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Oxford/Nairobi, 10 March 2021 – 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% 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.
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.
It raises five key questions for the road to sustainable recovery:
Key findings of the analysis in terms of recovery spending:
Oxford University has been placed number one in the Times Higher Education World University Rankings for the fifth year running, and at the heart of this success is our groundbreaking research and innovation. Oxford is world-famous for research excellence and home to some of the most talented people from across the globe. Our work helps the lives of millions, solving real-world problems through a huge network of partnerships and collaborations. The breadth and interdisciplinary nature of our research sparks imaginative and inventive insights and solutions.
The Smith School of Enterprise and the Environment
Home to The Oxford University Economic Recovery Project and the Global Recovery Observatory, the Smith School is an interdisciplinary hub of the University of Oxford. It focuses on teaching, research, engagement with businesses and enterprise, and long-term environmental sustainability. OUERP is the world’s hub for developing and communicating long-term economic perspectives on recessionary fiscal spending. The Smith School was founded through a benefaction from the Smith Family Educational Foundation and officially opened in 2008. www.smithschool.ox.ac.uk
About the United Nations Environment Programme
UNEP is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing and enabling nations and peoples to improve their quality of life without compromising that of future generations.
Oxford/Nairobi, 10 March 2021 – 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% 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.
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.
It raises five key questions for the road to sustainable recovery:
Key findings of the analysis in terms of recovery spending:
Oxford University has been placed number one in the Times Higher Education World University Rankings for the fifth year running, and at the heart of this success is our groundbreaking research and innovation. Oxford is world-famous for research excellence and home to some of the most talented people from across the globe. Our work helps the lives of millions, solving real-world problems through a huge network of partnerships and collaborations. The breadth and interdisciplinary nature of our research sparks imaginative and inventive insights and solutions.
The Smith School of Enterprise and the Environment
Home to The Oxford University Economic Recovery Project and the Global Recovery Observatory, the Smith School is an interdisciplinary hub of the University of Oxford. It focuses on teaching, research, engagement with businesses and enterprise, and long-term environmental sustainability. OUERP is the world’s hub for developing and communicating long-term economic perspectives on recessionary fiscal spending. The Smith School was founded through a benefaction from the Smith Family Educational Foundation and officially opened in 2008. www.smithschool.ox.ac.uk
About the United Nations Environment Programme
UNEP is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing and enabling nations and peoples to improve their quality of life without compromising that of future generations.
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It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making
The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here’, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
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