Amplifying the End of Energy Imperialism for a Sustainable Green Economy
On the margins of the United Nations Global Goals week, ahead of the 79th Session of the UN General Assembly where world leaders from more than 143 nation-states gathered to discuss pressing challenges and prospects about eliminating poverty, reducing inequality, advancing human development through a multilateral forum refers to as, the Summit of for the Future.
Among these broad declarations expressed as political-diplomatic sentiments through dialogues, the Summit of the Future is crucial in shaping these nation-state’s declarations, as it adopts the “Pact for the Future” amplifying the Sustainable Development Goals (SDG). The Pack for the Future emphasizes multilateralism for global solutions, investing in peace and security, climate change, digital revolution, clean energy, and youth as future generations while shaping the future we want.
The Pact of the Future is an ambitious plan that comprehensively advocates rebuilding ‘Trust,’ and highlights leaving no one behind. According to United Nations Secretary-General, Antonio Guterres, “the summit of the future is a unique opportunity to help rebuild trust and bring outdated multilateral institutions and frameworks into line with today’s world, based on equity and solidarity.” This social contract seeks to implement a new, but very tall-order post-COVID-19 pandemic which had a very detrimental impact on our planet, people, natural habitat, and economic prosperity.
Meanwhile, the Vision 2030 Agenda: ‘Reducing Poverty, and Achieving Responsible Consumption and Production’ was created as a result of the Paris Agreement, inclusively the Sustainable Development Goals that is comprised of seventeen (17) Global Goals with a target to achieve these Global Goals by 2030. Henceforth, as a result of geopolitical dichotomy, the pandemic impact, the war in Ukraine, the Middle East (Israel-Palestine) crisis, war and geopolitical instabilities in Africa (Coupe d’ Etats), exacerbation of the trade war (US, China), Automation & Artificial Intelligence (AI), elections around the world, European economic crisis et al remains pertinent as the summit adopts the future in a multilateral dialogue. These factors slowed progress in achieving the Vision 2030 Agenda. A global agenda that seeks to “leave no one behind.”
World leaders made these prepositions emphasizing the need for a global corporation through multilateralism, alarming challenges the world is facing, but recommends solutions to advance human development, highlighting the Global Goals to eliminate poverty, and reduce inequalities.
The summit was a moment for reckoning with the UN, because countries moved away from established partnerships, and split into different coalition groups, and blocs. Decoupling from multilateralism is the most risky approach for any government or leader to make at this critical point of time in history when we are slowly transitioning into a digitized economy. Meanwhile this is why it is extremely important to be systematically broad, and effective in the crafting of the Pact for the Future’s action plan as a roadmap, and a guardrail to prevent nations states like Russia, Saudi Arabia, or other nations from influencing shift from the action plan drafted in
policies as an agreement for tackling global challenges, and formulating solutions. History has shown time, and time without numbers how nations thwart global action because of personal, or national interest which has the potential of plunging the entire world, or a nation at risk affecting economies, and health systems. These are issues young people identified as some of the major impediments to slowing progress and exacerbating inequality that have a negative impact on future generations. The Summit of the Future exemplifies Globalization. It sets us on the path to sustainability and peace. One that seeks to close the digital gap, expands Clean energy, Strengthens young people’s leadership, and achieves the Sustainable Development Goals of 193 member states.
Ironically, it is customary for society to depend on actions to make an impact, but it is equivocally essential to know that ‘inaction’ is also an action against progress (The Lack of political will/action). The pandemic impacted the progress of achieving the Vision 2030 Agenda, and we have limited time to advance the Global Goals to achieve these agendas. The world’s population has increased significantly more than pre-pandemic, requiring enormous strategic investment to set the world back on its path. Yet, this is why and when leadership matters through global corporations. The Summit also reminded world leaders that we only have five (5) more years to go, and nearly eighteen percent (18%) of the Global Goals have not been achieved. There’s still more work that needs to be done.
