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
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”.
The employment impact of a green fiscal push
The green investments in Senate-passed, bipartisan infrastructure legislation could, over several years, help manual laborers whose jobs are at risk as the world transitions away from fossil fuels.
Latin America and Caribbean ‘failing to invest in sustainable post-Covid recovery’
Environmentally sustainable post-COVID-19 spending in Latin America and the Caribbean lags behind the rest of the world, according to a new platform co-developed by the University of Oxford that showcases real-time data from 33 countries.
Reports
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
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.
External Debt In Small Island Developing States: One-year into the COVID-19 crisis, where do we stand? (OECD Report)
Debt challenges, exacerbated by the economic consequences of the COVID-19 pandemic, are not homogeneous across SIDS.
Policy Briefs
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.
How to Manage Public Investment during a Postcrisis Recovery (IMF)
This How to Note discusses how countries should manage public investments to recover from the COVID-19 pandemic and similar crises. It provides countries with guidance on making efficient use of public investment to support economic recovery on three different capacity levels: basic, medium, and advanced.
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