This chapter analyses the Federal Reserve’s mandate and statutory objectives and how they have evolved since the Fed was established in 1913, and considers the mandate in the context of environmental and social sustainability challenges. The chapter argues that the Fed’s mandate and statutory objectives historically were interpreted broadly to allow discretion for the Fed and its Federal Open Market Committee (FOMC) to manage monetary policy in support of Government policy. The chapter further argues that the legislative history behind the adoption of the dual mandate to achieve price stability and full employment allows the FOMC and the Board of Governors discretion to use their powers to mitigate the risks emanating from the broader economy and society that might impact the price stability and full employment objectives. Despite the conventional interpretation by Fed officials that the Fed ‘should stick to its knitting’ by focusing on short-to-medium term risks to price stability, the chapter concludes that the economic evidence is compelling that climate finance risks and other sustainability challenges can undermine price stability and full employment and therefore should be factored into the Fed’s monetary policy and financial stability strategy.

The chapter analyses how the climate change action plan developed by the European Central Bank (ECB) as part of its monetary policy strategy review in 2020-2021 is aligned with the ECB’s mandate set out in the Treaty on the Functioning of the European Union and the Treaty on European Union. The Treaties require the ECB to integrate climate change considerations into its monetary policy and to contribute to the EU’s objectives regarding climate change, as established by Regulation (EU) 2021/1119, the European Climate Law. However, there are also legal limits on the action the ECB can take in this field. The chapter examines the key measures proposed as part of the plan from a legal perspective, including measures related to macroeconomic forecasts and models, the collection of statistical information for climate change risk analysis, the enhancement of risk assessment capabilities, asset purchase programmes, and possible changes to the collateral framework. It also considers the questions regarding the ECB’s democratic legitimacy and accountability that arise in this context.

This chapter, the first to our knowledge, examines whether central banks in Caribbean small island states have the necessary legal and institutional frameworks to achieve the global central banking community’s pledge to contribute to net-zero and safeguard financial stability from climate change. We find that the legal mandates of the central banks studied do not extend to climate change or sustainability. However, climate-related risks, if qualified as financial risks, fall within their financial stability mandate. Further, the path to net-zero is limited by the existing internal capacity of central banks, which is not geared towards climate science. This is not surprising since climate change has fairly recently moved beyond the acceptable risk tolerance of central banks, and only now is a response being fashioned. We argue that the region faces a high boundary risk with respect to net-zero. We note that even if Caribbean central banks are equipped with a mandate and policy tools to address climate change, net-zero may still not be achievable where climate change public policies are absent or not fully articulated. Further, Caribbean economies carry a heavy weighting to climate-sensitive or carbon-relevant sectors. Hence, net-zero may only be achieved with the involvement of committed governments.

Central banks are promising a more climate-based focus on matters ranging from communication to prudential regulation and supervision, including monetary policy. The chapter examines the various arguments that analyze whether the European Central Bank (ECB) can tackle climate change, in light of its mandates. In our view, climate change fits within the narrower central bank mandates, focused on price stability, while other ‘peripheral’ mandates and ‘transversal’ environmental principles can play a supporting role. Prudential regulation and supervision can also be a main point for assimilation. Finally, we examine the considerations of courts of climate change when scrutinizing governmental action and compare them to the considerations of courts of ECB acts. We conclude that the integration of sustainability considerations, and especially climate change, into the ECB price stability mandate seems to be on relatively firm legal ground.

The hypothesis at the outset of this contribution is that the position of central banks as independent non-majoritarian institutions needs to be reconsidered to the extent that they actively engage in climate change mitigation activities. It is argued that greening monetary policy calls for a reassessment of the democratic legitimacy of central banks, where the constitutional position of central banks has been informed by the model of the conservative independent central banker and justified by the specificity of their mandate and the vulnerability of monetary policy to political tempering. This also applies to the European Central Bank, whereby the question arises whether climate change mitigation should be delegated to independent central banks in the first place and, if so, what the challenges are in securing their democratic legitimacy for engaging in such activities. It is argued that a clear task must be left for the democratic institutions to take the necessary political decisions and to undertake the necessary balancing of interests in making the distributional choices necessary to effectively address climate change. The latter must not be left to non-majoritarian institutions.

