Canada threatens global stability by protecting it’s carbon-based economy
Stephen Harper was the only world leader who failed to mention climate change at his G20 Press Conference in London this week.
The prime minister said,
- “The real risk is crisis of international peace and stability.”
- “We have to do what is necessary to not just lay the basis for recovery on our economy but to ensure stability in the world.”
Canada continues to make automobile, manufacturing, and oil and gas industries a priority in stimulating an economic recovery.
Climate Change: a greater threat than the current economic slowdown?
Climate Change poses a significant threat to global stability. At some point, the carbon-producing nations will be paying restitution to countries who are harmed by Climate Change. Canada has yet to make investments in a climate friendly economy a priority. Will Canada protect it’s carbon-intensive industries and thus represent an obstacle to achieving a comprehensive climate plan in Copenhagen later this year?
Protectionism is a dangerous step for the world economy
According to a report discussed by the prime minister, many countries have raised new trade barriers since the Washington Summit of November, 2008.
According to Harper, “We don’t have an outbreak of protectionism everywhere, but we do have little steps in that direction that are worrisome.”
“The Americans have been an impediment in some of these things.”
Canada must resist its own protectionism tendencies
Canada remains protectionist of its current industrial base by allowing industry to continue to produce climate warming emissions while ignoring Canada’s responsibilities to current International commitments; the Kyoto protocol.
As the clock ticks toward Copenhagen in December of 2009, will Canada again become a leader on the world stage or raise it’s industrial protectionist tendencies at the cost of global instability?
“All leaders know we are in an international global economy. It is necessary to resist domestic push for protectionist measures.” Harper said, “It’s the greatest risk to our economies.”
Canada is a Leader
According to Harper, Canada’s aims at the G20 Summit were:
- fixing financial system and strengthen financial markets
- stimulate world economy
- avoid protectionism and increase the flow of investment
Harper is proud of co-authoring the working group document on strengthening financial regulation that formed the blueprint for what was agreed to by G20 Summit leaders.
In response to the Asian financial crisis, it was Canada who proposed that each country accept a peer review of its financial regulatory processes and volunteered to undergo the first review. This Financial Sector Assessment Program (FSAP) was done under the watch of the International Monetary Fund.
Each G7 country has undergone the review with the exception of the United States.
It is reasonable to assume the world would not be enduring the current economic crisis if the American regulatory system had been reviewed under FSAP.
View Stephen Harper’s G20 Press Conference:
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