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
These countries are leading the way on a post-pandemic green recovery
The world’s 50 largest economies have pledged to spend trillions of dollars on post-pandemic recovery initiatives, estimated to total $14.6 trillion. While these sums will
Brookings experts comment on Biden’s climate summit
On April 22 and 23, President Biden hosted a virtual Leaders Summit on Climate. Shortly before the summit, the United States announced a plan to
Why COVID-19 government support needs to be tailored and targeted
Governments need to tailor their financial support to citizens and organizations in response to COVID-19. The IMF recommends targeted support to vulnerable houses and focused
Reports
Equity, Climate Justice, and Fossil Fuel Extraction: Principles for a Managed Phase Out (OilChange)
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
IMF Fiscal Monitor – April 2020
April’s IMF Fiscal Monitor elaborates on the importance of fiscal measures to respond the COVID-19 related crisis. Chapter 1 argues that fiscal policies are at
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
Policy Briefs
From containment to recovery: Environmental responses to the COVID-19 pandemic (OECD)
The focus of this brief is on the immediate steps that governments can take to ensure that emergency measures implemented to tackle the Coronavirus (COVID-19)
Special Series on Fiscal Policies to Respond to COVID-19 – Fiscal Policy Responses to the Sharp Decline in Oil Prices (IMF)
Oil prices have declined sharply as a result of both global demand contraction and supply increase. The urgent priority for oil exporters is to deploy
Special Series on Fiscal Policies to Respond to COVID-19 – Greening the Recovery (IMF)
Fiscal policy across the globe is rightly focused on fighting the COVID-19-induced economic crisis. But the climate change crisis remains, as does the need for
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