Key emphasis from the Pact for the Future advocates that the Tech revolution drives global economic growth. Data-sensitive pieces of information need energy and it is dependent on every country to be inclusive, ensuring prosperity for all and fostering increased cooperation for sustainable development. According to the United Nations, one (1) in three (3) people think about climate change. Nine (9) in ten (10) people under the age of 35 years believe countries should collaborate to take action on climate change. The Pact for the Future also emphasizes “adaptation of the ‘declaration for Future Generations.’” Prime Minister Mia Mottley of Barbados, mentioned “It is about changing the rules of the game to work together as a global community.”
Isolationism has never been successful but only creates an atmosphere of autocracy, dictatorship, and advanced authoritarian personal interest which ultimately affects the masses, as conditionality that results in failed states as a result of being an isolationist. The Pact for the Future is a historic moment in contemporary times post-COVID-19 pandemic when world leaders gathered together at the United Nations to set a new course for the world. Canadian Prime Minister Justin Trudeau told world leaders at the United Nations, claiming “The world is at a global inflection point, having a choice between walking away from multilateralism, or setting differences aside to confront serious global challenges.” He reminded these leaders about working together to solve these global challenges with limited time to achieve these goals-emphasizing the importance for the pact for the future.
President Biden amplified the U.S position, and mentioned the Biden-Harris administration’s significant investment through the passing of the Inflation Reduction Act (IRA), along with Congress that significantly invests in Economic recovery and green jobs, claiming “our
administration has invested over $150 billion to make progress and other Sustainable Development Goals.” The summit highlights the need for sustaining financial investment to achieve these goals, and energy transition.
Clean Energy is the future, shifting the end of energy imperialism-a transformational era in the highest stage of capitalism to renewables promoting responsible production and consumption practices to achieve a successful future, reducing inequalities, and advocating energy poverty. Imagine a world of almost 8 billion (plus) people, but yet half of them do not have access to electricity. Half of this same population does not have access to the internet. The digital divide is a very critical crisis and depends highly on electricity (energy). Automation, Artificial Intelligence (AI), and Robotics are the future that’s already here influencing phenomenal economic opportunities, including achieving incredible healthcare systems with research and development in medicines, diseases, and unimaginable surgeries. However, these phenomenal technological achievements are remarkably essential to accelerate and advance our human civilization, but they can effectively be accomplished if we have sustainable energy systems. The prospects of digitalization can be measured, based on several metrics, (people, data, laws/regulations, sustained financial investment, addressing fragmented policies).
Therefore, it is extraordinarily significant that the Pact for the Future focused on strengthening the International Financial Architectural Systems also known as the Multilateral Development Banks (MDBs). Imagine the UN Security Council already faces enormous challenges in making decisions, processes, and procedures about ‘veto’ power, who has this power, and when to use it, or vote against unanimous decisions. Comparatively, it is how the international financial architectural system is structured. President Biden-led administration did recommend Africa to the Security Council as a permanent member with two (2) seats, but no vetoing power. There are other NATO and European nations as member states to the UN, but not on the Security Council, similarly nations in Asia unlike China, including Southern Americas is not on the
Security Council. These intricacies, and power dynamism have an opportunity now to address these astronomical global challenges in structural perspective and procedural analysis. The Summit for the Future is a great opportunity, especially after the development of the Sustainable Development Goals which pointed out most of the world’s problems and recommended a solution-based approach to solve these global problems in geopolitical approach and regional; through bilateral and multilateral dialogues and developments. Collectively, world leaders also expressed frustrations about the structure and approach for investment, and reflected key points about the international financial architectural systems and how investments are conducted. Prime Minister Mia Mottley of Barbados an island nation elaborates, “The issue of ‘Trust’ is a problem, not promoting debt to GDP (Gross Domestic Product) levels, but can be done for others,” reflecting the pandemic recovery investment strategy-emphasizing the issues of trust, but one that reflects mistrust in investment structural and procedural analysis, mentioning “it is time for a ‘Reset’ for a compromised planet.”
