Civil Society Statement Calling on the G-20 to Embed Human Rights in Financial Regulatory and Climate Change Decisions
November 4, 2011
Common Frontiers has joined civil society organziations from around the world in calling on the G-20 leaders for action. An excerpt is below.
We are writing to the Group of 20 Leaders, in advance of their upcoming Summit in Cannes, to remind them that even in the policies of a most eminently economic nature, their duties to respect, protect and fulfill the economic, social, cultural, civil and political human rights, including the right to development, do not cease, but should take primacy in every commitment they undertake.
In particular, we are demanding action on the following issues on the agenda of the G20:
- Endorsement of worldwide stimuli measures according to human rights principles;
- Reforms to prevent speculative activity in financial markets from undermining the enjoyment of human rights;
- Action to limit the damage to public funding of financial institutions that collapse due to excessive risk-taking;
- Regulations of bank capital requirements consistent with human rights standards;
- Agreement to increase the relative fiscal pressure on the banking sector and to cooperate to increase transparency and mutual accountability in revenue mobilization;
- An agreement to drastically reduce greenhouse emissions which contribute to climate change.