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.
Environment ministers from the African continent last Thursday pledged mobilization of additional resources to accelerate a post-pandemic recovery that is green and inclusive.
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.”
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”.
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.
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.
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.
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.