Rush for new profits posing threat to human rights, UN experts warn 

1 month ago 20
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The finance industry’s request for new sources of capital worldwide to fulfill investors, is having a superior antagonistic interaction connected the enjoyment of quality rights, a radical of UN-appointed independent rights experts have warned

Among the rights astatine hazard from expanding speculation successful the fiscal markets by hedge funds and different investment funds, are the right to harmless drinking h2o and sanitation, food, capable housing, development, and a steadfast and sustainable environment, among others.  

Exploiting the marginalized 

In a statement, the independent Special Rapporteurs and different experts, expressed their concern over the gradual encroachment of fiscal speculators into new areas of the economy, putting quality rights astatine risk

They highlighted successful particular, trading successful areas indispensable for the enjoyment of quality rights of marginalized, indigenous peoples, Afro-descendant and peasant communities, persons with disabilities and persons surviving with Albinism, arsenic good arsenic those surviving successful areas of conflict. 

The experts besides pointed retired that so-called financialisation – the maturation successful caller fiscal instruments since the 1980s managed by caller fiscal services - has a disproportionate interaction connected the enjoyment of their rights by women and girls, who are systematically victims of discrimination. The interaction connected older radical was besides highlighted. 

Financialisation negatively impacts the enjoyment of the rights to harmless drinking h2o & sanitation, food, capable housing, improvement + a steadfast and sustainable environment. UN experts impulse States to adequately modulate the fiscal services industry: https://t.co/m6ZsobvQR5 pic.twitter.com/UnxgAaHO10

— UN Special Procedures (@UN_SPExperts) October 20, 2021

Effect connected housing 

According to a erstwhile Special Rapporteur connected capable housing, successful caller years monolithic amounts of planetary superior person been invested successful lodging arsenic a commodity, arsenic information for fiscal instruments that are traded connected planetary markets, and arsenic a means of accumulating wealth. 

However, erstwhile the 2008 planetary fiscal situation hit, galore houses abruptly mislaid overmuch of their value, and individuals and families were made stateless overnight. 

The adept besides pointed retired that successful the Global South, informal settlements successful Southern cities are regularly demolished for luxury lodging and commercialized improvement intended for the wealthiest groups of the population

This process of financialisation of assets, has only been reinforced during the COVID-19 pandemic, the adept said. 

‘Speculative nutrient bubble’ 

In cultivation markets, the experts described however the aforesaid big international banks liable for the planetary fiscal crisis, invested billions of dollars successful nutrient futures, generating an summation successful the prices of earthy materials specified arsenic wheat, maize and soybean, which doubled and adjacent tripled successful a fewer months, creating a new speculative nutrient bubble

According to the World Bank, betwixt 130 and 150 cardinal much radical were pushed into utmost poorness and hunger, chiefly successful low-income countries depending connected nutrient imports to provender their populations. 

The experts highlighted however the financialisation of lodging and nutrient has exacerbated inequalities and exclusion, disproportionately affecting heavy indebted households and those connected debased incomes. 

Applying speculative logic successful these areas violates the quality rights of radical successful poverty, exacerbates sex inequality and aggravates the vulnerability of marginalized communities, they said. 

Commodifying nature 

The increasing monetization and commodification of ecosystem services, specified arsenic c storage, were besides noted by the experts. 

They warned that it threatens the sustainability of ecosystems, marginalizes earthy and taste values that person nary evident economical value, and weakens the power of indigenous peoples and section communities implicit their territories

The close to pollute and destruct quality is gradually being legitimized and commercialized, they said. 

They besides pointed retired that addressing the climate exigency often ignores some the impacts connected radical successful poverty, and undermines the quality rights and livelihoods of the poorest. 

The eviction of indigenous peoples from forests oregon the replacement of analyzable old-growth forests with monocultures of fast-growing non-native histrion taxon was highlighted arsenic an illustration of this. 

Treating housing, food, or the environment, as assets to beryllium traded by hedge funds and different fiscal actors successful fiscal derivatives markets, represents a nonstop onslaught connected people's workout and enjoyment of quality rights specified arsenic the close to housing, to food, to a steadfast environment, oregon to drinking h2o and sanitation, the experts stated. 

For a afloat database of the 17 autarkic UN rights experts who signed the statement, go here. All independent UN rights experts are appointed by the Human Rights Council, and enactment connected a voluntary basis. They service successful their idiosyncratic capacity, and are neither UN staff, nor bash they person a wage from the Organisation. 

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