May 2012: The UN has circulated reports of the Secretary-General for the upcoming substantive session of the UN Economic and Social Council (ECOSOC). The reports address macroeconomic policies for sustainable development and the achievement of the Millennium Development Goals (MDGs), and productive capacity, employment and decent work to eradicate poverty in the context of inclusive, sustainable and equitable economic growth.

The substantive session will take place from 2-27 July 2012, in New York, US. Its High-level Segment (HLS) will run from 2-9 July, and include the Annual Ministerial Review (AMR) as well as thematic discussion.

In the report for the thematic discussion (E/2012/74), recommendations on achieving sustainable development call for, inter alia: decoupling growth from natural resources; designing trade and other policies to avoid environmental and social damage; and exploring “the sustainability of long-run economic growth, especially in the context of the increasing scarcity of natural resources, the degradation of the global environment, increased carbon emissions and climate change.”

In the report for the AMR (E/2012/63), the Secretary-General says the transition to a green economy will incur adjustment costs, such as for renewable renewable energies, climate-friendly technologies, low-carbon equipment and appliances, and more sustainable modes of production and consumption. Given these costs, the transition will be more difficult to realize in the midst of economic recession, rampant unemployment and widening social inequalities. The report points to the eventual winners and losers in the labor market, and calls for a “fair and well-managed transition for workers and entrepreneurs through the rapid changes.”

The report describes the Global Green New Deal proposed by the Secretary-General to accelerate economic recovery and job creation while addressing sustainable development, climate change and food security challenges, “by front-loading massive public investments in developing countries in renewable energy and smallholder food agriculture to induce complementary private investments in sectors previously lacking private sector interest.” [Publication: Report of the Secretary-General: Macroeconomic policies…] [Publication: Report of the Secretary-General: Promoting productive capacity…] [Website of ECOSOC Substantive Session 2012]