Politics

Subterms

    More stories

    • 75 Shares159 Views

      in World Politics

      India Disappoints Its Friends and Admirers

      by

      India’s abstention in a recent vote at the UN Security Council over Russian threats to Ukraine raises serious questions over India being a key ally of the West in the years to come. Indian leaders failed to stand up for Ukrainian sovereignty because of India’s close relations with Russia, a major supplier of military equipment.

      For anyone who wants to explain away India’s conduct at the United Nations as an act of national interests, there is more to consider. India is sliding deeper into Hindu — as opposed to a diverse Indian — nationalism, diminishing its ability to be a long-term partner for Western nations.

      Modi’s India Is Becoming a Farce

      READ MORE

      India’s slowing economic growth, declining investment in its military capabilities and social unrest have prevented the country from modernizing its army and fulfilling its strategic goals. But it is the ideology of its current leaders that is jeopardizing the notion of India as a dependable partner of the US in the Indo-Pacific region. 

      Instead of investing in human capital and health care, the focus of Prime Minister Narendra Modi’s government has been on rewriting history through crowdsourcing. Instead of further opening the Indian economy through policies and reforms that would boost growth, protectionism and regulatory policies are rising. India is slipping on the global freedom and democracy indices, with Freedom House downgrading it to “partly free.”

      “Undivided India”

      Leaders of the ruling Bharatiya Janata Party (BJP) continue to mobilize India’s majority Hindus to vote for it by targeting religious minorities, particularly Muslims and Christians. They describe Hinduism as an Indian religion, while Islam and Christianity are denigrated as “foreign” faiths transplanted onto India’s soil. Extremist Hindu leaders, including some from the ruling party, have even gone so far as to call for genocide against 200 million Indian Muslims. 

      Embed from Getty Images

      A 2021 Pew Survey on “Religion in India” demonstrated that tolerance for other faiths remains strong within Indian society. But a larger number of the majority (Hindus) now see religion as the core of their identity and support calls for a Hindu rashtra (state). This creates a dilemma for relations between India and other countries.

      For example, Pushkar Singh Dhami, the chief minister of the state of Uttarakhand, which borders Tibet and Nepal, was embroiled in controversy for something he posted on Twitter six years ago. The tweet showed a map claiming South and Southeast Asia as part of an “undivided India,” known as Akhand Bharat. In December 2021, an Indian broadcaster showed the entire region from the Middle East through South and Southeast Asia as belonging to Akhand Bharat, representing the reunification of territories influenced by India during ancient times.

      This undermines India’s projection of itself as a pluralist and open society, where minorities were respected, not just tolerated. For six decades after independence in 1947, India’s pluralism created a groundswell of respect, goodwill and admiration throughout the free world. Even India’s non-alignment during the Cold War did not interfere with its positive image. Most Americans appreciated Indian democracy and diversity and showed understanding when poverty-ridden India preferred not to side with the United States against the Soviet Union.

      Things Have Changed

      But things have changed since the end of the Cold War. India has made significant progress in reducing poverty. For two decades, there has been talk of India as a rising power. Americans have expected India to boost its economic growth, modernize its military and play a bigger role in confronting China. In 2010, President Barack Obama declared relations between India and the United States as the “defining partnership of the 21st century.”

      Unique Insights from 2,500+ Contributors in 90+ Countries

      That desire keeps getting thwarted by India’s leadership, particularly Prime Minister Modi and his allies in the BJP. Thus, India’s economic growth has slowed down, even before the impact of the COVID-19 pandemic, and is unlikely to recover quickly. More significantly, India continues to expand trade with China, reaching $125 billion in 2021. This is despite China’s military pressure on India along their disputed border. That should lay to rest the expectation of India confronting China anytime soon.

      Moreover, the commitment to democracy, human rights and liberal values, which made India a natural Western partner, appear under increasing threat.

      Americans who have spent the last few years praising India also need some appraising of India. It might be time to acknowledge that India’s performance has been underwhelming to merit the kind of expectations that have formed the basis of recent US policy.   

      The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More

    • 150 Shares99 Views

      in World Politics

      Elimination of IS Leader Is a Positive, But Not a Final, Step

      by

      On January 3, the United States announced the elimination of Ibrahim al-Hashimi al-Qurayshi, the leader of the so-called Islamic State (IS) during a counterterrorism raid in Atmeh, a town in Syria’s Idlib province close to the Turkish border. In an address to the nation, US President Joe Biden said that the operation had taken “a major terrorist leader off the battlefield,” adding that special forces were used in the operation in an attempt to reduce civilian casualties.

      Why Now?

      The raid comes after IS conducted an attack on al-Sinaa prison in the northeastern city of Hasakah in January in an attempt to break free its fighters. In the assault, several Syrian Democratic Forces (SDF) fighters were killed. According to SDF officials, IS was planning the attack for six months. Nevertheless, the US-backed SDF recaptured the prison about a week later. 

      Lieutenant Colonel Rick Francona suspects that the attack on the prison “was the catalyst that led to the decision to act on what was obviously already known location intelligence on … al-Qurayshi.” Francona, who served as the US military attaché in Syria from 1992 to 1995, notes that “Over the past few months, there has been an increase in ISIS activity — more widespread and bolder in nature. This also comes at a time when Iranian-backed militias have also stepped up attacks on US forces in Syria and Iraq.”

      Embed from Getty Images

      Both Qurayshi and his predecessor, Abu Bakr al-Baghdadi, were eliminated in Idlib province, in areas under the control of Hayat Tahrir al-Sham (HTS). Previously, HTS was known as Jabhat al-Nusra, affiliated with al-Qaeda and initially aligned with IS. In 2013, however, it split from IS and has been at war with the group since 2014. In 2016, it also broke relations with al-Qaeda and rebranded itself as Jabhat Fatah al-Sham (JFS). The following year, JFS assumed its current iteration as it merged with other groups. 

      During much of the past decade, Idlib served as a hideout for extremists. In 2017, then-US envoy to the coalition fighting the Islamic State, Brett McGurk, stated that “Idlib Province is the largest Al Qaeda safe haven since 9/11.” Following Baghdadi’s elimination in 2019, former US President Donald Trump suggested Baghdadi was in Idlib as part of a plan to rebuild IS. Indeed, it was surprising to see Qurayshi hiding in Idlib as well. 

