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This session looked at green stimulus measures and the ingredients of success that will generate economic growth, create jobs and bring about environmental benefits. It studied the lessons of the GFC and the opportunity for greening the recovery from the COVID-19 crisis.
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As of early June, almost USD$10 trillion had been committed by governments worldwide to combat COVID-19 in the form of loans, stimulus and bailouts. This figure included up to 1 trillion in green related packages.
Our preliminary assessment is that the stimulus response so far has been more brown than green and that should be a big concern to all of us.
Large, timely and well-designed green stimulus can generate economic growth.
To build back greener, we should resist the urge to cut and paste the response measures put in place during the Global Financial Crisis.
More work is needed to ensure the ESG ratings are fit for purpose. We need to make sure the E component continues to get adequate attention and adequate weight.
A more precise common understanding of the criteria for ‘green’ and ‘sustainable’ would help facilitate a green recovery.
One of the most important, upcoming challenges at CalSTRS is how the fund should evaluate Chinese investments from a human capital and environmental standpoint, says Chris Ailman, chief investment officer at the giant pension fund.
For the economic recovery from the COVID-19 crisis to be durable and resilient, a return to ‘business as usual’ and environmentally destructive investment patterns and activities must be avoided.
Following the PRI’s The SDG investment case – which laid out why the SDGs are relevant to investors this report takes the next steps by outlining a prospective framework for action.
Federated Hermes Nick Spooner explores how climate breakdown will exacerbate infectious diseases, and the steps that companies, investors and governments need to take to mitigate the impacts of the climate crisis and future pandemics.
If an overly relaxed world has since slept through a series of environmental alarms, the coronavirus crisis may well be the wake-up call it needs to avert the worst climate change bear scenarios.
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