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.
Governments should use Covid-19 recovery efforts as an opportunity to phase out support for fossil fuels (OECD & IEA)
As governments design stimulus measures for economies hit by the Covid-19 crisis, they should seize the opportunity of historically low oil prices to redirect some
According to this article, a temporary tax hike on gasoline and diesel is one of the fairest, greenest ways to fund post-pandemic economic stimulus packages.
Global institutions unite around key actions for green and fair economic recovery from COVID-19 (UN PAGE)
On World Environment Day, 5th June 2020, global institutions working on development, labour and environment have united around key actions for spurring a green, just
As COVID-19 and other factors force an unmanaged decline of oil and gas, a new peer-reviewed study by Greg Muttitt and Sivan Kartha outlines how
What policies for greening the crisis response and economic recovery? Lessons learned from past green stimulus measures and implications for the COVID-19 crisis (OECD)
This paper evaluates green stimulus packages that were introduced in response to the global financial crisis (GFC) of 2007-08 and draws lessons relevant for greening
The COVID-19 pandemic has exposed the many fragilities of our economies, and deepened existing inequalities, while highlighting the need for resilience, innovation, and cooperation in
In response to Covid-19, the Treasury is considering changes to the UK’s tax system on a scale not seen for decades. While changes to the
This brief argues that once the immediate rescue has been secured and countries move towards recovery from COVID-19, carefully implementing carbon pricing while reducing fossil