“However, all is not lost”, El-Ghassim Wane cautioned.   He highlighted the Council’s visit to the country last week and the tribute paid to the 243 fallen peacekeepers who’ve been killed serving the UN Multidimensional Integrated Stabilization Mission (), saying it was “a stark reminder of the sacrifices made over the last eight years in the search for peace.”  “It further enhanced our resolve to ensure that every one of those lives lost, was not in vain”, he added.  

A challenging situation  

According to the Special Representative, the situation in Mali, remains extremely challenging, with insecurity growing in the north, centre, and now also the south.   Attacks targeting both Malian and international forces, including  ‘blue helmets’, have continued. Just this Thursday, the camp in Aguelhok came under indirect mortar and rocket fire.   The humanitarian situation is also worrying, with 4.7 million people in need of assistance and some 400,000 internally displaced persons.  For Mr. Wane, it is “needless to reiterate that, in this context, MINUSMA remains crucial in Mali.” 

Increasing needs   

The Special Representative, who also acts as head of MINUSMA, informed that the mission is doing its best to support national authorities.   Between May and October, the Mission responded to “a myriad of requests” from the Government and the Defence and Security Forces, in terms of rations, fuel, ground and air transport and engineering services.   Mr. Wane warned, however, that the Mission is currently “overstretched.”   “All of these activities are being undertaken within existing resources.  It is in this context that the Secretary-General recommended an augmentation to our operation”, he informed.  

Peace negotiations  

The Special Representative believes that the answer to all these challenges “cannot be purely military”, requiring a political response.   Regarding the 2015 peace agreement, he called the progress “frustratingly slow”, in key aspects such as disarmament, demobilization and reintegration, institutional reforms and development.  He also pointed to some “encouraging evolutions” in the last few weeks. According to him, the transition “has reached a critical stage.”  Following a military coup in August 2020, the National Committee for the Salvation of the People (CNSP) agreed to an 18-month political transition to civilian rule.  Now, according to Mr. Wane, the transitional authorities believe that improving the security situation and initiating some fundamental reforms “are key to the holding of credible elections and ensuring that the return to constitutional rule and stability is not short lived.”  

‘Barbaric’ attacks, condemned by UN rights experts 

Highlighting insecurity and impunity in Mali, a group of  on Friday a series of “barbaric” attacks against hundreds of people born into what they describe as nothing less than modern-day slavery.   “These unspeakable abhorrent acts have gone on far too long, committed by some Malian nationals who openly defend descent-based slavery”, the experts said in a statement.  “The whole world is watching and losing patience. We have condemned this heinous practice many times before. Now the Malian Government must take action, starting with ending impunity for attacks on ‘slaves’”, they added.  

Series of attacks 

The latest attacks happened at the end of September in the Kayes region, some 500 km northwest of the capital Bamako. The area has been the site of seven previous attacks since January, in which one person was killed, at least 77 injured and more than 3,000 “slaves” displaced.  “The fact that these attacks occur so often in this area shows that descent-based slavery is still socially accepted by some influential politicians, traditional leaders, law enforcement officials and judicial authorities in Mali,” the experts said.  Some people are born into slavery in Mali because their ancestors were captured into slavery and their families have “belonged” to the slave-owning families – so-called “nobles” - for generations. “Slaves” are compelled to work without pay, can be inherited, and are deprived of basic human rights. 

Slavery can no longer be tolerated. Those who continue to support it must understand they cannot attack with impunity people who claim their legitimate rights

Noting that Mali does not have a specific law against the ancient practice, the experts said outlawing it, is long overdue.   “Slavery can no longer be tolerated. Those who continue to support it must understand they cannot attack with impunity people who claim their legitimate rights”, they concluded.  All independent UN rights experts are appointed by the , and work on a voluntary basis. They serve in their individual capacity, and are neither UN staff, nor do they receive a salary from the Organisation.   

