The G20, the private sector and the vaccine, debt and climate crises – by Katie Gallogly-Swan and Rebecca Ray

In their recent communiqué, Group of 20 (G20) finance ministers admirably committed to using ‘all available tools for as long as required to address the adverse consequences of Covid-19’—in particular for those most affected.

Since the pandemic developed, governments around the world have taken extraordinary steps to support their economies, forcing the closure of ‘non-essential’ businesses, locking down borders and unleashing a wave of economic and health measures. While not all responses have been equally effective, one fundamental lesson has become clear: governments—particularly in wealthy countries—can marshal unprecedented interventions, at scale, when needed.

Eighteen months on though, critical weaknesses persist. Global vaccine inequity is perpetuating the pandemic. Economic instability and lack of fiscal space threaten another lost decade of development for many low- and middle-income countries. Despite escalating climate disasters, only 2 per cent of the total fiscal response to Covid-19 and the recovery from the ensuing economic crisis has gone into clean-energy measures. Progress on addressing the interlocking global crises of Covid-19, economic instability and climate change has effectively stalled.

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