Fundamental rights increasingly determine the balance between public and private interests within both market regulation and private law, shaping the relationship between these two forms of legal discourse. This chapter takes stock of the case law of national, international, and supranational courts on the horizontal effect of fundamental rights and explores the potential of such rights to contribute to reconciliation between market regulation and private law. It shows that fundamental rights can play a double role in this context. On the one hand, fundamental rights can reinforce the regulatory dimension of private law, prompting courts to rebalance the interests of the parties to private law relationships in the light of public virtues. On the other hand, fundamental rights can enable courts to bring regulatory measures in line with the traditional private law reasoning focused on individual preferences and interpersonal justice. In both instances, courts may step beyond what the EU or national legislators intended to achieve through public regulation in terms of reorienting private law relationships towards the common good or enhancing interpersonal justice. Fundamental rights thus serve as a two-way bridge between market regulation and private law.

This chapter details the vital role of Indigenous trade and investment in promoting sustainable development. Firstly, it discusses the prerequisite for Indigenous trade, emphasizing a nation-building approach centred on the significance of robust tribal infrastructure. The chapter then addresses the barriers hindering Indigenous inter-tribal trade, including state, or provincial interference in tribal jurisdiction, poor tribal governance, Canada’s failure to honour its Jay Treaty obligations, the lack of Indigenous foreign trade zones, the exclusion of Indigenous traditional knowledge (TK) from intellectual property (IP) regimes, and historical challenges in trade financing. Additionally, the chapter explores Indigenous trade and commerce engagements with non-Indigenous enterprises, both with and without federal permission, highlighting the implications, challenges, and opportunities involved. By examining these aspects, the chapter advocates for empowering Indigenous nations through trade and investment, fostering economic opportunities while preserving cultural heritage, and working towards sustainable development by creating a strong economic baseline.

This chapter presents a case study of Canada, examining the intricate relationship between Indigenous peoples and the developments related to British, then Canadian, governance. It begins by exploring the historical and legal context within which Indigenous peoples exist in Canada, tracing the impact of colonization and the recognition of Indigenous rights. The chapter then investigates the potential for affirming these rights through treaties and trade agreements, highlighting the role of treaties in recognizing and protecting Indigenous rights and the opportunities and challenges presented by trade agreements for Indigenous economic development and self-determination. It further analyses the Canadian government’s efforts to domestically enforce the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) and the intersection of Canadian treaties with trade agreements. This chapter emphasizes the importance of ongoing dialogue, collaboration, and the implementation of measures aligned with UNDRIP principles to foster the recognition, empowerment, and well-being of Indigenous peoples within the Canadian context.

To open this eceletic book of ideas, we present the key themes and ask the question, Is our education system providing the right opportunities, knowledge and skills to empower children and young people to thrive on planet Earth? Introducing the concept of the series, we explain that there seem to be three existential uncertainties - the climate and environmental crises, fractured communities and insecurities about self and purpose - that require a diverse collection of voices and their ideas to bridge academia with the practitoner wisdom in classrooms.

This chapter explores the complex relationship between extractive industries, sustainable development, and Indigenous treaty law. It begins by examining the international law guidance available for extractive industries, analysing frameworks and principles that promote responsible and sustainable practices in resource extraction while considering the social, economic, and environmental dimensions. This chapter then focuses on the specific challenges of oil and gas exploration, highlighting the impacts on Indigenous communities and emphasizing the importance of meaningful consultation, consent, and fair benefit-sharing in alignment with Indigenous treaty rights. Furthermore, it explores the mining sector’s implications for sustainable development, considering the social, economic, and environmental aspects and emphasizing the role of Indigenous treaty law in ensuring responsible practices, equitable resource distribution, and the protection of Indigenous rights and lands. Thus, the chapter emphasizes the need for a balanced approach that respects Indigenous rights, integrates Indigenous perspectives and consent, and promotes sustainable practices.