Fact-finding visit 

Also on Friday, the UN Assistant Secretary-General for Human Rights, , announced she will be paying a six-day visit to the country, starting 1 November.  She will meet with senior government officials, the Head of the African Union Mission to Mali and the Sahel (MISAHEL), senior officials from the G5-Sahel, members of the diplomatic community, as well as national human rights institution and other entities.  The Assistant Secretary-General will also hold discussions with the leadership of MINUSMA.   She will engage with various human rights and civil society organizations, community leaders and youth associations, as well as with religious and traditional authorities.   

“However, all is not lost”, El-Ghassim Wane cautioned.   He highlighted the Council’s visit to the country last week and the tribute paid to the 243 fallen peacekeepers who’ve been killed serving the UN Multidimensional Integrated Stabilization Mission (), saying it was “a stark reminder of the sacrifices made over the last eight years in the search for peace.”  “It further enhanced our resolve to ensure that every one of those lives lost, was not in vain”, he added.  

A challenging situation  

According to the Special Representative, the situation in Mali, remains extremely challenging, with insecurity growing in the north, centre, and now also the south.   Attacks targeting both Malian and international forces, including  ‘blue helmets’, have continued. Just this Thursday, the camp in Aguelhok came under indirect mortar and rocket fire.   The humanitarian situation is also worrying, with 4.7 million people in need of assistance and some 400,000 internally displaced persons.  For Mr. Wane, it is “needless to reiterate that, in this context, MINUSMA remains crucial in Mali.” 

Increasing needs   

The Special Representative, who also acts as head of MINUSMA, informed that the mission is doing its best to support national authorities.   Between May and October, the Mission responded to “a myriad of requests” from the Government and the Defence and Security Forces, in terms of rations, fuel, ground and air transport and engineering services.   Mr. Wane warned, however, that the Mission is currently “overstretched.”   “All of these activities are being undertaken within existing resources.  It is in this context that the Secretary-General recommended an augmentation to our operation”, he informed.  

Peace negotiations  

The Special Representative believes that the answer to all these challenges “cannot be purely military”, requiring a political response.   Regarding the 2015 peace agreement, he called the progress “frustratingly slow”, in key aspects such as disarmament, demobilization and reintegration, institutional reforms and development.  He also pointed to some “encouraging evolutions” in the last few weeks. According to him, the transition “has reached a critical stage.”  Following a military coup in August 2020, the National Committee for the Salvation of the People (CNSP) agreed to an 18-month political transition to civilian rule.  Now, according to Mr. Wane, the transitional authorities believe that improving the security situation and initiating some fundamental reforms “are key to the holding of credible elections and ensuring that the return to constitutional rule and stability is not short lived.”  

‘Barbaric’ attacks, condemned by UN rights experts 

Highlighting insecurity and impunity in Mali, a group of  on Friday a series of “barbaric” attacks against hundreds of people born into what they describe as nothing less than modern-day slavery.   “These unspeakable abhorrent acts have gone on far too long, committed by some Malian nationals who openly defend descent-based slavery”, the experts said in a statement.  “The whole world is watching and losing patience. We have condemned this heinous practice many times before. Now the Malian Government must take action, starting with ending impunity for attacks on ‘slaves’”, they added.  

Series of attacks 

The latest attacks happened at the end of September in the Kayes region, some 500 km northwest of the capital Bamako. The area has been the site of seven previous attacks since January, in which one person was killed, at least 77 injured and more than 3,000 “slaves” displaced.  “The fact that these attacks occur so often in this area shows that descent-based slavery is still socially accepted by some influential politicians, traditional leaders, law enforcement officials and judicial authorities in Mali,” the experts said.  Some people are born into slavery in Mali because their ancestors were captured into slavery and their families have “belonged” to the slave-owning families – so-called “nobles” - for generations. “Slaves” are compelled to work without pay, can be inherited, and are deprived of basic human rights. 

Slavery can no longer be tolerated. Those who continue to support it must understand they cannot attack with impunity people who claim their legitimate rights

Noting that Mali does not have a specific law against the ancient practice, the experts said outlawing it, is long overdue.   “Slavery can no longer be tolerated. Those who continue to support it must understand they cannot attack with impunity people who claim their legitimate rights”, they concluded.  All independent UN rights experts are appointed by the , and work on a voluntary basis. They serve in their individual capacity, and are neither UN staff, nor do they receive a salary from the Organisation.   

