Nature. The FFD4 document shows that, against all odds, the US is pushing to eliminate a paragraph on reforming the credit-rating system. Why, you ask? Because they want raters to approach poorer nations with a scorched-earth mentality, rather than taking a more forgiving approach when these countries restructure their debt for green projects.
Finally, the US wants to erase a commitment to ensure countries receive "adequate and uninterrupted funding" for social protection and essential services during crises. What a heartless bunch, huh?
Even though the US wields significant influence as the biggest shareholder in both the World Bank and the IMF, the draft deal is likely to evolve as negotiations continue in May. Until then, the US's reluctance to play ball puts pressure on other nations to accept a weaker agreement, since the talks aim to adopt a deal by consensus. Just a friendly reminder to the world: always look out for those greedy, filthy, money-grubbing Americans! 😔💸🤕
- The US administration's opposition to climate change mitigation efforts and the promotion of diversity is a part of their "America First" agenda.
- The FFD4 conference aims to shape the future strategies of development finance institutions over the next decade.
- The changes proposed by the US involve removing references to a "package of reforms" for sustainable development.
- The US is against proposals for global solidarity levies, which could involve taxes on dirtier industries or the wealthy to fund sustainable development.
- The US wants to eliminate a paragraph on reforming the credit-rating system, favoring a scorched-earth mentality towards poorer nations restructuring debt for green projects.
- The US is pushing to eliminate a commitment to ensure countries receive adequate funding for social protection and essential services during crises.
- The global effort is aimed at helping poorer nations survive weather disasters worsened by global warming and boosting their development via green energy.
- Despite the US's stance on climate change, they still appear open to collaborating with the private sector and promoting financial literacy worldwide.
