Unions challenge G20 finance ministers to unleash green jobs investment

42 million jobs in six G20 countries over five years – New report shows growth potential

The International Trade Union Confederation (ITUC) has called on G20 Finance ministers to drive investment of at least 2% of GDP in the green economy in the wake of independent economic analysis forecasting the potential for green jobs growth.

The Millennium Institute green investment model shows how new investments of 2% of GDP in just six G20 countries, in each of the next five years, could create up to 42 million jobs.

• 24 million jobs could be created in the economies of Australia, Germany and the USA over five years
• Emerging market economies including Brazil, Indonesia and South Africa could create over 18 million jobs in five years.

“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, International Trade Union Confederation.

The IMF’s ‘World Economic Outlook’ has warned about the impact of austerity cuts, causing mass unemployment in many European countries. One in two young people in Spain and Greece don’t have a job.

”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 time-bomb,” said John Evans, General Secretary, Trade Union Advisory Committee to the OECD.

International unions are calling for a financial transactions tax, which could raise around 620 billion dollars per year globally to drive investment, needed to grow more jobs in the real economy, and regulation of the financial sector to drive real growth.

“It is workers, in work who will drive the world out the economic crisis, not the bankers,” said Sharan Burrow.

ENDS

The Green and Decent jobs summary is available at http://www.ituc-csi.org/growing-green-and-decent-jobs,11011.html

Gemma Swart, ITUC Press Officer 32 479 06 41 63 

gemma.swart@ituc-csi.org

www.ituc-csi.org