Fact-finding visit 

Also on Friday, the UN Assistant Secretary-General for Human Rights, , announced she will be paying a six-day visit to the country, starting 1 November.  She will meet with senior government officials, the Head of the African Union Mission to Mali and the Sahel (MISAHEL), senior officials from the G5-Sahel, members of the diplomatic community, as well as national human rights institution and other entities.  The Assistant Secretary-General will also hold discussions with the leadership of MINUSMA.   She will engage with various human rights and civil society organizations, community leaders and youth associations, as well as with religious and traditional authorities.   

“However, all is not lost”, El-Ghassim Wane cautioned.   He highlighted the Council’s visit to the country last week and the tribute paid to the 243 fallen peacekeepers who’ve been killed serving the UN Multidimensional Integrated Stabilization Mission (), saying it was “a stark reminder of the sacrifices made over the last eight years in the search for peace.”  “It further enhanced our resolve to ensure that every one of those lives lost, was not in vain”, he added.  

A challenging situation  

According to the Special Representative, the situation in Mali, remains extremely challenging, with insecurity growing in the north, centre, and now also the south.   Attacks targeting both Malian and international forces, including  ‘blue helmets’, have continued. Just this Thursday, the camp in Aguelhok came under indirect mortar and rocket fire.   The humanitarian situation is also worrying, with 4.7 million people in need of assistance and some 400,000 internally displaced persons.  For Mr. Wane, it is “needless to reiterate that, in this context, MINUSMA remains crucial in Mali.” 

Increasing needs   

The Special Representative, who also acts as head of MINUSMA, informed that the mission is doing its best to support national authorities.   Between May and October, the Mission responded to “a myriad of requests” from the Government and the Defence and Security Forces, in terms of rations, fuel, ground and air transport and engineering services.   Mr. Wane warned, however, that the Mission is currently “overstretched.”   “All of these activities are being undertaken within existing resources.  It is in this context that the Secretary-General recommended an augmentation to our operation”, he informed.  

Peace negotiations  

The Special Representative believes that the answer to all these challenges “cannot be purely military”, requiring a political response.   Regarding the 2015 peace agreement, he called the progress “frustratingly slow”, in key aspects such as disarmament, demobilization and reintegration, institutional reforms and development.  He also pointed to some “encouraging evolutions” in the last few weeks. According to him, the transition “has reached a critical stage.”  Following a military coup in August 2020, the National Committee for the Salvation of the People (CNSP) agreed to an 18-month political transition to civilian rule.  Now, according to Mr. Wane, the transitional authorities believe that improving the security situation and initiating some fundamental reforms “are key to the holding of credible elections and ensuring that the return to constitutional rule and stability is not short lived.”  

‘Barbaric’ attacks, condemned by UN rights experts 

Highlighting insecurity and impunity in Mali, a group of  on Friday a series of “barbaric” attacks against hundreds of people born into what they describe as nothing less than modern-day slavery.   “These unspeakable abhorrent acts have gone on far too long, committed by some Malian nationals who openly defend descent-based slavery”, the experts said in a statement.  “The whole world is watching and losing patience. We have condemned this heinous practice many times before. Now the Malian Government must take action, starting with ending impunity for attacks on ‘slaves’”, they added.  

Series of attacks 

The latest attacks happened at the end of September in the Kayes region, some 500 km northwest of the capital Bamako. The area has been the site of seven previous attacks since January, in which one person was killed, at least 77 injured and more than 3,000 “slaves” displaced.  “The fact that these attacks occur so often in this area shows that descent-based slavery is still socially accepted by some influential politicians, traditional leaders, law enforcement officials and judicial authorities in Mali,” the experts said.  Some people are born into slavery in Mali because their ancestors were captured into slavery and their families have “belonged” to the slave-owning families – so-called “nobles” - for generations. “Slaves” are compelled to work without pay, can be inherited, and are deprived of basic human rights. 

