More than 230 former world leaders and global experts have written to the G20 saying green investment must be at the heart of stimulus with spending prioritised around infrastructure and other projects beneficial to sustainable development and employment. The letter has been published by VoxEU.
It says, this will make recovery from the crisis truly transformative, accelerating progress in delivering on climate change agreements.
In the first stage of the crisis, the emphasis was on the provision of liquidity, employment protection and emergency investments in health… Now, enhanced fiscal, monetary and central bank coordination is vital.
Consideration should be given to a global growth target, which can sit side by side with national inflation targets, and to rebuilding global trade.
To raise vitally needed revenues for national governments, a coordinated strategy to recover money lost to tax havens should be agreed. Countries should automatically exchange tax information and remove secrecy surrounding beneficial owners and trusts, as well as agreeing to sanction non-compliant countries which refuse to implement the agreed rules.