The three Fs!

Funny. But there seems to be some kind of comradeship in the world of words too, going by the crises we are seeing. These are in the areas of - food, fuel and finance! Which came first, is a tough question. But what is welcome is a recognition of the linked nature of the three fs.

A Green Economy Initiative to be spearheaded by the United Nations Environment Programme (UNEP) will be launched soon in London. It aims to create millions of jobs, revive the world economy, slash poverty and avert environmental disaster, as financial markets plunge in the west.

The new multimillion dollar initiative – which is being already funded by the German and Norwegian Governments and the European Commission – arises out of a study commissioned by world leaders at the 2006 G8 summit into the economic value of ecosystems. It argues that the world is caught up in not one, but three interlinked crises, with the food and fuel crunches accompanying and intensifying the financial one.

Soaring prices of grain and oil, it stresses, have stemmed from outdated economic priorities that have concentrated on short term exploitation of the world's resources, without considering how they can be used to sustain prosperity in the long term. Over the last quarter of a century, says UNEP, world growth has doubled, but 60 per cent of the natural resources that provide food, water, energy and clean air have been seriously degraded.

Achim Steiner, UNEP's Executive Director, adds that new research shows that every year, for example the felling of forests deprives the world of over $2.5 trillion worth of such services in supplying water, generating rainfall, stopping soil erosion, cleaning the air and reducing global warming . By comparison, he points out, the global financial crisis is so far estimated to have cost the world the smaller one-off sum of $1.5 trillion.

The economy driven so far by finance capital will now have to shift gears to one driven by natural resource capital, says UNEP.

The initiative will be launched in London on October 22nd, with the announcement of three projects, concentrating on how investing in the world's natural systems, in renewable energy and in other green technologies would stimulate growth and provide jobs.

Finally, there seems to be global acknowledgement of the crucial role played by eco-resources in the well being of people and nations. While organisations have taken admirable lead to show the way, a la Google, individuals too have not lagged behind. Blogs and new websites show a new level of interest in 'saving the planet'.

Innovative ideas have not only seen the development of PV paints on steel that replicate photosynthesis, or inflatable floating ballons that concentrate sunlight onto the PV panel, harnessing tidal power, and geothermal power; but also show up in awareness portals like http://www.350.org/ that is whipping up energy and enthusiasm through arts, dance and music to send across the message of global warming. Participants are from across the world.

Which brings us to yet another welcome sign, that of global partnerships and cooperation. Perhaps it is a recognition of scarce resources left, or the urgency to act together, but businesses and people are getting together on their acts. There is after all more sense in pooling up resources and knowledge. Patents are another thing but over and above them is the need being felt to share expertise and share profits.

It took a heated planet to get that message across.