Only 18% of COVID-19 recovery spending favours environment —Report

One year from the onset of the pandemic, recovery spending has fallen short of nations’ commitments to build back more sustainably. An analysis of spending by leading economies, led by Oxford’s Economic Recovery Project and the UN Environment Programme (UNEP), finds only 18.0 per cent of announced recovery spending can be considered ‘green.’

The report, ‘Are We Building Back Better? Evidence from 2020 and Pathways for Inclusive Green Recovery Spending,’ calls for governments to invest more sustainably and tackle inequalities as they stimulate growth in the wake of the devastation wrought by the pandemic.

The most comprehensive analysis of COVID-19-related fiscal rescue and recovery efforts by 50 leading economies so far, the report reveals that only $368bn of $14.6tn COVID-induced spending (rescue and recovery) in 2020 was green. That is, 18 per cent of $14.6tn favours the environment.

On the whole, so far global green spending “has been incommensurate with the scale of ongoing environmental crises,” according to the report, including climate change, nature loss, and pollution, missing significant social and long-term economic benefits.

Key findings of the analysis in terms of recovery spending shows that $341bn or 18 per cent of spending was green, mostly accounted for by a small group of high-income countries. Global recovery spending has so far missed the opportunity for green investment.

UNEP’s Executive Director, Inger Andersen: “Humanity is facing a pandemic, an economic crisis and an ecological breakdown – we cannot afford to lose on any front. Governments have a unique chance to put their countries on sustainable trajectories that prioritize economic opportunity, poverty reduction and planetary health at once – the Observatory gives them the tools to navigate to more sustainable and inclusive recoveries.”

 

 

 

 

Brian O’Callaghan, lead researcher at the Oxford University Economic Recovery Project and the report’s author: “Despite positive steps towards a sustainable COVID-19 recovery from a few leading nations, the world has so far fallen short of matching aspirations to build back better. But opportunities to spend wisely on recovery are not yet over. Governments can use this moment to secure long-term economic, social, and environmental prosperity.”

“Our ability to better inform and monitor the investments made by countries to address the socio-economic effects of the COVID-19 pandemic is vital to keep the green, inclusive recovery on track,” says Achim Steiner, UNDP Administrator. “In this respect, the Global Recovery Observatory and UNDP’s Data Futures Platform offer policymakers a rich new set of data points and insights – expanding access to such resources will help to increase the transparency, accountability, and effectiveness of the investments being made now and their impact on our sustainable future.”

Professor of Environmental Economics at Oxford, Cameron Hepburn: “This report is a wake-up call. The data from the Global Recovery Observatory show that we are not building back better, at least not yet. We know a green recovery would be a win for the economy as well as the climate – now we need to get on with it.”

The report emphasizes that green recovery can bring stronger economic growth, while helping to meet global environmental targets and addressing structural inequality. To keep decades of progress against poverty from unwinding, low-income countries will require substantial concessional finance from international partners.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

We Have Not Had Water Supply In Months ― Abeokuta Residents

In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state.

Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train

The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…

[ICYMI] Lekki Shootings: Why We Lied About Our Presence — General Taiwo

The Lagos State Judicial Panel of Inquiry probing the killings at Lekki Toll Gate, on Saturday resumed viewing of the 24hrs footage of the October 20, 2020 shooting of #EndSARS protesters by personnel of the Nigerian Army…

ICYMI: How We Carried Out The 1993 Nigerian Airways Hijack —Ogunderu

On Monday, October 25, 1993, in the heat of June 12 annulment agitations, four Nigerian youngsters, Richard Ajibola Ogunderu, Kabir Adenuga, Benneth Oluwadaisi and Kenny Razak-Lawal, did the unthinkable! They hijacked an Abuja-bound aircraft, the Nigerian Airways airbus A310, and diverted it to Niger Republic. How did they so it? Excerpts…

ICYMI: What North Will Not Accept About 2023 Presidency —Prof Mahuta, UDU Don And Kebbi Dev Foundation Chairman

Sahabi Danladi Mahuta, a community mobiliser and APC chieftain. Mahuta spoke to select journalists at the sidelines of an Islamic conference in Abuja recently. Excerpts…

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More