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Prof Mazzucato Convenes Dialogue at Vatican to Call for Economics of the Common Good as COP29 Stalls

21 November 2024

As COP29 falters in Baku, Professor Mazzucato convenes Vatican dialogue with PM Mottley of Barbados and Pope Francis to call for an economics of the common good - a new approach to transform how we tackle global challenges from climate change to inequality.

Vatican

In a historic convergence of moral, political, and economic leadership at a critical moment for global cooperation, Professor Mariana Mazzucato and Prime Minister Mia Mottley of Barbados gathered at the Vatican to make the case for a fundamental transformation in how we approach our shared global challenges. The November 14th dialogue, which featured a special written message from Pope Francis, came as COP29 negotiations in Baku struggle to deliver meaningful progress on climate action.

When Pope Francis appointed Professor Mazzucato to the Pontifical Academy for Life last year, it sparked an idea. In his book "Let Us Dream," the Pope had written that her thinking "is not ideological, which moves beyond the polarisation of free market capitalism and state socialism, and which has at its heart a concern that all of humanity have access to land, lodging, and labor." He noted that her work, particularly "The Value of Everything," prompted significant reflection on how "business successes lauded in our economic thinking as the result of individuals' efforts or genius are in reality the fruit of massive public investment in research and education."

Recognising the powerful alignment between the Pope's vision of an economy serving humanity and Prime Minister Mottley's pioneering work on reforming global financial architecture, Mazzucato saw an opportunity to bring these voices together. Over the past twelve months, she has worked to organise this unprecedented dialogue, seeking to build a coalition for change anchored in the economics of the common good.

Mariana and Pope

Earlier in the day, Professor Mazzucato and Prime Minister Mottley had a private audience with Pope Francis at the Vatican. While the details of the private meeting remain confidential, the meeting highlighted the Pope's commitment to engaging with leaders seeking to reshape economics to serve humanity and the planet. This rare opportunity for dialogue preceded the evening's event where His Holiness contributed through a special written message that emphasized the need for economic theories that can effectively inspire political choices for the common good.

The significance of this gathering was highlighted in Pope Francis's written message for the event, delivered by Archbishop Paglia, where he emphasised the importance of women's voices: "This evening two women with different responsibilities and backgrounds will take to the stage. In society as in the Church, we need to hear women's voices; we need different forms of knowledge to cooperate in view of formulating a broad and wise reflection on the future of humankind."

Vatican Event

"The timing couldn't be more crucial," Mazzucato explained. "We are at a moment when global fragmentation threatens our ability to tackle shared challenges, from climate change to health inequity. We need new economic thinking that can help create the coalitions and collaboration necessary for urgent action."

"We are in a season of superlatives," Prime Minister Mottley warned during the dialogue, fresh from COP29. "Every week and every month we are hearing about the hottest, the coldest, the driest, the worst. And regrettably, we are not going to be able to reverse this along without concrete action." She emphasised that while countries in Baku discuss climate targets, the urgent need is for fiscal space to invest in adaptation and resilience, noting that many countries are paying more in debt servicing than they can invest in climate action.

Professor Mazzucato outlined how the common good framework offers a new way forward, distinct from traditional economic approaches: "The common good has to be much more than a correction for what economists call market failures. It needs to be an objective, where the 'how' matters as much as the what and why." She pointed to the COVID-19 pandemic as an example, noting that while the world produced vaccines, it failed to achieve the real mission of vaccinating the world equitably. "Don't confuse the things with the goal," she emphasised. "The goal wasn't just to produce vaccines, but to ensure global access to them."

Mia Mortley Vatican

Speaking about the Bridgetown Initiative's efforts to reform global financial institutions, Prime Minister Mottley invoked the words of Shirley Chisholm, the first Black American woman elected to Congress: "If when you come to the table there is no chair for you, bring your own folding chair." This approach, she explained, underpins efforts to change the rules of a system where many voices remain unheard. She outlined concrete proposals for new sources of climate finance, including levies on shipping, aviation, and financial transactions that could raise hundreds of billions annually for climate action.

At the press conference earlier in the day, Mottley highlighted the urgent need for action on methane reduction, which she noted could help reverse up to half a degree of warming within 12 years. She also emphasized the critical connection between climate action and debt relief, pointing out that countries cannot adapt to climate impacts while struggling under unsustainable debt burdens.

The dialogue represents a crucial step in building a global movement around the economics of the common good, bringing together theoretical frameworks, practical policy experience, and moral imperatives for change. As COP29 continues in Baku amid mounting evidence of climate inaction, this convergence of voices argues for a fundamental transformation in how we govern our global economic system.

The focus now turns to Brazil, which will host both the G20 Summit and COP30 next year. These forums offer critical opportunities to advance concrete proposals for reforming global financial architecture and implementing the economics of the common good. As Professor Mazzucato noted, "We simply do not have time to waste. The common good approach isn't just about correcting market failures after they occur—it's about actively shaping markets, institutions and partnerships to deliver shared goals from the start.”

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Vatican Trip

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