Slavery can no longer be tolerated. Those who continue to support it must understand they cannot attack with impunity people who claim their legitimate rights

Noting that Mali does not have a specific law against the ancient practice, the experts said outlawing it, is long overdue.   “Slavery can no longer be tolerated. Those who continue to support it must understand they cannot attack with impunity people who claim their legitimate rights”, they concluded.  All independent UN rights experts are appointed by the , and work on a voluntary basis. They serve in their individual capacity, and are neither UN staff, nor do they receive a salary from the Organisation.   

Fact-finding visit 

Also on Friday, the UN Assistant Secretary-General for Human Rights, , announced she will be paying a six-day visit to the country, starting 1 November.  She will meet with senior government officials, the Head of the African Union Mission to Mali and the Sahel (MISAHEL), senior officials from the G5-Sahel, members of the diplomatic community, as well as national human rights institution and other entities.  The Assistant Secretary-General will also hold discussions with the leadership of MINUSMA.   She will engage with various human rights and civil society organizations, community leaders and youth associations, as well as with religious and traditional authorities.   

Among the rights at risk from increasing speculation in the financial markets by hedge funds and other investment funds, are the right to safe drinking water and sanitation, food, adequate housing, development, and a healthy and sustainable environment, among others.  

Exploiting the marginalized 

In a statement, the independent Special Rapporteurs and other experts, expressed their concern over the gradual encroachment of financial speculators into new areas of the economy, putting human rights at risk.  They highlighted in particular, trading in areas essential for the enjoyment of human rights of marginalized, indigenous peoples, Afro-descendant and peasant communities, persons with disabilities and persons living with Albinism, as well as those living in areas of conflict.  The experts also pointed out that so-called financialisation – the growth in new financial instruments since the 1980s managed by new financial services - has a disproportionate impact on the enjoyment of their rights by women and girls, who are systematically victims of discrimination. The impact on older people was also highlighted. 

Effect on housing 

According to a former Special Rapporteur on adequate housing, in recent years massive amounts of global capital have been invested in housing as a commodity, as security for financial instruments that are traded on global markets, and as a means of accumulating wealth.  However, when the 2008 global financial crisis hit, many houses suddenly lost much of their value, and individuals and families were made homeless overnight.  The expert also pointed out that in the Global South, informal settlements in Southern cities are regularly demolished for luxury housing and commercial development intended for the wealthiest groups of the population.  This process of financialisation of assets, has only been reinforced during the pandemic, the expert said. 

‘Speculative food bubble’ 

In agricultural markets, the experts described how the same big international banks responsible for the global financial crisis, invested billions of dollars in food futures, generating an increase in the prices of raw materials such as wheat, corn and soybean, which doubled and even tripled in a few months, creating a new speculative food bubble.  According to the World Bank, between 130 and 150 million more people were pushed into extreme poverty and hunger, mainly in low-income countries depending on food imports to feed their populations.  The experts highlighted how the financialisation of housing and food has exacerbated inequalities and exclusion, disproportionately affecting heavily indebted households and those on low incomes.  Applying speculative logic in these areas violates the human rights of people in poverty, exacerbates gender inequality and aggravates the vulnerability of marginalized communities, they said. 

Commodifying nature 

The growing monetization and commodification of ecosystem services, such as carbon storage, were also noted by the experts.  They warned that it threatens the sustainability of ecosystems, marginalizes natural and cultural values that have no apparent economic value, and weakens the control of indigenous peoples and local communities over their territories.  The right to pollute and destroy nature is gradually being legitimized and commercialized, they said.  They also pointed out that addressing the climate emergency often ignores both the impacts on people in poverty, and undermines the human rights and livelihoods of the poorest.  The eviction of indigenous peoples from forests or the replacement of complex old-growth forests with monocultures of fast-growing non-native tree species was highlighted as an example of this.  Treating housing, food, or the environment, as assets to be traded by hedge funds and other financial actors in financial derivatives markets, represents a direct attack on people's exercise and enjoyment of human rights such as the right to housing, to food, to a healthy environment, or to drinking water and sanitation, the experts stated.  For a full list of the 17 independent UN rights experts who signed the statement, . All independent UN rights experts are appointed by the , and work on a voluntary basis. They serve in their individual capacity, and are neither UN staff, nor do they receive a salary from the Organisation. 