      According to David Lesch, professor of Middle East History at Trinity University in Texas and author of “Syria: A Modern History,” “it seems strange that al-Baghdadi and al-Qurayshi were killed in [a] province largely controlled by its rival HTS and overseen by Turkey, but on the other hand it is the only area not under the control of the Syrian government and its allies or the US-supported SDF, all of whom are opposed to ISIS.”

      “Idlib is now home to thousands of IDPs, therefore it was easier for the two to blend in, live secretively, and not be identified as outsiders since most everyone in certain areas of the province are outsiders,” Lesch explains. “Yet they were still found because despite all this they lived in an area still teaming with enemies who were obviously directly or indirectly assets to US intelligence.”

      Embed from Getty Images

      The recent US operation in Idlib, which was reportedly planned over several months, has been the largest of its kind in the country since the 2019 raid that eliminated Baghdadi. Although Qurayshi was less charismatic than Baghdadi, the fact that he was targeted in the US raid confirms his importance.

      It is worth noting that Qurayshi was named as the leader of IS in 2019, following the death of Baghdadi. While IS called on all Muslims to pledge allegiance to Qurayshi as the new “caliph,” it did not provide much information about his bona fides. The use of the name “Qurayshi” seemed to be an attempt to trace his lineage to the Prophet Muhammad. This is a tactic that was also used vis-à-vis Baghdadi with the aim of legitimizing his leadership role. Qurayshi’s real name is Amir Muhammad Said Abdal-Rahman al-Mawla but he is also known as Hajji Abdullah and Abdullah Qaradash.  

      As the US continues to create an impression that it is minimizing its presence in the region, especially following its withdrawal from Afghanistan last year, the raid seems to have been used to demonstrate US reliability to reassure Washington’s partners. It also comes as a needed win for Biden at a time when the Ukraine crisis remains unsolved. 

      However, while Qurayshi’s elimination is a positive development, it may simply be a “symbolic victory,” as Sean Carberry suggests in The Hill. While the operation against Qurayshi may create internal chaos within IS, ultimately, the terror group is likely to name a new leader and move on, which is what took place following Baghdadi’s assassination. Although IS was militarily defeated, the group has not been eliminated and remains a threat. In fact, there have been increased indications, such as the attack on al-Sinaa prison, suggesting that the group is in a state of resurgence. The militants might also seek to use the recent US raid to encourage revenge attacks. 

      US Policy in Syria

      The Biden administration’s policy vis-à-vis Syria seems to indicate that the official approach will be “markedly timid,” as Abdulrahman al-Masri and Reem Salahi suggest. It should not be surprising to learn that Syria does not constitute a top diplomatic priority for President Biden. Yet while the US does not want to remain engaged in endless regional wars, it seems to believe that a political settlement in war-torn Syria would only empower President Bashar al-Assad, whom Washington would never back. 

      Moreover, the US and the Kurds are partners, and Washington would not want to portray an image that it has abandoned those who have shouldered the fight against the Islamic State. This was the overall perception when Trump announced the withdrawal of US forces from Syria in 2019, and Biden seems keen to remedy that controversial decision. 

      Unique Insights from 2,500+ Contributors in 90+ Countries

      It is worth noting that during President Barack Obama’s tenure, Vice President Biden was one of the skeptics when it came to what the US could achieve in Syria. Nevertheless, it should not be taken as a given that as president, Biden may be in favor of removing all US forces from the country. For instance, he criticized Trump’s decision to withdraw forces from Syria, saying it granted IS “a new lease on life.” In the same year, Biden also said he supports keeping some forces in eastern Syria for the foreseeable future. 

      Middle East expert and former US State Department analyst, Gregory Aftandilian doesn’t see the US leaving Syria anytime soon. Aftandilian, who is also a non-resident fellow at Arab Center Washington DC, thinks “It is doubtful [Biden] will do more than the anti-ISIS campaign and humanitarian aid. In light of the attempted prison break in northeastern Syria he may put pressure on some countries to take back ISIS prisoners.”

      For the US to play a role in stabilizing Syria, there needs to be a clear strategy. Unfortunately, at the moment, that strategy is largely lacking. While the elimination of Qurayshi is a positive step, much more work needs to be done to stabilize the country.

      The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More

    • 100 Shares149 Views

      in World Politics

      How Qatar Manages Economic Growth and CO2 Emissions

      by

      The linkage between economic growth and environmental degradation is a well-known topic. The burning question has become whether there is a trade-off between sustaining economic activities and maintaining the conditions of natural resources, or whether economic growth can go in harmony along with environmental protection measures. The direct interconnected relationship between fossil fuel consumption and environmental degradation has posed an interesting policy challenge.

      Water World: Is Climate Change Driving Our Future Out to Sea?

      READ MORE

      Burning fossil fuels releases carbon dioxide and other greenhouse gases that trap heat in the atmosphere, making them major contributors to climate change. On the other hand, high industrial activities, alongside rapidly increasing populations, put growing pressure on energy demand.

      The Example of Qatar

      Qatar has made remarkable economic achievements over the past few decades. Yet Qatar is facing a trade-off between boosting its economic growth and lowering its carbon dioxide emissions. Its strategic mandate to boost economic development, along with other areas related to sustainability, makes Qatar an interesting country to analyze.

      The World Bank defines Qatar as one of the richest countries in the world in terms of GDP per capita. Its economy is highly dependent on oil and gas production, which accounts for more than 50% of GDP, 85% of export earnings and 70% of government revenues. The country is also a major player in liquefied natural gas. Nonetheless, Qatar’s high dependence on fossil fuels has resulted in an increase in the CO2 emissions level when compared to global averages.

      Embed from Getty Images

      To combat the rising carbon emission percentages and lower environmental pressures, Qatar is introducing strict policy measures to achieve sustainable development through four central pillars: economic, social, human and environmental development. While many disruptions have occurred over the past few years, including fluctuations in oil and gas prices, economic downturns and a deadly pandemic, nobody expected an economic blockade.

      The Diplomatic Rift

      In June 2017, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic relations with Qatar. They prohibited Qatar-registered planes and ships from utilizing their airspace and sea routes, and the Saudis also blocked Qatar’s only land border.

      This point is of particular importance as the deterioration in relations among the Gulf neighbors urged Qatar to rethink its sustainable development goals while meeting local demand. At the beginning of the blockade, the country relied heavily on importing several commodities, especially food items. Later, it accelerated initiatives and programs to diversify the economy and reduce reliance on imports.