This introduction presents the volume’s premise and structure. It details why it is crucial to examine and harmonize the two worlds of law and knowledge to understand and amplify Indigenous guidance and wisdom found in treaty commitments. This introduction introduces the volume’s five parts, each discussing different aspects of understanding and implementing the various international, multinational, and nation-to-nation treaties to advance sustainable development and affirm Indigenous knowledge and rights in the various legal systems that we will explore.

This chapter brings in the complexities of the intersection between renewable resources, sustainable development, and Indigenous treaty law. It begins by examining international guidance for renewable energy sources and their role in achieving sustainability objectives. This chapter then delves into the principles and rules governing sustainable forestry practices, fisheries management, and energy development. It highlights the importance of international agreements, protocols, and treaties in promoting responsible resource management, conservation, and the recognition of Indigenous rights and knowledge. By considering these principles and rules within the context of Indigenous treaty law, it highlights the need for harmonious and inclusive approaches to renewable resource use in the age of sustainable development. It underlines the significance of collaboration, respect for Indigenous knowledge, and the integration of sustainability principles to ensure a balanced and equitable relationship between renewable resources, Indigenous rights, and sustainable development.

This chapter delves into the United States’s treatment of Indigenous peoples, with a specific focus on Indigenous sovereignty and economic rights. It begins by introducing the topic and setting the context for the discussion by providing a history of the treatment of Indigenous peoples in the legal framework, with an emphasis on the series of cases dubbed the Marshall Trilogy. This includes the struggles and advancements in recognizing tribal nation sovereignty and economic rights. It examines the recognition and affirmation of tribal nation sovereignty within the United States, including legal developments and court decisions that have shaped Indigenous self-governance. This chapter analyses the landmark case of McGirt v. Oklahoma, emphasizing its role in addressing past legal injustices, establishing tribal reservation boundaries, and strengthening tribal jurisdiction. It also investigates US tribal sovereignty in the context of international Indigenous trade, showcasing the ways in which Indigenous communities engage in economic activities and exercise their sovereignty on the global stage.

This chapter closes off the volume by exploring the innovative approaches to incorporating the principles of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) and sustainable development in newly negotiated Indigenous trade agreements. The introduction highlights the significance of UNDRIP in promoting the rights and aspirations of Indigenous peoples. The chapter details the origins of the Indigenous Peoples Economic Trade and Cultural Agreement (IPETCA), focusing on its innovations that enabled trade negotiations that amplified Indigenous views and values while enabled by the nation-states of New Zealand, Taiwan, Australia, and Canada. The chapter then delves into the sustainable development aspects of IPETCA, showcasing how it aligns with the principles of UNDRIP and fosters economic growth while respecting Indigenous rights. It then discusses IPETCA’s working mechanism and implementation. Thus, the chapter underscores the importance of innovative approaches like IPETCA in advancing Indigenous trade agreements that prioritize sustainable development and uphold the principles of UNDRIP.

This chapter presents agreements between Indigenous peoples and governments, specifically those in Bangladesh and Mexico that focus on their roles in promoting sustainable development. The introduction sets the stage for subsequent discussions by emphasizing the importance of global legal and policy frameworks in shaping these agreements, with the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) and the global Sustainable Development Goals (SDGs). The two case studies from Bangladesh and Mexico are then analysed, shedding light on the unique characteristics, provisions, and outcomes of agreements between Indigenous peoples and governments in these contexts. A comparative analysis is conducted to identify commonalities, differences, and lessons learned from these case studies. Ultimately, the chapter concludes by highlighting the significance of ongoing dialogue, collaboration, and respect for Indigenous rights in achieving sustainable development goals globally. It underscores the importance of incorporating Indigenous perspectives and aspirations into the design and implementation of such agreements.

