GRAY MAGUIRE: After years of sustainable economy talk, it is time to deliver the goods
International Finance Corporation steps in by appointing facilitators for the development of a local taxonomy to unlock finance for related projects
As we begin to wrestle with the grand task of first rescuing and then reviving our shattered economy, certain points are becoming clear. State stimulus packages may be imperative, but they cannot hope to meet the challenge alone. We can also no longer afford to ignore the economic and social impacts of investment decisions that externalise costs now, only to internalise them in grand fashion further down the road. If there was ever a moment for the many years of pontification on how to build a sustainable economy to start delivering the goods, surely it must be now.
Long-term economic, environmental and social risks are linked. Environmental disasters such as floods, droughts, fires and pandemics inevitably cause economic, social and health stresses — particularly for those who lack the financial resilience to ride out the shocks. Transitioning to a sustainable economy poses additional threats to jobs and communities if this transition is not well planned and socially just.