Among the rights at risk from increasing speculation in the financial markets by hedge funds and other investment funds, are the right to safe drinking water and sanitation, food, adequate housing, development, and a healthy and sustainable environment, among others.  

Exploiting the marginalized 

In a statement, the independent Special Rapporteurs and other experts, expressed their concern over the gradual encroachment of financial speculators into new areas of the economy, putting human rights at risk.  They highlighted in particular, trading in areas essential for the enjoyment of human rights of marginalized, indigenous peoples, Afro-descendant and peasant communities, persons with disabilities and persons living with Albinism, as well as those living in areas of conflict.  The experts also pointed out that so-called financialisation – the growth in new financial instruments since the 1980s managed by new financial services - has a disproportionate impact on the enjoyment of their rights by women and girls, who are systematically victims of discrimination. The impact on older people was also highlighted. 

Effect on housing 

According to a former Special Rapporteur on adequate housing, in recent years massive amounts of global capital have been invested in housing as a commodity, as security for financial instruments that are traded on global markets, and as a means of accumulating wealth.  However, when the 2008 global financial crisis hit, many houses suddenly lost much of their value, and individuals and families were made homeless overnight.  The expert also pointed out that in the Global South, informal settlements in Southern cities are regularly demolished for luxury housing and commercial development intended for the wealthiest groups of the population.  This process of financialisation of assets, has only been reinforced during the pandemic, the expert said. 

‘Speculative food bubble’ 

In agricultural markets, the experts described how the same big international banks responsible for the global financial crisis, invested billions of dollars in food futures, generating an increase in the prices of raw materials such as wheat, corn and soybean, which doubled and even tripled in a few months, creating a new speculative food bubble.  According to the World Bank, between 130 and 150 million more people were pushed into extreme poverty and hunger, mainly in low-income countries depending on food imports to feed their populations.  The experts highlighted how the financialisation of housing and food has exacerbated inequalities and exclusion, disproportionately affecting heavily indebted households and those on low incomes.  Applying speculative logic in these areas violates the human rights of people in poverty, exacerbates gender inequality and aggravates the vulnerability of marginalized communities, they said. 

Commodifying nature 

The growing monetization and commodification of ecosystem services, such as carbon storage, were also noted by the experts.  They warned that it threatens the sustainability of ecosystems, marginalizes natural and cultural values that have no apparent economic value, and weakens the control of indigenous peoples and local communities over their territories.  The right to pollute and destroy nature is gradually being legitimized and commercialized, they said.  They also pointed out that addressing the climate emergency often ignores both the impacts on people in poverty, and undermines the human rights and livelihoods of the poorest.  The eviction of indigenous peoples from forests or the replacement of complex old-growth forests with monocultures of fast-growing non-native tree species was highlighted as an example of this.  Treating housing, food, or the environment, as assets to be traded by hedge funds and other financial actors in financial derivatives markets, represents a direct attack on people's exercise and enjoyment of human rights such as the right to housing, to food, to a healthy environment, or to drinking water and sanitation, the experts stated.  For a full list of the 17 independent UN rights experts who signed the statement, . All independent UN rights experts are appointed by the , and work on a voluntary basis. They serve in their individual capacity, and are neither UN staff, nor do they receive a salary from the Organisation. 

Among the rights at risk from increasing speculation in the financial markets by hedge funds and other investment funds, are the right to safe drinking water and sanitation, food, adequate housing, development, and a healthy and sustainable environment, among others.  

Exploiting the marginalized 

In a statement, the independent Special Rapporteurs and other experts, expressed their concern over the gradual encroachment of financial speculators into new areas of the economy, putting human rights at risk.  They highlighted in particular, trading in areas essential for the enjoyment of human rights of marginalized, indigenous peoples, Afro-descendant and peasant communities, persons with disabilities and persons living with Albinism, as well as those living in areas of conflict.  The experts also pointed out that so-called financialisation – the growth in new financial instruments since the 1980s managed by new financial services - has a disproportionate impact on the enjoyment of their rights by women and girls, who are systematically victims of discrimination. The impact on older people was also highlighted. 

