Fin24

Unions challenge G20 to invest in green jobs

2012-04-19 16:39

Johannesburg - The International Trade Union Confederation (ITUC) has called on G20 finance ministers to drive investment of at least 2% of gross domestic product (GDP) in the green economy.

This follows an independent economic analysis by the Millennium Institute, called the green investment model, which shows that new investments of 2% of GDP in just six of the G20 countries, in each of the next five years, could create up to 42 million jobs.

It said that 24 million jobs could be created in Australia, Germany and the USA over five years, and emerging market economies including Brazil, Indonesia and SA could create over 18 million jobs.

"The G20 are the world's large economies.

"If investing 2% of GDP in just six of these economies over five years can create 42 million jobs, imagine how many could be created if finance ministers drive investment in all 20 economies," said Sharan Burrow, general secretary of ITUC.

"G20 finance ministers have to shift from austerity that is creating despair to growth and job creation.

"Putting people, and especially young people, back to work is the only way to avoid detonating a social timebomb," said John Evans, general secretary of the Trade Union Advisory Council to the OECD.