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
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.
Mapping India’s Energy Subsidies 2021: Time for renewed support to clean energy (IISD, GSI and CEEW)
This report examines how the Government of India has used subsidies to support the various energy sectors in India since announcing its renewable energy target of 175 GW by 2022,
A clean COVID-19 pandemic recovery: the global opportunity (EY Parthenon)
Ready-to-go renewable energy projects can provide emissions reduction, jobs and economic growth. With the right policy levers, areas in most need of jobs and growth can be winners in the green recovery.
Policy Briefs
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.
Economic Recovery Plans Essential to Delivering Inclusive and Green Growth that Shields Households at Risk of Poverty
EU member states must ensure careful and efficient implementation of economic recovery plans that support inclusion and growth to bounce back from the worst impacts of the COVID-19 pandemic, says a new World Bank report.
Redesigning debt: Lessons from HIPC for COVID, climate and nature (IIED)
Focusing on lessons from the Heavily Indebted Poor Countries (HIPC) Initiative, established 25 years ago by the World Bank and IMF, this paper proposes a new international debt relief initiative, which prioritises investment in climate and nature, to get developing countries’ economies back on track post-pandemic.
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