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World leaders weigh green economy

AFP, Rio De Janeiro
World leaders attending a UN summit in Rio on Wednesday weighed steps to root out poverty and protect the environment as thousands of activists marched through the city center in protest.
UN chief Ban Ki-moon warned that "time is not on our side" for fixing a mounting list of problems as he formally opened the UN summit on sustainable development.
The high-profile event, attended by 191 UN members, including 86 presidents and heads of government, comes 20 years after Rio's first Earth Summit when nations vowed to roll back climate change, desertification and species loss.
At the summit, Maldives President Mohamed Waheed announced that his Indian Ocean archipelago planned to set up the world's biggest marine reserve to
RIO+20 protect its fisheries and biodiversity.
He said the Maldives would become "the single largest marine reserve in the world," where only sustainable and eco-friendly fishing will be allowed.
A total of 191 speakers were to take the floor until today when the summit leaders are to give their seal of approval to a 53-page draft document agreed on by their negotiators Tuesday.
The draft outlines measures for tackling the planet's many environmental ills and lifting billions out of poverty through policies that nurture rather than squander natural resources.
In his opening remarks, the UN secretary general praised Brazil, the summit host, for securing a deal on the summit's final draft statement.
"The world is watching to see if words will translate into action as we know they must... It's time for all of us to think globally and long term, beginning here now in Rio, for time is not on our side," he said.
French President Francois Hollande described the deal on the draft as" a step" but "an insufficient step".
As the summit got under way, eight multilateral development banks, including World Bank and IMF, announced that they would set aside $175 billion to finance sustainable transport systems overthe next decade.
Some of the most contentious issues discussed at the 10-day UN conference were proposed measures to promote a green economy and the "Sustainable Development Goals" that are set to replace the United Nations' Millennium Development Goals after they expire in 2015.