World Development Movement blog

Catherine Negus, used to be Campaigns Assistant

Last month thousands of people helped us to counter bankers’ attempts to weaken European proposals for regulation of food speculation by responding to the consultation on derivatives reform. Now we need your help again.

Iain Thom, Scottish campaigns assistant

This week is Climate Week, a showcase of Britain’s ambition and confidence to tackle climate change.  But it’s not exactly inspiring that one of the main sponsors of Climate Week – the Royal Bank of Scotland – is undermining this kind of positive action by investing billions of pounds of taxpayers’ money in fossil fuels.  New research published today shows that from 2008 to 2010, RBS was involved in providing finance worth almost €8 billion to the 20 biggest coal mining operators and the 20 biggest generators of coal-based electricity in the world.

Today is the final day of the 13th UN Adaptation Fund meeting in Bonn. This is the UN fund set up by the main UN climate negotiations to help the poorest countries in the world adapt to the effects of catastrophic climate change, by channelling funds from rich countries into adaptation projects. While it sounds somewhat techy, WDM has a keen interest in the outcomes of this meeting.

The mood at the closing of the World Social Forum at Cheikh Anta Diop University in Dakar was euphoric as speakers paid tribute to the popular uprisings in Tunisia and Egypt and held a moment of silence for those killed in the demonstrations. But the World Social Forum, a convergence of an estimated 75 000 activists, journalists, academics, trade unionists and NGOs, now in its 11th year, has left many participants speculating on what was achieved in the 5 chaotic days of workshops and meetings in Dakar. 

Catherine Negus, used to be Campaigns Assistant

Buying Fairtrade produce does help thousands of people each year, and we should continue to do it. However, there is only so much this can do when the global economic system is structured to make the rich richer. Deregulation of markets and corporations, unfair trade rules, and unrestrained speculation by financiers have created havoc. Markets need to be re-regulated to stop gambling on food and help to ensure that all trade is fair. The Fairtrade Foundation is proud that its work “offers producers in the developing world breathing space to make it through these tough times”, but a comprehensive, long-term solution is needed to put an end to poverty.

Iain Thom, Scottish campaigns assistant

Timed for release just as this year’s round of bonuses and bank profits are announced, documentary film ‘Inside Job’ does just what it says on the reel tin:  Director Charles Ferguson argues that both investment bankers and financial regulators knew that the way banks and hedge funds turned a profit was rotten to the core, but that they carried on regardless. 

In short, that the 2008 financial crisis was avoidable.

Eddy Richards, Global Connect Project Officer

Speculation on commodity prices can only make the waves more violent and the splashing worse - which might be fun in a bath tub but isn't when real people's lives are at stake.