Effect on housing 

According to a former Special Rapporteur on adequate housing, in recent years massive amounts of global capital have been invested in housing as a commodity, as security for financial instruments that are traded on global markets, and as a means of accumulating wealth.  However, when the 2008 global financial crisis hit, many houses suddenly lost much of their value, and individuals and families were made homeless overnight.  The expert also pointed out that in the Global South, informal settlements in Southern cities are regularly demolished for luxury housing and commercial development intended for the wealthiest groups of the population.  This process of financialisation of assets, has only been reinforced during the pandemic, the expert said. 

‘Speculative food bubble’ 

In agricultural markets, the experts described how the same big international banks responsible for the global financial crisis, invested billions of dollars in food futures, generating an increase in the prices of raw materials such as wheat, corn and soybean, which doubled and even tripled in a few months, creating a new speculative food bubble.  According to the World Bank, between 130 and 150 million more people were pushed into extreme poverty and hunger, mainly in low-income countries depending on food imports to feed their populations.  The experts highlighted how the financialisation of housing and food has exacerbated inequalities and exclusion, disproportionately affecting heavily indebted households and those on low incomes.  Applying speculative logic in these areas violates the human rights of people in poverty, exacerbates gender inequality and aggravates the vulnerability of marginalized communities, they said. 

Commodifying nature 

The growing monetization and commodification of ecosystem services, such as carbon storage, were also noted by the experts.  They warned that it threatens the sustainability of ecosystems, marginalizes natural and cultural values that have no apparent economic value, and weakens the control of indigenous peoples and local communities over their territories.  The right to pollute and destroy nature is gradually being legitimized and commercialized, they said.  They also pointed out that addressing the climate emergency often ignores both the impacts on people in poverty, and undermines the human rights and livelihoods of the poorest.  The eviction of indigenous peoples from forests or the replacement of complex old-growth forests with monocultures of fast-growing non-native tree species was highlighted as an example of this.  Treating housing, food, or the environment, as assets to be traded by hedge funds and other financial actors in financial derivatives markets, represents a direct attack on people's exercise and enjoyment of human rights such as the right to housing, to food, to a healthy environment, or to drinking water and sanitation, the experts stated.  For a full list of the 17 independent UN rights experts who signed the statement, . All independent UN rights experts are appointed by the , and work on a voluntary basis. They serve in their individual capacity, and are neither UN staff, nor do they receive a salary from the Organisation. 

Among the rights at risk from increasing speculation in the financial markets by hedge funds and other investment funds, are the right to safe drinking water and sanitation, food, adequate housing, development, and a healthy and sustainable environment, among others.  

Exploiting the marginalized 

In a statement, the independent Special Rapporteurs and other experts, expressed their concern over the gradual encroachment of financial speculators into new areas of the economy, putting human rights at risk.  They highlighted in particular, trading in areas essential for the enjoyment of human rights of marginalized, indigenous peoples, Afro-descendant and peasant communities, persons with disabilities and persons living with Albinism, as well as those living in areas of conflict.  The experts also pointed out that so-called financialisation – the growth in new financial instruments since the 1980s managed by new financial services - has a disproportionate impact on the enjoyment of their rights by women and girls, who are systematically victims of discrimination. The impact on older people was also highlighted. 

Effect on housing 

According to a former Special Rapporteur on adequate housing, in recent years massive amounts of global capital have been invested in housing as a commodity, as security for financial instruments that are traded on global markets, and as a means of accumulating wealth.  However, when the 2008 global financial crisis hit, many houses suddenly lost much of their value, and individuals and families were made homeless overnight.  The expert also pointed out that in the Global South, informal settlements in Southern cities are regularly demolished for luxury housing and commercial development intended for the wealthiest groups of the population.  This process of financialisation of assets, has only been reinforced during the pandemic, the expert said. 