      Achieving carbon neutrality is also factored into all Qatar’s initiatives. For example, by the end of 2022, Qatar aims to deliver the first carbon-neutral FIFA World Cup in the history of the event. All stadiums and infrastructure are subjected to rigorous sustainability standards. Several air quality monitoring stations and extensive recycling programs are being introduced, along with the construction of the eight stadiums that will be used during the football tournament.

      Qatar has since become much more independent across several sectors, including food production and transport, making it a case study on how to transform challenges into opportunities for growth.

      Unique Insights from 2,500+ Contributors in 90+ Countries

      This was also evident with total carbon emissions. According to my own analysis, carbon emission per capita fell by 13% as of 2018 from a historical record in 2000. Since then, total carbon emissions have increased as the economy has grown but at a slower rate, meaning that Qatar is undergoing expanding relative decoupling. In the 2008 to 2018 period, a 1% change in GDP resulted in a fall of CO2 emissions, from 0.65% to 0.44%. This drop is very relevant to Qatar as several measures have been applied, particularly over the last 10 years, to reduce emissions.

      A Reduction in Emissions

      While Qatar’s total emissions have declined over recent years, policies to increase energy efficiency, diversify the energy mix by introducing more renewables, support technological development to improve energy efficiency in a desert climate, and implement energy demand management programs to maintain the same trend of decline and achieve climate change objectives have been increasingly crucial.  

      The heightened pressure caused by the blockade on Qatar is now over, but what is needed are more synergies and collective efforts across the Gulf Cooperation Council (GCC) to stimulate economic diversification and minimize carbon emissions. Member states of the GCC are sharing multiple environmental, social and economic factors that should incentivize them to cooperate to meet their climate change objectives and economic development goals.

      *[Saad Shannak is a scientist at Qatar Environment and Energy Research Institute, part of Hamad Bin Khalifa University (HBKU) in Qatar. The views expressed are the author’s own and do not necessarily reflect the university’s official stance.]

      The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More

    • 113 Shares99 Views

      in World Politics

      How the G7 and UN Can Make Multilateralism Sustainable

      by

      “Progress towards an equitable world” is Germany’s goal for its G7 presidency program, which frames the G7 states as “leading industrialised countries and value-based partners” with a particular responsibility to “shape a positive future… in the spirit of sustainable economic recovery.”

      Clubs such as the G7 itself and the “climate club” envisaged by the German presidency are often able to make quicker decisions and act faster than more inclusive multilateral organizations such as the United Nations. Despite this, a speedboat, for all its pace and maneuverability, cannot cross the ocean on its own. So, too, the G7 cannot tackle any global challenges alone.

      Time for a Sober Look at the Ukraine Crisis

      READ MORE

      The German G7 presidency has thus announced in its program that it intends to forge close links with the UN and the G20 in particular, with the goal of achieving a “fair and rules-based multilateralism.” UN Secretary-General Antonio Guterres also underscored the importance of pioneering initiatives and partnerships within the framework of an “inclusive and networked multilateralism.”

      In his report, “Our Common Agenda,” building on the commitments in the declaration adopted by the member states on the occasion of the UN’s 75th  anniversary, Guterres develops numerous ideas for how to strengthen international cooperation. He calls for progress to be made wherever there are common interests.

      Embed from Getty Images

      So, is what belongs together growing together? Unfortunately not (yet), as the G7 program is rather abstract and dutiful in its references to the UN. However, the German G7 presidency has an opportunity to change this and implement shared priorities on a collective basis.

      Tether “Strong Alliances for a Sustainable Planet” to the UN

      Both the G7 and the UN are opting for pioneer projects and partnerships with non-governmental stakeholders, such as the COVAX vaccination drive and the G7 initiative for infrastructure projects in poor countries. It is positive to see the UN secretary-general not shying away from dealing with these formats and advocating for their greater use in order to implement global goals, most notably those of the 2030 Agenda for Sustainable Development and the 2015 Paris climate agreement. While many UN member states may support such partnerships, there is no agreement on this kind of multilateralism beyond mere inter-governmental relations.

      In order to achieve the greatest possible impact, it is important for the G7 that as many states as possible consider its initiatives to be beneficial and legitimate. To this end, it would be worthwhile to tether these initiatives institutionally to the UN system, which would ensure that partnerships meet human rights standards, are transparent in their design, monitored on an ongoing basis and further developed in line with the needs of the target groups.

      The UN secretary-general has proposed strengthening the existing UN Office for Partnerships, which is not currently in a position to carry out the aforementioned tasks. After the failure of earlier reform attempts, due not least to financing issues, digital solutions are now to be employed. The G7 should support the development of an effective UN hub and link its own initiatives through this hub. This could help the G7 generate acceptance and, at the same time, galvanize other partners. By subjecting partnerships to this kind of quality control, the UN could strengthen its central role in global governance.

      “Investing in a Better Future” — With the UN

      Like the German G7 presidency, the UN secretary-general places a particular focus in his report on future issues in conjunction with matters of justice. The world organization needs to become far better at avoiding shipwreck — that is the UN must respond more inclusively and justly to acute and future transnational crises. Developing greater strategic foresight, taking increased account of the interests of young people and future generations, and bringing key players together quickly in the event of the outbreak of new crises — these are the ambitious proposals for placing the UN further into the center of global problem-solving.

      Unique Insights from 2,500+ Contributors in 90+ Countries

      Here, too, the member states are divided when it comes to the increase in authority and knowledge for the UN that would go hand in hand with these measures. The issue of upgrading the UN is also contested within the G7 due to concerns about effectiveness and sovereignty and given the influence of states such as China and Russia.

      In view of overlapping interests with regard to major concerns for the future, the G7 should, nonetheless, insist upon pooling the existing capabilities of the UN system more effectively, while at the same time supporting the targeted development of the UN’s strategic capacities politically and financially. This can be done via voluntary contributions or, beneficially in some cases, the expansion of the regular budget. In 2021, the G7 committed in the Cornwall Consensus to make crisis management more effective and fair in the future. This year, the G7 should discuss the role of the United Nations in this.

      Currently, member states are discussing in the UN General Assembly which of the secretary-general’s proposals they intend to support, while preparation processes for the G7 summit are also underway. It is time to consider processes as one whole and bring them together for a future-proof multilateralism.

      *[This article was originally published by the German Institute for International and Security Affairs (SWP), which advises the German government and Bundestag on all questions relating to foreign and security policy.]