Chapter 5 explores the complex relationship between Indigenous traditional knowledge (TK) and intellectual property (IP) concerning genetic resources. It begins by examining the challenges of distinguishing TK from IP and presents the Munzer Model as a potential compromise for addressing TK within the IP framework. The chapter then delves into national efforts to protect and recognize TK, focusing on US and Canadian cases, including the Cowichan Sweater example from the 2010 Vancouver Olympic Winter Games. Furthermore, it details the evolving landscape of TK in international trade agreements, highlighting its increasing recognition and integration as a ‘new norm’. By analysing these historic and current developments in TK recognition, this chapter emphasizes the need for a balanced approach that respects the unique nature of TK while navigating the complexities of IP frameworks. It underscores the importance of preserving and utilizing TK and genetic resources for the benefit of Indigenous communities and for advancing sustainable development.

This chapter captures the intricate relationship between Indigenous cultural heritage and rights for advancing sustainable development and enabling the well-being of Indigenous communities. It analyses the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) and the Indigenous and Tribal Peoples Convention, 1989 No. 169 (ILO 169) regarding the preservation and protection of cultural heritage. The chapter highlights the challenges posed by climate change, biodiversity loss, and environmental degradation to Indigenous cultural heritage and emphasizes the need for resilience and safeguarding measures. It further examines the treatment of cultural heritage in Indigenous treaties, delving into legal and historical perspectives in the US jurisprudence and political landscape, then addresses the ability of Canadian modern treaties to foster or frustrate the ability to safeguard cultural heritage. By considering these aspects, the chapter underscores the significance of recognizing and preserving Indigenous cultural heritage, and the integration of Indigenous rights and knowledge to ensure the continuity and vitality of cultural heritage for present and future generations.

This book concludes with this Afterword that emphasizes the critical importance of integrating Indigenous knowledge and treaties into the framework of sustainable development. This chapter summarizes the conclusions we have brought forth throughout this volume and is centred on the wisdom and practices of Indigenous peoples that promote respect, reciprocity, and harmony with the natural world. The convergence of Indigenous knowledge with global sustainable development agendas is now widely recognized as a crucial step towards a more balanced and resilient future. As the world faces unprecedented challenges such as natural disasters, resource scarcity, and human rights violations, recognizing the strengths of diverse worldviews becomes essential. By examining case studies and comparative legal research, this book demonstrates the potential of treaties to foster sustainable futures that benefit all living beings.

This chapter presents case studies of Indigenous peace agreements in the Andes region. It begins with an introduction that highlights the significance of understanding legal geography and its relevance to Indigenous peoples. It then explores the legal frameworks that protect Indigenous rights, focusing on international instruments such as declarations and conventions. It then examines specific agreements in the Andes that enact these legal frameworks, with a spotlight on the National Agreement for Development and Peace in La Araucanía, 2018, in Chile, and the Agreement Between the Bolivian Government and the Confederation of Indigenous peoples from the East, Chaco, and Amazonia in 2010. These case studies showcase the intersection of legal, social, and political dynamics in promoting Indigenous rights and fostering peace. By analysing the legal geographies of these agreements, the chapter contributes to a deeper understanding of the complex challenges and opportunities Indigenous communities face in achieving sustainable development and peace in the Andes region.

This chapter explores the journey from principles to the practical implementation of sustainable development and subsequently the codified global Sustainable Development Goals (SDGs). It begins by examining the foundational principles of international law that guide sustainable development efforts by reviewing in detail the history and motivation behind adopting a global set of goals to achieve holistic and measurable sustainable development by 2030. Then, the chapter focuses on the intersection between Indigenous peoples and the SDGs, acknowledging the historical disparities faced by these communities and how treaties have the potential to foster or frustrate the achievement of these goals. It then delves into guidelines for sustainable resource management and Indigenous development within the SDG framework, emphasizing inclusive approaches and participatory decision-making. By bridging principles with practical strategies, this chapter underscores the importance of integrating Indigenous knowledge, fostering partnerships, and implementing the SDGs to achieve sustainable development while respecting Indigenous rights and aspirations.