‘Speculative food bubble’ 

In agricultural markets, the experts described how the same big international banks responsible for the global financial crisis, invested billions of dollars in food futures, generating an increase in the prices of raw materials such as wheat, corn and soybean, which doubled and even tripled in a few months, creating a new speculative food bubble.  According to the World Bank, between 130 and 150 million more people were pushed into extreme poverty and hunger, mainly in low-income countries depending on food imports to feed their populations.  The experts highlighted how the financialisation of housing and food has exacerbated inequalities and exclusion, disproportionately affecting heavily indebted households and those on low incomes.  Applying speculative logic in these areas violates the human rights of people in poverty, exacerbates gender inequality and aggravates the vulnerability of marginalized communities, they said. 

Commodifying nature 

The growing monetization and commodification of ecosystem services, such as carbon storage, were also noted by the experts.  They warned that it threatens the sustainability of ecosystems, marginalizes natural and cultural values that have no apparent economic value, and weakens the control of indigenous peoples and local communities over their territories.  The right to pollute and destroy nature is gradually being legitimized and commercialized, they said.  They also pointed out that addressing the climate emergency often ignores both the impacts on people in poverty, and undermines the human rights and livelihoods of the poorest.  The eviction of indigenous peoples from forests or the replacement of complex old-growth forests with monocultures of fast-growing non-native tree species was highlighted as an example of this.  Treating housing, food, or the environment, as assets to be traded by hedge funds and other financial actors in financial derivatives markets, represents a direct attack on people's exercise and enjoyment of human rights such as the right to housing, to food, to a healthy environment, or to drinking water and sanitation, the experts stated.  For a full list of the 17 independent UN rights experts who signed the statement, . All independent UN rights experts are appointed by the , and work on a voluntary basis. They serve in their individual capacity, and are neither UN staff, nor do they receive a salary from the Organisation. 

Among the rights at risk from increasing speculation in the financial markets by hedge funds and other investment funds, are the right to safe drinking water and sanitation, food, adequate housing, development, and a healthy and sustainable environment, among others.  

Exploiting the marginalized 

In a statement, the independent Special Rapporteurs and other experts, expressed their concern over the gradual encroachment of financial speculators into new areas of the economy, putting human rights at risk.  They highlighted in particular, trading in areas essential for the enjoyment of human rights of marginalized, indigenous peoples, Afro-descendant and peasant communities, persons with disabilities and persons living with Albinism, as well as those living in areas of conflict.  The experts also pointed out that so-called financialisation – the growth in new financial instruments since the 1980s managed by new financial services - has a disproportionate impact on the enjoyment of their rights by women and girls, who are systematically victims of discrimination. The impact on older people was also highlighted. 

Effect on housing 

According to a former Special Rapporteur on adequate housing, in recent years massive amounts of global capital have been invested in housing as a commodity, as security for financial instruments that are traded on global markets, and as a means of accumulating wealth.  However, when the 2008 global financial crisis hit, many houses suddenly lost much of their value, and individuals and families were made homeless overnight.  The expert also pointed out that in the Global South, informal settlements in Southern cities are regularly demolished for luxury housing and commercial development intended for the wealthiest groups of the population.  This process of financialisation of assets, has only been reinforced during the pandemic, the expert said. 

‘Speculative food bubble’ 

In agricultural markets, the experts described how the same big international banks responsible for the global financial crisis, invested billions of dollars in food futures, generating an increase in the prices of raw materials such as wheat, corn and soybean, which doubled and even tripled in a few months, creating a new speculative food bubble.  According to the World Bank, between 130 and 150 million more people were pushed into extreme poverty and hunger, mainly in low-income countries depending on food imports to feed their populations.  The experts highlighted how the financialisation of housing and food has exacerbated inequalities and exclusion, disproportionately affecting heavily indebted households and those on low incomes.  Applying speculative logic in these areas violates the human rights of people in poverty, exacerbates gender inequality and aggravates the vulnerability of marginalized communities, they said. 