      The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More

    • 100 Shares169 Views

      in US Politics

      Ukraine-Russia crisis: who’s winning the international influence war?

      by

      Ukraine-Russia crisis: who’s winning the international influence war? The balance of power in the diplomatic battle is shifting constantly. But are any of the key players making real advances?Briefly raised hopes of averting a “horrendous” war in Ukraine are fading again after the US predicted an invasion in the “next several days” and British officials said they believed Vladimir Putin, Russia’s president, had decided to attack.The mood in Washington and London had shifted abruptly after Russian-backed separatists shelled Ukrainian targets in the disputed eastern Donbas region. Moscow claimed Kyiv’s forces opened fire first. Clashes are continuing.Analysis: what can the west expect if Putin gives order to invade?Read more US president Joe Biden said that Russia was “engaged in a false-flag operation to have an excuse to go in” and was increasing, not reducing, troop numbers. That analysis was echoed in other Nato and EU countries, which are preparing punitive sanctions. Diplomatic efforts to halt the slide to war are not yet exhausted. Antony Blinken, the US secretary of state, is due to meet his Russian counterpart, Sergei Lavrov, in Europe this week – assuming there is no invasion. They will discuss Russia’s demands, delivered in writing last week, for a Nato withdrawal from eastern Europe and curbs on US missile deployments. Lavrov will also insist Ukraine be permanently denied Nato membership.In the documents, which are a formal response to American proposals for continued dialogue, Russia warns it will be forced to take measures of an unspecified “military-technical character” if its concerns are not addressed.Western leaders, including Boris Johnson, Kamala Harris, the US vice-president, Olaf Scholz, Germany’s chancellor, and Ukraine’s president will discuss the crisis this weekend at the annual Munich security conference. Unusually, Russia and China will not attend.Meanwhile, global stock markets reacted badly to increased fears of war, with share prices falling sharply. Gloom about the prospects for peace overwhelmed a midweek surge of optimism, sparked when predictions that Russia would invade last Wednesday proved wrong. Instead, Putin said he was pulling back some forces from Ukraine’s border. It seemed catastrophe had been averted. Yet within hours US and Nato officials were claiming the pullback was illusory. The White House flatly accused Russia of lying, saying troop numbers have swelled to around 150,000.For his part, Putin alleged, without evidence, that “genocide” against ethnic Russians was under way in the Donbas – another possible pretext for invasion. He continues to insist his troops are withdrawing and that there is no intention to attackWho and what to believe? The next few days could be a turning point. Or the stand-off could drag on inconclusively for months. The only certainty is that the future of Ukraine, and of relations between Russia and the west, hangs in the balance this weekend. Although an armed invasion has not yet happened, the 2022 “war for Ukraine” is already being waged on multiple non-military, political, diplomatic, economic, technological and covert fronts. So who’s winning so far?Vladimir PutinThe question on everyone’s lips: what does Putin want? One theory is this former low-level KGB officer and part-time taxi driver has a massive chip on his shoulder.He has a small man’s visceral need to prove his (and Russia’s) superiority to the western victors of the cold war – but also to the former Soviet elites, from whose ranks he was excluded.A less complex explanation is that Putin views Ukraine as an integral part of historical Russia and Ukrainians and Russians as one people. He claims Ukraine is not a real country. For him, re-absorption into the fatherland is natural and logical, while efforts by Kyiv’s leaders to align with the west are anathema.Experts say Putin is intent on recreating the supposed glories of the Soviet era. He calls the collapse of the Soviet Union a geopolitical tragedy.Looked at this way, a conquest of Ukraine is part of a larger scheme to rebuild a Russian sphere of influence encompassing eastern Europe and central Asia. More mundanely, Putin’s actions can be explained by genuine fear that Russia’s security is threatened, his (disputed) belief that Nato broke a pledge not to expand up to Russia’s borders, and concern that it may accept Ukraine’s membership. Putin, a de facto dictator, feels threatened by a pro-western, democratic Ukraine on his doorstep.Is he winning? Putin has succeeded in forcing the west to consider his security concerns. He has intimidated Ukraine. And he has reminded a rattled Europe of its dependency on Russian gas.At the same time, he has hugely reinvigorated Nato, permanently changed western security assumptions, united the US and Europe against him, and reinforced Russia’s reputation as a rogue state that ignores international law and breaks its word.Joe BidenThe US president was relatively quick out of the blocks over Ukraine. He needed to be. Last year’s chaotic US troop withdrawal from Afghanistan and the resulting damage to Nato’s credibility were laid at his door. With Covid and economic woes already hurting his domestic approval ratings, Biden could not afford a repeat foreign policy disaster.Having made promotion of democracy and human rights around the world a key foreign policy objective, Biden could also not stand back as Russia threatened a free, independent, democratic state.Biden’s approach to the crisis is influenced by two additional strategic factors. One is his aim to reboot the transatlantic alliance, undermined by his predecessor Donald Trump. The other is his desire to demonstrate to China, Russia’s ally, that the US will stoutly support its friends, be they in Ukraine or Taiwan.Biden has sent US troops to reinforce Nato’s eastern flank, assured Kyiv of non-military US support, and stiffened European backbones via an intense diplomatic offensive. In an unusual step, the US continues to disclose detailed (mostly unsubstantiated) intelligence about Russian intentions in an apparent attempt to pre-empt and forestall Putin’s next move.Biden’s tactics may have succeeded in heading off an invasion until now. There are two large caveats. One is that Washington’s attempts to find a diplomatic solution have struggled, while its tough stance may have compromised European efforts. This vacuum is dangerous. The other big reservation is that Biden controversially vowed from the start that US forces would not fight to defend non-Nato Ukraine – despite past US interventions in non-Nato Iraq, Afghanistan, Syria and elsewhere.Putin could yet take catastrophic advantage of this most un-American display of caution.Volodymyr ZelenskiyUkraine’s president impressed world leaders in the Munich security conference this weekend with a brave and punchy speech after ignoring warnings to stay at home for fear of a Russian-inspired coup attempt. His response to the unfolding crisis has surprised some in the west. Criticising alarming claims in Washington and London about an “any day” invasion, Zelenskiy said such suggestions risked causing panic and harming his country’s economy. As Russian military pressure increased last week, the official tone in Kyiv shifted. But by and large Ukrainians appear unimpressed by frantic talk of war. A “day of unity” last Wednesday – the supposed invasion D-day – was not widely supported. As western diplomats and nationals hastily evacuate, most Ukrainians are firmly staying put.One explanation is that people have learned to live with threats from Russia. Low-intensity conflict with Russian-backed Donbas separatists has become the new normal since 2014, when Moscow annexed Crimea. Last week’s passage of a resolution in the Russian Duma (parliament) supporting independence for the breakaway Donetsk and Luhansk “people’s republics” in the Donbas was an attempt to increase Putin’s leverage. Such a unilateral move would spell the end for the so-called Minsk accords, whose terms are disputed by both sides.Ukraine’s aspiration to join Nato lies at the heart of the crisis. Zelenskiy is being pressed by European governments to drop this objective, a key Russian demand, and adopt a neutral, non-aligned status. So far at least, the Kyiv government, cast in the role of underdog, has benefited from increased international support, weapons deliveries and financial aid. It says any war would be about Europe’s future, not just Ukraine’s.True or not, Ukrainians will be the big losers if Putin resorts to force.Emmanuel Macron and Olaf ScholzEmmanuel Macron, the French president who also holds the rotating presidency of the EU council of ministers, has thrust himself into the diplomatic frontline. As the Americans and Russians haggled over Moscow’s demands for new security arrangements in Europe, Macron met Putin in Moscow and sketched possible compromises.These ideas, including recognition of Russian concerns about Nato expansion, its forward deployments in eastern Europe, and current and future US missile capabilities in Poland and Romania, may yet provide the basis for a deal. Macron also raised the possibility of Ukraine adopting neutral status, not unlike Finland during the cold war.Macron publicly supports the US-orchestrated plan to impose severe sanctions on Russia should it invade, and insists he acts in close consultation with Washington. But his Moscow talks raised eyebrows. British officials accused him of appeasement and of undermining the west’s united front.While Macron can shrug off criticism from London, he needs the backing of Germany, the biggest European player. But Olaf Scholz, its newly elected chancellor, has appeared in two minds. On the one hand he wants to salvage the Nord Stream 2 gas pipeline from Russia. On the other he is under intense pressure from Biden to abandon it in support of anti-Kremlin sanctions.Yet Scholz surprised his critics last week when he met Putin in Moscow. He delivered a feisty performance, raising questions about media freedom and human rights.That may have reassured hawkish allies such as Poland and the Baltic republics, which have accused him of being “soft” on Russia. At the same time, Scholz extracted a commitment from Putin to continue dialogue in line with Macron’s approach.The EU commission has been sidelined during the crisis. But the French and German leaders have emerged with reputations enhanced. So far.Boris JohnsonBeset by scandals arising from illegal lockdown parties and reportedly anxious to change the subject, Boris Johnson seized on the Ukraine crisis in late January after having previously largely ignored it.At his direction Downing St began briefing about a big, cross-departmental Whitehall push to tackle the crisis. Britain, Johnson claimed, would lead western attempts to deter Russia. But saying it does not make it so. Suggestions that this new effort to aid Ukraine was part of so-called Operation Save Big Dog to rescue his career were denied, naturally.The UK has since sent extra troops to Estonia, missiles to Ukraine, and placed Royal Navy ships on alert. It is typically iffy about accepting refugees, but has offered humanitarian aid.But Britain’s emphasis on muscular deterrence has come at the expense of diplomacy. It has contributed almost nothing to peace-making efforts. When Liz Truss, the foreign secretary, met Lavrov in Moscow, their talks ended in an icy standoff.Johnson has gratuitously undermined Macron’s Moscow initiative while Ben Wallace, the UK defence secretary, spoke disparagingly of a “whiff of Munich”. Meanwhile, the government has yet to enforce effective measures to curb Russian money-laundering in London.All else aside, the Ukraine crisis has brutally underscored Britain’s diminished international influence abroad. Separated by choice from the EU, the UK is now viewed in Russia (and much of Europe) as little more than a cheerleader and errand boy for America.When Johnson asked Biden what else the UK could do in a phone call last week, the US president replied: “We’re not going anywhere without you, pal.” That summed up Britain’s war to date. The rule of thumb for post-Brexit foreign policy: ask politely what Washington wants, then follow directions.TopicsUkraineThe ObserverRussiaVladimir PutinUS politicsJoe BidenVolodymyr ZelenskiyEmmanuel MacronfeaturesReuse this content More

