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""n a new, fast-evolving multi-polar globaleconomy, climate change policy can winsupport from developing countries forlow-carbon growth, "but not if it isimposed as a straitjacket", emphasised Robert B.Zoellick, President of the World Bank Group, speakingat the Woodrow Wilson Centre for InternationalScholars in Washington D.C..The world economy is rebalancing. Some of this is new.Some represents a restoration. According to AngusMaddison, Asia accounted for over half of world outputfor 18 of the last 20 centuries. We are witnessing amove towards multiple poles of growth as middleclasses grow in developing countries, billions of peoplejoin the world economy, and new patterns of integrationcombine regional intensification with global openness. This change is not just about China or India. Thedeveloping world's share of global GDP in purchasingpower parity terms has increased from 33.7 per cent in1980 to 43.4 per cent in 2010. Developing countriesare likely to show robust growth rates over the next fiveyears and beyond. Sub-Saharan Africa could grow byan average of over 6 per cent to 2015 while SouthAsia, where half the world's poor live, could grow by asmuch as 7 per cent a year over the same period. ECONOMIC SHIFTS MEAN POTENTIALPOWER SHIFTS Increased income and growth in the developing worldmeans increasing influence. The old world of firesidechats among G-7 leaders is gone. Today's discussionrequires a big table to accommodate the keyparticipants, and developing countries must haveseats at it.Today, we already see the strains. The Doha WorldTrade Organisation round and the climate change talksin Copenhagen revealed how hard it will be to sharemutual benefits and responsibilities betweendeveloped and developing countries. Those debatesalso exposed the diversity of challenges faced bydifferent developing countries. In discovering a new forum in the G-20, we must becareful not to impose a new, inflexible hierarchy on theworld. Instead, the G-20 should operate as a "SteeringGroup" across a network of countries and internationalinstitutions. It should recognise the interconnectionsamong issues and foster points of mutual interest.This system cannot be hierarchical, and it should notbe bureaucratic. It also must prove effective by gettingthings done. THE DANGER OF GEO-POLITICS AS USUALThe danger of the political gravity dragging countriesback to the pursuit of narrow interests is that we addressthis changing world through the prism of the old G-7;developed country interests, even if well-intentioned,cannot represent the perspective of the emergingeconomies. We cannot afford geo-politics as usual. A "New Geopolitics of Multipolar Economy" needs toshare responsibility while recognising differentperspectives and circumstances, so as to build moremutual interests.CLIMATE CHANGE Take climate change: The danger is that we take a ruleA MOVE TOWARDSMULTIPLE POLESOF GROWTHWE STILL LIVE IN A WORLD OF NATION-STATES.BUT THERE ARENOW MORE STATES WIELDINGINFLUENCE ON OUR COMMON DESTINY054FINANCEIROBERT B. ZOELLICK, PRESIDENT, THE WORLD BANK GROUPPhoto: The World Bank Group

FINANCE055Below: President of theWorld Bank Group,Robert B Zoellicktechnologies with applications in poorer countries,promote off-grid solar, innovate with geothermal, andsecure win-win benefits from forest and land usepolicies. In the process, we can create jobs andstrengthen energy security. The developed world has prospered through hydroelectricity from dams. Some do not think thedeveloping world should have the same access to thepower sources used by developed economies. Forthem, thinking this is as easy as flicking a switch andletting the lights burn in an empty room. While we must take care of the environment, wecannot consign African children to homework bycandlelight or deny African workers manufacturingjobs. The old developed country prism is the surest wayto lose developing country support for globalenvironment goals.CONCLUSION We cannot predict the future with assurance. But wecan anticipate directions - and one is that the age of amultipolar global economy is coming into view. This is no aberration, no blip. We still live in a world ofnation-states. But there are now more states wieldinginfluence on our common destiny. They are bothdeveloped and developing, spanning all regions of theglobe. This can be all to the good. But the contours ofthis new multipolar economy are still forming. It needsto be shaped. nBIOGRAPHYRobert B. Zoellick became the 11th President of theWorld Bank Group, which works with 186 membercountries, on July 1, 2007. Prior to joining the Bank,Mr Zoellick served as Vice Chairman, International ofthe Goldman Sachs Group as well as ManagingDirector and Chairman of Goldman Sachs' Board ofInternational Advisors from 2006 to 2007.In 2005-06, Mr Zoellick was the Deputy Secretary ofthe US State Department. He was the Department'sChief Operating Officer and policy alternate for theSecretary of State, in addition to having lead policyresponsibility in a number of areas. From 2001 toJanuary 2005 Mr Zoellick served in the US cabinet asthe 13th US Trade Representative. He forged anactivist approach to free trade at the global, regional,and bilateral levels, while securing support for openmarkets with the US Congress and a broad coalitionof domestic constituencies.For the full text of Mr Zoellick's speech "The End ofthe Third World? Modernising Multilateralism for aMultipolar World" please visit: www.worldbank.orgbook from developed countries to impose a one-size-fits-all model on developing countries. And they willsay no. Climate change policy can be linked todevelopment and win support from developingcountries for low carbon growth - but not if it isimposed as a straitjacket. This is not about lack of commitment to a greenerfuture. People in developing countries want a cleanenvironment, too. Developing countries need supportand finance to invest in cleaner growth paths. 1.6billion people lack access to electricity. The challengeis to support transitions to cleaner energy withoutsacrificing access, productivity, and growth that canpull hundreds of millions out of poverty. Avoiding geo-politics as usual means looking at issuesdifferently. We need to move away from the binarychoice of either power or environment. We need topursue policies that reflect the price of carbon,increase energy efficiency, develop clean energy