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.
The Norwegian government has proposed a NOK 3.6bn crisis package to support green technology projects. Hydrogen, battery technology, offshore wind and low-emission shipping are among
The article adresses the EU’s recovery plan, which will build on the EU Green Deal as a motor for growth as well as on the
In his opening remarks, Tao Zhang, IMF Deputy Managing Director, elaborates on important steps to ensure a green recovery from the COVID-19 pandemic, including sustainable
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
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