    • 100 Shares149 Views

      in World Politics

      Getting the Public Behind the Fight on Misinformation

      by

      Misinformation is false or inaccurate information communicated regardless of intention to deceive. The spread of misinformation undermines trust in politics and the media, exacerbated by social media that encourages emotional responses, with users often only reading the headlines and engaging with false posts while sharing credible sources less. Once hesitant to respond, social media companies are increasingly enacting steps to stop the spread of misinformation. But why have these efforts failed to gain greater public support? 

      A 2021 poll from the Pearson Institute found that 95% of Americans believed that the spread of misinformation was concerning, with over 70% blaming, among others, social media companies. Though Americans overwhelmingly agree that misinformation must be addressed, why is there little public consensus on the appropriate solution? 

      Social Media and the Cold War Around Free Speech

      READ MORE

      To address this, we ran a national web survey with 1,050 respondents via Qualtrics, using gender, age and regional quota sampling. Our research suggests several challenges to combating misinformation. 

      First, there are often misconceptions about what social media companies can do. As private entities, they have the legal right to moderate content on their platform, whereas the First Amendment applies only to government restriction of speech. When asked to evaluate the statement “social media companies have a right to remove posts on their platform,” a clear majority of 58.7% agreed. Yet a divide emerges between Democrats, where 74.3% agreed with the statement compared to only 43.5% of Republicans.  

      Ignorance of the scope of the First Amendment may partially explain these findings, as well as respondents believing that, even if companies have the legal right, they should not engage in removal. Yet a history of tech companies initially couching policies as consistent with free speech principles only to later backtrack only adds to the confusion. For example, Twitter once maintained “a devotion to a fundamental free speech standard” of content neutrality, but by 2017 had shifted to a policy where not only posts could be removed but even accounts without offensive tweets. 

      Embed from Getty Images

      Second, while most acknowledge that social media companies should do something, there is little agreement on what that something should be. Overall, 70% of respondents, including a majority of both Democrats (84%) and Republicans (57.6%), agreed with the statement that “social media companies should take steps to restrict false information online, even if it limits freedom of information.”

      We then asked respondents if they would support five different means to combat misinformation. Here, none of the five proposed means mentioned in the survey found majority support, with the most popular option — providing factual information directly under posts labeled as misinformation — supported only by 46.6% of respondents. This was also the only option that a majority of Democrats supported (56.4%).

