Covid-19
COVID-19 has plunged the global economy into crisis. Green fiscal policies (GFP) can play a key role in shaping the recovery. As governments are devising green fiscal stimulus policies, they must look to maximize short-term growth and employment effects, but they have also a lever in hand to steer economies to a green and fair transition. The collapse of the oil price has created a window of opportunity for carbon taxes and fossil fuel subsidy reform to mobilise revenue and drive low-carbon development. Green budgeting can rationalise inefficient expenditures and align spending with sustainability. In developing countries with limited fiscal space, GFP can be part of a sustainable solution.
News
African environment ministers renew support for green recovery
Environment ministers from the African continent last Thursday pledged mobilization of additional resources to accelerate a post-pandemic recovery that is green and inclusive.
‘Green recovery’ from COVID-19 pushed at CEO summit
Business leaders pushed for a ‘greener’ economic recovery from the COVID-19 pandemic as they warned about the impact of the climate crisis is an “even greater emergency.”
Egypt President Calls on International Community to Support Global Green Recovery
Speaking on the first day of the inaugural Egypt International Cooperation Forum (Egypt – ICF), launched by the Ministry of International Cooperation, taking place in Cairo between 8-9 September, El-Sisi said: “No government alone can make this recovery possible. It requires the support of the international community and financial institutions to achieve the UN SDGs.” H.E. Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, today called upon the international community to unite and spark a “green recovery”.
Reports
Fiscal Policies for a Low-Carbon Economy (World Bank)
The report Fiscal policies for a low-carbon economy makes an important contribution to our understanding of which fiscal policies work best and can be a guide to policy makers as they consider the most effective ways to achieve a low-carbon future.
Debt Relief for a Green & Inclusive Recovery: Securing Private Sector Participation and Policy Space for Sustainable Development (BUGDPC, HBF, SOAS)
A new report lays out an ambitious proposal for concerted and comprehensive debt relief on a global scale to free up resources in heavily indebted developing countries to support sustainable recoveries, boost economic resilience and foster a just transition to a low-carbon economy.
Sustainable Recovery Tracker (IEA)
The new IEA Sustainable Recovery Tracker measures global recovery plans against this target level of spending by monitoring energy-related policies and government spending on clean energy measures by country and by sector in the wake of the pandemic.
Policy Briefs
Achieving Green Growth and Climate Action Post-COVID-19 (GGGI)
The report reinforces the need for countries to develop Green New Deals for the economy post COVID-19 and offers recommendations to policymakers on the most effective design for COVID-19 recovery packages while facing budget shortfalls, rising debt, and declining tax revenues.
Green Recovery for Practitioners: Examples from around the world for building forward better (GIZ)
Looking at how communities, cities and countries have put the idea of a green recovery into practice, this new report presents a compilation of 23 examples from more than 20 countries worldwide.
Biodiversity and the economic response to COVID-19: Ensuring a green and resilient recovery (OECD)
This Policy Brief focuses on the vital role of biodiversity for human life and the importance of integrating biodiversity considerations into the recovery from the COVID-19 crisis.
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