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.
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by International Institute for Applied Systems Analysis Newswise — Countries across the globe have been struggling to deal with the impact of COVID-19 and the accompanying
Diplomats will try to make progress on the last unresolved issues of the Paris Agreement in online events run by UN Climate Change next month.