      Moreover, over a fifth of respondents (20.6%) did not support any of the options. Even focusing just on respondents that stated that social media companies should take steps failed to find broad support for most options. 

      So what might increase public buy-in to these efforts? Transparent policies are necessary so that responses do not appear ad hoc or inconsistent. While many users may not pay attention to terms of services, consistent policies may serve to counter perceptions that efforts selectively enforce or only target certain ideological viewpoints.

      Recent research finds that while almost half of Americans have seen posts labeled as potentially being misinformation on social media, they are wary of trusting fact-checks because they are unsure how information is identified as inaccurate. Greater explanation of the fact-checking process, including using multiple third-party services, may also help address this concern.

      Unique Insights from 2,500+ Contributors in 90+ Countries

      Social media companies, rather than relying solely on moderating content, may also wish to include subtle efforts that encourage users to evaluate posting behavior. Twitter and Facebook have already nodded in this direction with prompts to suggest users should read articles before sharing them. 

      Various crowdsourcing efforts may also serve to signal the accuracy of posts or the frequency with which they are being fact-checked. These efforts attempt to address the underlying hesitancy to combat misinformation while providing an alternative to content moderation that users may not see as transparent. While Americans overwhelmingly agree that misinformation is a problem, designing an effective solution requires a multi-faceted approach. 

      *[Funding for this survey was provided by the Institute for Humane Studies.]

      The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More

    • 88 Shares149 Views

      in World Politics

      The Radical Impact of Canada’s Fringe Parties

      by

      Although fringe parties are generally “not considered very relevant,” they nevertheless mirror some of the dominant social or economic concerns of their times. One such fringe party that has risen to recent prominence on the Canadian political scene — particularly in the wake of its support for the anti-vaccine Freedom Convoy truck protest — yet remains otherwise neglected by academics and the international media is the People’s Party of Canada (PPC). Formed in 2018 by Maxime Bernier, the PPC seeks to defend so-called “real conservative ideas” on the basis that the Conservative Party has become too moderate. 

      Canada’s Anti-Mask Movement Demands Liberty

      READ MORE

      Indeed, as the Canadian truck protests spread across the globe, the PPC is of particular relevance given that Bernier has been quick to visit the protesters and become a vocal defender of their actions, calling upon Canadians to defend their liberté. Nevertheless, the PPC is also of interest for another reason, namely its detrimental impact in the 2019 and 2021 federal elections upon Canada’s more moderate/center-right Conservative Party. 

      Consequently, two questions stand out from the growing significance of the PPC that have implications for fringe parties in general. First, could these parties ever evolve into mainstream political parties? Second, could they, as the Canada Guide suggests, “‘spoil’ races in very close elections by pulling votes away from other mainstream parties”?

      Context: Fringe Parties in Canada

      Although there are currently five “major” political parties represented in the current Canadian House of Commons — the Liberal Party, the Conservative Party, the Bloc Québécois, the New Democratic Party and the Green Party of Canada — at the time of the 2021 election there were some 17 eligible federal political parties registered. These 17 are often referred to as “fringe” parties because they have not secured electoral success, their party membership is small, they often only promote a single issue, and their supporters tend to be few and far between. 

      They can also be widely divergent. Some, such as the Communist Party of Canada, are of a leftist political persuasion and have been in existence for a century. Others, such as the Canadian Nationalist Party, have only been in existence for a short while and are of an extreme-right predisposition.

      Embed from Getty Images

      Nevertheless, labels such as “fringe” are open to debate. Indeed, the Green Party, for example, is theoretically the nation’s fifth major party. Yet at its height, it has only ever secured three seats in the Canadian Parliament in 2019 with 6.5% of the popular vote. Its parliamentary representation dropped to two seats in the 2021 election, with 2.3% of the national vote. In this context, it is not surprising that there is “no universally accepted definition of what constitutes a ‘fringe party.’”  

      In Canadian politics, it seems that success at the ballot box appears to be the nebulous cut-off point for differentiating between fringe and mainstream parties. The example of the Green Party is again illustrative of this, as it went from being a fringe party to being a major one. Yet the 2.3% that the Greens received in 2021 was less than the nearly 5% the PPC won that same year. The fact that a so-called major party received a smaller share of the vote than an ostensible fringe party testifies to the problematic nature of the term “fringe.” Furthermore, it implies that the PPC could morph into a mainstream political force. 

      Radical Impact

      However, it is the second question relating to pulling votes from mainstream parties that presents the crux of this cautionary tale. Following the creation of the Reform Party of Canada in 1987, some had argued that it had split the anti-Liberal vote on the moderate conservative right. The same outcome is true in Britain, where there existed “a widespread willingness among current Conservative Party members in Britain to countenance voting for the United Kingdom Independence Party (UKIP).”

      In order to evaluate the importance of the PPC to the Canadian landscape, it is vital to look at the party’s electoral impact. In the 2019 federal election, the PPC achieved a mere 1.6% of the popular vote. However, analysis by CBC news showed that “even with its dismal level of support — the PPC cost the Conservatives seven seats in the House of Commons by splitting the vote.”

      Embed from Getty Images

      Moreover, irrespective of the PPC’s election results, it is impressive that, in just over a year, Bernier “managed to create a new federal political party, found candidates to run in all of Canada’s 338 federal electoral districts and participated in all the televised pre-election leaders’ debates.” If Bernier achieved all of this within 12 months, what can he achieve within 12 years? 

      Although the PPC failed to win any seats in the 2021 federal election, the party’s share of the popular vote increased from 1.6% to 4.94%. The detrimental electoral significance of the PPC was recognized by the Conservative leader Erin O’Toole in the run-up to the election. Direct personal communication with a source within the PPC further underlined the threat that the party’s “presence on the ballot may have cost the Conservatives about 21 ridings in this year’s election.” 

      Given the failure of O’Toole to win in 2021, an additional significant outcome of the emergence of the PPC is that the Conservative Party could face pressure to move further to the right in order to win a greater share of the popular vote. Indeed, O’Toole’s leadership position immediately came under threat by far-right elements within his own party on the grounds that he was too moderate. By February 2022, he was removed from the party’s leadership.

      Although the PPC remains a so-called fringe party, this is not to deny its impact. It was responsible for sometimes splitting the center-right vote and contributing to the Liberal Party’s success, as well as now possibly helping to force the Conservative Party into a more radically right-wing direction. Indeed, some contenders for O’Toole’s now-vacant seat as party leader have also started to speak out in support of the convoy. However, it is also worth noting that the PPC’s electoral impact might not necessarily be the beginning of a new trend. 

