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Driving a sustainable recovery
The “2020 Climate Transparency Report” provides an overview of all G20 countries, in their transition towards a net-zero emissions economy, providing country ratings, and identifying leaders and laggards. This year it also analyzes the responses of governments to face the COVID-19 crisis, offering a series of recommendations to promote a greener recovery.
The report highlights the following key findings:
- 2020 has shown how the world is vulnerable to intersecting crises, such as health, climate and economic crisis: The report points out how “the impacts of the COVID-19 pandemic have been compounded by other vulnerabilities” and how the economic Covid-19 crisis could lead to an increase of 25 million unemployed people, 100 million additional people living in poverty, and the number of people facing acute food insecurity doubling to 265 million.
- Strong differences between G-20 countries in terms of fiscal stimulus to deal with Covid-19 crisis: According to the report the unprecedented fiscal stimulus totaled $12.1tn (by mid-October), but ambition is extremely different among countries: “from approximately $17,200/per capita in Japan to $6,500 in South Korea. Emerging economies range from around $1,000/per capita in Brazil to less than $200 in Indonesia”. The report calls to avoid global divergence in Covid 19´s public support packages and to promote greater international cooperation to “contribute to a robust and sustainable global recovery”.
- Paris agreement goals are at risk even with a projected decrease this year: “This reduction appears to be temporary, mainly as a result of the COVID-19 crisis. Without transformational climate action emissions growth will rebound and the goals of the Paris Agreement will not be reached”.
- Current COVID-19 recovery packages are moving in the opposite direction: Approx. 30% of stimulus is going into environmentally-intensive sectors (coal, oil, airlines and auto). The EU package contains the strongest contribution towards environmental and climate objectives among all G20 members. In this regard, the report provides recommendations to align recovery plans with climate long term goals, thus greening the recovery.
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According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.
According to Ramón Casilda Béjar, Spain, in today’s complex geopolitical landscape, has the opportunity to strengthen its role as a bridge and connecting country between Ibero-America and the European Union, revitalizing investment flows in both directions.
According to @ECB, in moments of acute stress, the public often turns to physical currency as a reliable store of value and a resilient means of payment, underscoring the crucial role it plays above and beyond everyday transactional convenience
According to Juan S. Mora-Sanguinetti, in Spain a 10% increase in regulatory volume leads to a 0.5% drop in employment in companies with fewer than 10 employees.
According to Hélène Rey “In a world where stablecoins, particularly those pegged to the dollar, become an important global payment tool, we must brace ourselves for substantial consequences”.
@judith_arnal proposes reforms for the EU to advance regulatory simplification, starting with consensus on its meaning, with competitiveness as a pillar, plus coordination mechanisms and a governance rethink.
According to @iee_org, Spain has one of the most demanding tax environments for businesses within the European and international context, which may have significant implications for competitiveness, foreign investment attraction, and business expansion.
According to Christine Lagarde for the euro to gain in status, Europe must take decisive steps by completing the single market, reducing regulatory burdens and building a robust capital markets union.
According to the Bank of Spain, in a context of strong growth in transactions and prices, the conditions under which new mortgage loans are granted currently show no signs of easing in lending standards.
McKinsey notes that European private capital is half the size of the U.S. and must play a key role in boosting competitiveness, by driving innovation, scaling firms, and mobilizing the investment needed to close the gap with other regions.
IMF states that global financial stability risks have grown significantly, driven by tighter financial conditions and heightened trade and geopolitical uncertainty.