There is no need to choose between environmental protection, economic development and social justice.

A socially just and environmentally sustainable future where markets serve the people and economic growth respects the planet is possible. I hope that the Conference of the parties in Copenhagen will lead the world forward along the path to a true sustainable development.

What was first called a “sub-prime crisis”, then “financial turmoil” and finally the Global Financial Crisis, has had tremendous consequences for the global economy. But every crisis is also an opportunity. In this case, it is an opportunity to restructure and revitalise the global economy in a more sustainable way. If we play our cards right, we could go ahead with the so much needed “green conversion” of the economy and turn our development model into a sustainable low-carbon model.

Scientific evidence put forth notably by the Stern Review on the Economics of Climate Change and the Assessment Reports carried out by the Intergovernmental Panel on Climate Change has resulted in an increasing awareness of the reality of global warming and the role played by human activity. We now have a consensus among the majority of the scientific community, policy-makers and civil society about the effects of climate change, expected to be the biggest social and environmental challenge of the 21^st century.

Global warming will have significant consequences for all three dimensions of sustainable development – economic, environmental and social. It requires a strong global response addressing all three dimensions in an integrated and comprehensive manner. In other words, economic development by doing business as usual is no longer sustainable! As the financial crisis has so clearly showed us, we cannot borrow our way to a good time forever. If we wish to avoid an environmental crisis, we cannot continue to postpone actions to mitigate and to adapt to climate change.

A strong coordinated response is what we need. A response that ensures a balanced approach between economic growth and job creation on the one hand and the respect of social rights and environmental concerns on the other. This is precisely the approach that Labour governments around the world have advocated. We believe that a socially and ecologically sustainable society can create new opportunities for economic growth, employment creation, social protection and a cohesive society. Climate change policies should be considered as opportunities to realise a triple dividend – protect the environment and boost economic growth and employment creation at the same time. Countering the global warming is, as a matter of fact, maybe the ONLY option if we wish to get our economy back on track and ensure a viable economic system. “Going green” is thus a win-win strategy!

The European Union has shown both leadership and solidarity in facing the climate challenge. Labour governments have played an important role to generate political momentum for the climate change debate at European level and to draw attention to the importance of the concept of climate justice.

If we wish to ensure a deal in Copenhagen, we need to focus on justice. It is clear that the poorest, those least responsible, will be the most vulnerable and exposed to climate change. We therefore need a global agreement based on social and development needs, the “polluter pays principle” and burden sharing between rich and poor countries. The financial crisis should not be used as an excuse not to honour the commitments made to the Development Millennium Goals and to future generations.

In the end, the question is not whether policies to protect the environment will be put in place, but rather when. Either we choose to accommodate this change now through carefully designed policies, or we adopt a laissez-faire approach which inevitably leads to negative economic, environmental and social consequences. I am among those who think that the market is a good servant but a bad master. In this case, it is particularly evident that a purely market-driven process will not be able to deliver the changes needed at the scale and speed demanded by climate change.

But most importantly, I hope that a global agreement will lay the foundations for a truly sustainable development in the 21^st century.  Sustainable not only in environmental but also in economic and social terms.  Development cannot be sustainable unless it is equitable – and that means promoting human rights and democracy. It means ensuring gender equality and social justice. It means working for fairer world trade and remodelling our global financial systems so that they serve people rather than markets. I believe that we as social democrats have the most credible policies to make this happen.