      Embed from Getty Images

      The COVID-19 pandemic presented Bernier with the opportunity to appeal to an outlier proportion of the population which, without the PPC, might not have had a sympathetic ear in Parliament — anti-vaxxers and anyone vehemently opposed to health measures instituted to contain the pandemic. Although the majority of Canada’s population champion vaccines, mask-wearing and similar public health measures, the fact that the PPC was the only political party opposed to vaccine passports allowed it to generate additional support from this cohort that accounts for 8%-10% of the population. 

      This support is further demonstrated by the fact that the PPC did best in those provinces with the lowest vaccination rates, namely Alberta, Saskatchewan and Manitoba. The PPC’s anti-lockdown rhetoric and strong stance against Liberal Prime Minister Justin Trudeau’s vaccine mandates were, therefore, partly responsible for its rise in the polls, as suggested by some academic experts who state that “Historically, populism … tends to appear in times of crises.” 

      Ideological Impacts

      The PPC has not only had a tangible impact on Canadian politics, but also an ideological one. Canada has traditionally been seen as “immune to the outbreak of right-wing populism observed in other established western democracies.” That is, until now, as Republican figures such as Ted Cruz and Donald Trump praise the actions of the Ottawa protesters and denounce Trudeau as a “far left lunatic.” 

      Bernier’s campaign manifestos of 2019 and 2021 also look similar to populist and nationalist counterparts elsewhere, namely UKIP and the Republican Party under Donald Trump in the US. The PPC manifesto, for instance, states its opposition to climate change policies (“Withdraw from the Paris Accord and abandon unrealistic greenhouse gas emission reduction targets”); commitment to end to Canada’s participation in global institutions (“Withdraw from all UN commitments”); and xenophobic resentment in its anti-immigration plans (“Substantially lower the total number of immigrants and refugees Canada accept every year”).

      A noteworthy addition to the PPC’s 2021 manifesto that also has echoes of other nationalist/populist party positions is its consideration of race. In the lead-up to the 2021 federal election, the mainstream parties focused on the economic and political rights of indigenous peoples following the uncovering of unmarked graves of hundreds of indigenous children on the properties of former residential schools. The PPC, by contrast, went in the opposite direction and instead looked to repeal the Multiculturalism Act of 1988, which aims to not only preserve but enhance multiculturalism in Canada.

      Unique Insights from 2,500+ Contributors in 90+ Countries

      This, in addition to the PPC’s call to reduce the number of immigrants, contradicts a widely-held belief that “nativism has become impossible, even unthinkable, for a competitive political party in Canada today.” It is for this reason that “Bernier’s embrace of radical right-wing populism has heightened concerns about the importation of Trumpism and other far right ideologies into mainstream Canadian politics.”

      The emergence of the PPC has pointed a light at a potentially darker underbelly within Canadian politics, one that may demonstrate violent sentiments. The throwing of gravel at Trudeau during the 2021 election campaign by the former PPC president of the London Riding Association is a case in point. 

      The potential political impact of the PPC is undeniable. At a theoretical level, it points to a need to consider the importance of fringe parties in discussions of Canadian politics in general. The PPC also stands as a bellwether, representing a potential future trend. Furthermore, the party is significant as it has had a detrimental impact on the electoral success of the Conservative Party and possibly its future direction of travel.

      Most concerning, however, is its ideological impact. As David Moscrop posits in Global News, “The People’s Party of Canada has become a rallying point for extremists who existed before it did, but who now have an organisational anchor and home.” 

      The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More

    • 88 Shares129 Views

      in World Politics

      Is Sustainable Finance More Hype Than Hope?

      by

      In recent years, and even more in the wake of the COVID-19 pandemic, it has become evident that finance must contribute to the development of a more sustainable economy. However, the current sustainable finance landscape is characterized by heterogeneous concepts, definitions, and industry and policy standards, which tend to undermine the credibility of this nascent market and open the door to greenwashing.

      Water World: Is Climate Change Driving Our Future Out to Sea?  

      READ MORE

      One of the challenges is to decide where to draw the line between sustainable and “normal” investments, and how to subdivide the universe of sustainable finance. The lack of clear rules on what can be labeled “sustainable” opens the door to unscrupulous companies and fund managers trumpeting their environmental, social and governance rating ratings — known as ESG — while simply relabeling existing funds without changing neither the underlying strategies nor the portfolio composition. As a result, some observers are concerned that “the overall prevailing mechanism is based on short-term maximization of financial returns, and [that] ESG is still essentially an idea.”

      Thus, the first step to improve the situation, according to Domingo Sugranyes of the Pablo VI Foundation, is to create “an accepted framework of definitions and metrics” at regional or global levels to identify high-level standards and align the actions undertaken by political authorities around the world. But it is also important to act on the other side of ESG, which is direct financing as opposed to the stock market. For example, the European Commission has adopted several regulations to support and improve the flow of money toward sustainable activities.

      Embed from Getty Images

      In addition, Archana Sinha of the Indian Social Institute suggests that broader structural reforms may be necessary “to fully integrate climate-aligned structural change with economic recovery.” Not only should the legal framework be changed so “that emissions generate costs,” says economist Ladislau Dowbor, but “international financial transactions must be taxed, so that they leave a trail, shedding light on tax havens while generating resources for sustainable practices.” Other measures, Etienne Perrot says, may include “central bank rediscount policy favoring sectors that do not use fossil fuels; active and pugnacious mobilization of the shareholders most aware of the ecological crisis; [and] monitoring of speculative drifts.”

      If sustainable finance is to become real hope instead of hype, then we will also need governments to step in to fix the rules, with a view to make any financial activity “sustainable by default,” says Eelco Fiole, an investment governance expert. Otherwise, Perrot warns, “the present enthusiasm around sustainable finance may well be short-lived.”

      By Virgile Perret and Paul Dembinski

      Note: From Virus to Vitamin invites experts to comment on issues relevant to finance and the economy in relation to society, ethics and the environment. Below, you will find views from a variety of perspectives, practical experiences and academic disciplines. The topic of this discussion is: What needs to be put in place in order to leverage the present enthusiasm around sustainable finance?

