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President Emerita Judith Rodin at the University of Pennsylvania said that the government must continue to create investments that will fight climate change alongside projects that help ease the pandemic’s effects.
Rodin exclaimed that the money used to recover the economy must be used extensively as the COVID-19 pandemic is a significant concern. CNBC interviewed her at the Singapore Summit.
At present, more than 30 million people are affected by COVID-19 all around the world. The death toll is now more than 944,800 coming from data collected by the John Hopkins University. Rodin said that they want the government to make sound investments to help with sustainability and preserve natural resources.
According to the recent World Economic Forum’s Global Risks Report, the world’s financial resources like water will be heavily depleted. Resources that impact our health and human safety will suffer, and thus, Rodin cited that “the mantra should be that we have to save the plant to save ourselves.” She referred to possible future pandemics. Rodin further recommended the use of social bonds to ease the pressure on the government to develop policies.
She further underscored the need to address climate change with leadership, showing the public that everyone has a unique role in avoiding any further damage to the environment and other positive movements.
The Singapore Summit’s second day featured a meeting of countries and various companies to formulate economic recovery plans while maintaining a greener economy. Feike Sijbesma, a Covid-19 representative from the Dutch government, said that there is also a need to make sure that the change to a greener economy should be inclusive with the importance of retraining workers.
Sijbesma also mentioned that country members should help countries such as Bangladesh that have been affected heavily by climate change. Also noted was China’s start of implementing a new green framework that has helped other growing economies adopt the same frameworks to enhance their domestic abilities in green finance.
Furthermore, a discussion of why it’s a mistake for governments to focus only on the current coronavirus crisis. Rodin said that the problem is now the new normal and weather-induced and economic crises happening worldwide.
Rodin also cited a need for countries to prepare for the next crisis and prevent the impact of these events on the poor and more vulnerable members of society. She called for structural amendments and the collaboration of government and non-government sectors.