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In the call to turn the adversity brought from COVID-19 into a great opportunity — to “Accelerate a fair a green economic transformation in the new Decade of Action for the SDGs” — PAGE and its partners will rely on lessons-learned to build back stronger and more resilient economies that serve both people and the planet.
At its core, PAGE’s tool and services can help governments — now more than ever — to create and implement policies and investments that prompt inclusive green economy activities as part of a sustainable, long-term recovery plan from the COVID-19 crisis, through technical advice, analysis and capacity-building.
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Analyzing the cross-sectoral impacts of a green economic recovery options:
The Integrated Green Economy Modelling Framework
The IGEM framework can compare benefits related to jobs, growth, inequality and sustainability between a business as usual scenario and job-rich green recovery options. It can assess the multiple economic, social and environmental impacts resulting from ”greening” specific policies and investments, fiscal and macro-financial packages including the creation of Emergency Funds/SME Equity Funds/solidarity funds, modifying the terms of loans, tax relief, special credit programmes for SMEs and households, among others.
Projecting the social & employment outcomes of recovery packages:
Green Jobs Modelling
The Green Jobs Modelling tool can inform policymakers to understand the social, employment and climate related outcomes of alternative economic recovery options by analyzing alternative policy and investment scenarios. It can inform the development of recovery strategies that maximize job creation, minimize job losses and ensure a just transition to a green and inclusive economy, which is also less carbon intensive.
Promoting low-carbon, competitiveness & creating jobs in the industrial sector:
The Green Industrial Policy Trilogy
These tools — a set of three guidance documents: “Green Industrial Policy and Trade: A Toolbox”, “Practitioner’s Guide to Strategic Green Industrial Policy” (and the supplement to this guide), and “Green Industrial Policy: Concept, Policies, Country Experiences” — can help policymakers to design green recovery strategies for the industries and enterprises, particularly to make SMEs, which are the most affected by the COVID-19 crises, more competitive, low-carbon and resource efficient.
Monitoring long-term impacts of green recovery packages:
The green economy progress measurement framework
This framework can assist in monitoring and evaluating the progress of green recovery efforts to achieve selected SDGs, as well as national economic and employment targets. It includes measurements of accumulation of capital (natural, low-carbon and resource efficient, human, or social), serving as input for producing goods and services in a sustainable way, as well as capturing the transition of consumption, investment, government spending and trade towards environmental goods and services.
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In the United Nations report “A UN framework for the immediate socio-economic response to COVID-19”, PAGE has been highlighted as a key driver in providing integrated green socio-economic support to partner countries. PAGE offers long-term response mechanisms that shape policies and stimulate fiscal recovery, contributing to more sustainable and inclusive economies.
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Beyond the health impacts of the COVID-19 crisis, the socio-economic consequences are significant. The pandemic has exposed the fragility of our societies when faced with global shocks.
PAGE is equipped with ready-made tools designed to aid economic policymaking, which can explicitly support economic recovery options. These tools can guide analysis, promote green jobs and foster sustainable investments and business models — boosting economies to build a better future for all.
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Countries have taken fiscal action in rescue packages to contain the pandemic, amounting to approximately 8 trillion USD. Recovery packages, on the other hand, aim to reshape economies in the longer-term. Policy steps towards sustainability in fiscal and finance will allow societies to shape in a way that benefits people and the planet with lasting effects on the global economy for decades to come.