      “…the ‘present enthusiasm around sustainable finance’ may be short-lived… ”

      “Finance is only one of the means: directing public and institutional financial flows toward investments that exclude — or fight against — the carbon economy; central bank rediscount policy favoring sectors that do not use fossil fuels; active and pugnacious mobilization of the shareholders most aware of the ecological crisis; [and] monitoring of speculative drifts. However, whatever financial modalities are adopted, these ecological costs will necessarily weigh on financial profitability. Which leaves me to fear that the ‘present enthusiasm around sustainable finance’ is short-lived.”

      Etienne Perrot — Jesuit, economist and editorial board member of the Choisir magazine (Geneva) and adviser to the journal Etudes (Paris)

      “…labels should apply only to project financing related to clean energy… ”

      “All sustainable finance labels should apply only to project financing related to clean energy. Investment houses should not finance fossil fuel firms in any way to declare themselves deserving of a sustainable finance seal of approval. This also goes for green financing.”

      Oscar Ugarteche — visiting professor of economics at various universities

      “…ESG is still essentially an idea…”

      “The world produces an amount of goods and services amply sufficient to ensure everyone has a dignified life. We have the necessary technologies to produce in a sustainable way. And we presently have detailed understanding of the slow-motion catastrophe climate change represents. While the Paris conference presented the goals, the Addis Ababa conference on how to fund them reached no agreement. The overall prevailing mechanism is based on short-term maximization of financial returns, and ESG is still essentially an idea. The legal framework has to change, so that emissions generate costs. International financial transactions must be taxed, so that they leave a trail, shedding light on tax havens while generating resources for sustainable practices. The key issue is corporate governance.”

      Ladislau Dowbor — economist, professor at the Catholic University of Sao Paulo, consultant to many international agencies

      “…it is not clear that substantial public intervention is needed… ”

      “Sustainable finance is a broad umbrella, but nonetheless has a clear meaning as investment strategies and products that aim at fostering activities that promote environmental, social and governance improvements. The private sector has rapidly developed, having realized that there is a clear appetite by investors for investment with such priorities. Specific products have been created, as well as rigorous metrics and certifications. It is therefore not clear that substantial public intervention is needed (in fostering sustainable finance, by contrast to ensuring proper pricing of, for instance, CO2 where taxes are needed). Public intervention could focus on requiring disclosure of the sustainability dimension of investment by financial intermediaries to facilitate transparency.”

      Cedric Tille — professor of macroeconomics at the Graduate Institute of International and Development Studies in Geneva

      “…every financial decision should take climate risk into account… ”

      “Globally, the private sector needs altering processes, such that their investments do not worsen climate change. The Indian government needs to introduce guidelines to standardize climate-related revelations in all financial statements and push private companies to manage their exposure to climate risks in their tasks and processes. A lack of clarity about true exposures to specific climate risks for physical and financial assets, coupled with uncertainty about the size and timing of these risks, creates major vulnerabilities. It is suggested that the only way forward is to fully integrate climate-aligned structural change with economic recovery needing a fundamental shift in the entire finance system. Meaning that every financial decision should take climate risk into account and climate finance is integral to the transformation process.”

      Archana Sinha — head of the Department of Women’s Studies at the Indian Social Institute in New Delhi, India

      “…green rating for business firms…”

      “Rendering sustainable finance an effective, practical concept depends, inter alia, on (1) measures regarding definitions, sustainability reporting and regulation; (2) genuine commitment to mitigation of climate change; and (3) honest and sound assessment of outcomes. Under 1, [it] can be singled out the extension of the definitions and accounting essential to regulation, with special attention to the concepts of natural capital and of contingent assets and liabilities. Under 2, there is the need for senior bankers and other key decision-makers to evaluate and explain the charting and navigation of the new business routes required for mitigation. Under 3, there are roles for many different parties — governments, central banks, research institutions and NGOs. The roles could include development and application of green ratings for business firms and other relevant institutions, which draw on historical experience with credit ratings.”

      Andrew Cornford — counselor at Observatoire de la Finance, former staff member of the United Nations Conference on Trade and Development (UNCTAD), with special responsibility for financial regulation and international trade in financial services

      “…an accepted framework of definitions and metrics…”

      “The movement toward ecological sustainability is still in its infancy in the world economy. It is real and probably here to stay, but companies and governments will meet many economic, physical and human hurdles on the way, including raw materials bottlenecks and lack of specialized talent. ESG investment can be seen as an expression of demand for sustainability in society, pressing in the right direction. But to confirm their effectiveness and credibility, ESG-motivated investors will need an accepted framework of definitions and metrics (the ‘taxonomy’ being discussed at the EU level). Ideally, one would imagine a worldwide, self-regulated consensus about environmental cost, similar to the one which led to the international acceptance of the International Financial Reporting Standards (IFRS).”

      Domingo Sugranyes — director of a seminar on ethics and technology at Pablo VI Foundation, former executive vice-chairman of MAPFRE international insurance group

      “…a point of reference in public debate…”

      “A transition from enthusiasm to reality requires 3 steps:

      1: From the experts’ room to the public sphere. Sustainable finance cannot flourish without being a point of reference in public debate and a ‘visible’ concern in everyday life. Such a paradigm shift can only be initiated through a participatory, sociopolitical justification.

      2: Toward a glocal perspective. As it happens with every declaration, the 17 sustainable development goals (SDGs) and the Agenda 2030 provisions need to be part of the national and local development strategy both as aims and evaluation measures.

      3: From wishes to accountability. Various actions — mirrored in national and international law — are required to empower accountability: legislation initiatives that forbid hazardous products, give motives for ‘clean production’ and favor a circular economy, annual monitoring on sustainable practices, reduction of waste/emission and a regulatory framework for investment plans.”

      Christos Tsironis — associate professor of social theory at the Aristotle University of Thessaloniki in Greece

      “…any finance activity needs to be sustainable by default…”

      “Given that rational justice requires the current generation to have a fiduciary duty to the future generation, any finance activity needs to be sustainable by default. In that sense, we need to distinguish between finance and unsustainable finance, and [we] need to focus on diminishing unsustainable finance to the benefit of finance. This means finance needs to be defined as purposeful and needs to account for all interests at stake. This then needs to be coded into law and into incentive systems. While ESG data is important, assessing and certifying impact on a case-by-case basis gives true input for governance and direction toward social and environmental sustainability, all things considered. This requires a new moral psychology for leadership.”

      Eelco Fiole — investment governance expert, board director and adjunct professor of finance ethics in Lausanne and Neuchatel

      *[An earlier version of this article was published by From Virus to Vitamin.]

      The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy. More