Wealthy nations must ignore calls to rein in public spending as the economic recovery from the Covid-19 pandemic gathers pace, or risk a fresh crisis, the climate economist Nicholas Stern has warned. Leaders of the G7 industrialised countries are meeting in Cornwall this weekend, to discuss vaccines, the recovery from the pandemic, and the climate crisis. They must tie these issues together and forge a green recovery that would shift their economies permanently to a low-carbon basis, said Lord Stern, former World Bank chief economist and former adviser to the UK Treasury. He warned that calls for spending restraint were misguided. “It would be a mistake to confuse fiscal responsibility with premature austerity,” he told the Guardian in an interview. “Fiscal responsibility is crucial, but in this case you must build up the fiscal position as growth returns. Premature austerity will threaten growth, it will choke off growth and make the fiscal position worse.”
Guardian 12th June 2021 read more »
Wealthy countries risk an “unforgivable lost opportunity” by not emerging from the Covid-19 pandemic with newly green economies to address the climate crisis, the United Nations secretary general has warned. Before meeting the leaders of the world’s major economic powers at the G7 summit in the UK, António Guterres said he was concerned that the richest nations have pumped billions of dollars more into fossil fuels than clean energy since the pandemic, despite their promises of a green recovery.
Guardian 11th June 2021 read more »
The summit communique is crystal clear: the world’s richest countries “commit” to spend $100bn a year to help the poorest adapt to the climate emergency and help save the planet. Sadly, this is a promise made way back in 2009 and –11 years later, on the gorgeous Cornish coastline at the G7 summit – there is still no evidence that wealthy nations will deliver.
We’re often told that time is running out to stop global warming, but – when it comes to the $100bn climate adaption fund – it really is now or never, with November’s landmark Cop26 summit in Glasgow this November so close.
Independent 12th June 2021 read more »
G7 leaders are facing the most important decisions in human history as they seek to tackle climate change, Sir David Attenborough has said. The naturalist will address world leaders gathered in Cornwall on Sunday as they set out plans to cut carbon emissions and restore biodiversity. Ahead of the meeting, Sir David warned that humans could be “on the verge of destabilising the entire planet”.
BBC 13th June 2021 read more »
G7 leaders will launch an attempt to combat the rise of China by competing with the Asian superpower to fund infrastructure projects around the world. A new plan dubbed “Build Back Better for the World” is intended to be a democratic equivalent of China’s Belt and Road Initiative, which involves the country sending loans to poorer countries that often come with onerous conditions attached. The initiative sponsored by the UK, US, Canada, Japan, France, Germany and Italy will finance projects “from railways in Africa to wind farms in Asia”, according to No 10.
iNews 12th June 2021 read more »
Ahead of this week’s G7 summit, the world-renowned economist Professor Sir Partha Dasgupta called for a new global institution, similar to the World Bank or IMF, that would manage the global commons – the aspects of our natural environment that no-one owns such as the oceans and biodiversity.
Scotsman 13th June 2021 read more »