Commodifying nature 

The growing monetization and commodification of ecosystem services, such as carbon storage, were also noted by the experts.  They warned that it threatens the sustainability of ecosystems, marginalizes natural and cultural values that have no apparent economic value, and weakens the control of indigenous peoples and local communities over their territories.  The right to pollute and destroy nature is gradually being legitimized and commercialized, they said.  They also pointed out that addressing the climate emergency often ignores both the impacts on people in poverty, and undermines the human rights and livelihoods of the poorest.  The eviction of indigenous peoples from forests or the replacement of complex old-growth forests with monocultures of fast-growing non-native tree species was highlighted as an example of this.  Treating housing, food, or the environment, as assets to be traded by hedge funds and other financial actors in financial derivatives markets, represents a direct attack on people's exercise and enjoyment of human rights such as the right to housing, to food, to a healthy environment, or to drinking water and sanitation, the experts stated.  For a full list of the 17 independent UN rights experts who signed the statement, . All independent UN rights experts are appointed by the , and work on a voluntary basis. They serve in their individual capacity, and are neither UN staff, nor do they receive a salary from the Organisation. 

Among the rights at risk from increasing speculation in the financial markets by hedge funds and other investment funds, are the right to safe drinking water and sanitation, food, adequate housing, development, and a healthy and sustainable environment, among others.  

Exploiting the marginalized 

In a statement, the independent Special Rapporteurs and other experts, expressed their concern over the gradual encroachment of financial speculators into new areas of the economy, putting human rights at risk.  They highlighted in particular, trading in areas essential for the enjoyment of human rights of marginalized, indigenous peoples, Afro-descendant and peasant communities, persons with disabilities and persons living with Albinism, as well as those living in areas of conflict.  The experts also pointed out that so-called financialisation – the growth in new financial instruments since the 1980s managed by new financial services - has a disproportionate impact on the enjoyment of their rights by women and girls, who are systematically victims of discrimination. The impact on older people was also highlighted. 

Effect on housing 

According to a former Special Rapporteur on adequate housing, in recent years massive amounts of global capital have been invested in housing as a commodity, as security for financial instruments that are traded on global markets, and as a means of accumulating wealth.  However, when the 2008 global financial crisis hit, many houses suddenly lost much of their value, and individuals and families were made homeless overnight.  The expert also pointed out that in the Global South, informal settlements in Southern cities are regularly demolished for luxury housing and commercial development intended for the wealthiest groups of the population.  This process of financialisation of assets, has only been reinforced during the pandemic, the expert said. 

‘Speculative food bubble’ 

In agricultural markets, the experts described how the same big international banks responsible for the global financial crisis, invested billions of dollars in food futures, generating an increase in the prices of raw materials such as wheat, corn and soybean, which doubled and even tripled in a few months, creating a new speculative food bubble.  According to the World Bank, between 130 and 150 million more people were pushed into extreme poverty and hunger, mainly in low-income countries depending on food imports to feed their populations.  The experts highlighted how the financialisation of housing and food has exacerbated inequalities and exclusion, disproportionately affecting heavily indebted households and those on low incomes.  Applying speculative logic in these areas violates the human rights of people in poverty, exacerbates gender inequality and aggravates the vulnerability of marginalized communities, they said. 

Commodifying nature 

The growing monetization and commodification of ecosystem services, such as carbon storage, were also noted by the experts.  They warned that it threatens the sustainability of ecosystems, marginalizes natural and cultural values that have no apparent economic value, and weakens the control of indigenous peoples and local communities over their territories.  The right to pollute and destroy nature is gradually being legitimized and commercialized, they said.  They also pointed out that addressing the climate emergency often ignores both the impacts on people in poverty, and undermines the human rights and livelihoods of the poorest.  The eviction of indigenous peoples from forests or the replacement of complex old-growth forests with monocultures of fast-growing non-native tree species was highlighted as an example of this.  Treating housing, food, or the environment, as assets to be traded by hedge funds and other financial actors in financial derivatives markets, represents a direct attack on people's exercise and enjoyment of human rights such as the right to housing, to food, to a healthy environment, or to drinking water and sanitation, the experts stated.  For a full list of the 17 independent UN rights experts who signed the statement, . All independent UN rights experts are appointed by the , and work on a voluntary basis. They serve in their individual capacity, and are neither UN staff, nor do they receive a salary from the Organisation.