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
"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.