After debating and discussing, while the committee neared the end of day 1 of the conference, conflict uprooted during the decision of sponsors for the resolution. While Brazil and Columbia fought over rights over the paper, a voting procedure was done to choose the last sponsor.
Due to the number of modifications suggested by the executive board, ultimately, the delegates were encouraged to go into an unmoderated caucus. During that specific time, the committee remained unresponsive for quite a while, this was again until the delegate of Netherlands had put across the point of focusing on the private sector, and the need to tax them.
Some of these important solutions include promoting green banking, the use of green credit cards, loan, mortgage, trade finance, implement plans to minimize damage to the environment, ecosystems, and climatic system. The delegates included the need to use environmental insurance. However, there are multiple gaps to be covered in detail.
The committee moved into a moderated caucus to present their views on the working paper. The paper covered solutions to the main issue at hand, as well as answers Questions A Resolution, Must Answer (QARMA), GILLS strategy put across by delegate of Venezuela, creation of a new body under ECOFIN, as well as the implementation of SDGs.
Due to no opposition, the working paper successfully passes. Later, the committee goes on to make the draft resolution. During which a press conference took place, the delegates answered questions about capital control implementation as well as addressed the importance of transparency to the public also taking into note the main causes regarding the issue at hand.
Delegates focus on making changes to detailed specifications and formatting on the draft resolution that will help sustainable systems to grow in Central and South America. Hopefully, the draft resolution passes, and reforms are on the way.