BUILD BACK BETTER a Si Mesa wecine mon]Building Back Better: A Sustainable, Resilient Recovery after COVID-19 For the economic recovery from the COVID-19 crisis to be durable and resilient, a return to ‘business as usual’ and environmentally destructive investment patterns and activities must be avoided. Unchecked, global environmental emergencies such as climate change and biodiversity loss could cause social and economic damages far larger than those caused by COVID-19. To avoid this, economic recovery packages should be designed to "build back better’. This means doing more than getting economies and livelihoods quickly back on their feet. Recovery policies also need to trigger Investment and behavioural changes that will reduce the likelihood of future ‘shocks and increase society's resilience to them when they do occur. Central to this approach is a focus on well-being and inclusiveness. Other key dimensions for assessing whether recovery packages can “build back better" include alignment with long-term emission reduction goals, factoring in resilience to climate impacts, slowing biodiversity loss and increasing circularty of supply chains. in practice, well-designed recovery policies can cover several of these dimensions at once, such as catalysing the shift towards accessibiliy-based mobility systems, and investing in low-carbon ‘and decentralised electricity systems.1. Govommonts’ frst priortios in tackling tho COVID-19 pandemic have been to overcome the health femergency and to implement rapid economic rescue measures, the latter mosty aimed st providing essential iquldly and protecting livetinods inthe face of abrupt lasses of Income. As the heath cis gradually abates in some countries, attention is now turing to preparing strmulus measures fr triggering Amore resilient economy depends on a shift to sustainable practices 2. Imaddition to the Immediate human suffering caused by the dieoase iteelf and the lose of livelihoods for millions, the COVID-19 pandemic has also highlighted several key vulnerabilities of ‘ur socleties and economic system. Global interconnectedness has helped to create huge economic and social benefits for decades, alber unequally, but also facitated the rapid spread of the pandemic. =| 3, The expoed vlnarablites ae parculry sobering whan sean In the gt fan even bigger future feat to te global economy: envionment dgreton driven By our curent conc astem, The wotdsennfonneril anurcis ere rseing 2 ver eve ey ey , seem da rng sicha vr nanan ce, The opt hae change, tf pon, Be esy | fos and poo! ocean heath eady cane rence afleng gobaly an hat fuer sytem | ‘vulnerabilities for the global economy that could uttimately eclipse the current crisis. Physical and economic | | 4. These interlinked environmental crises may also heighten the likelihood and likely impact of future infectious diseases, The economic pressures driving biodiversity lose and the destuction of ‘ocean health can have caecading impacts on coclties, and may increase the riek of future zoonotic veuses deforestation, combined wih the increased demand for and trafficking of wife Jones eta, 2013) Declines in local environmental quay, inclucing air and water polution, can influence the vulnerability of societies both to disease and tothe effects of a less stable cimate, with impacts likely to affect poorer5. Returning to “business as usual” will nt deliver a sustained long-term economic recovery that also improves wel-being and reduces inequality. With massive stimulus packages stating to be unveiled around the world, governments, businesses and societies as a whole have both a responsibilty {and self-interest to not only look for near-term measures to shore-up livelihoods and employment, but also to take a step back and reflect onthe politcal and economie driving forces leading t the cirent crisis. 6. Despite encouraging signs from governments, businesses and citizens, recovery plans have so far mostly fallen short. Many governments have recognised the need and opportunity of a sustainable recovery. For example, in Apri 2020, the G20 Finance Ministers agreed to “commit to support. an envirarmentally sustainable ane inclusive recovery’ (620, 2020s). Encouragingly, an international pol covering developed and developing countries also suggests that a majarty of citzens see a focus on environmental issues as a continued prionty as we emerge from the COVID-19 cisis (|PSOS MORI, “Building Back Better": key dimensions for a resilient economic recovery 7. The term “Building Back Better” has been increasingly and widely used in the context of the economic recovery from COVID-19 (WRI, 2020ra) (We Mean Business Coaltton, 2020). The notion originated in the context of recovery and reconstruction trom physical disasters’, vith an emphasis. ‘on making preventative investments that improve resilience to, and so reduce the costs o, future disasters The challenge o igniting the global ecanamy inthe aftermath of the ecanomie rs Wiggeted by COVID: 19s ofcourse diferent. There has been no physical disaster, and the focus is global. Yet the economic crisis isco severe, the risks from retuming to previous pattems so high, andthe opportunity to embrace a ‘more sustainable recovery so clear, that the term is relevant inthis context Even atthe global evel, there 's stl an emphasis on prevention, as the investments and behavioural changes mace will pay dividendsFigure 1. Key dimensions for Bullding Back Better wee |What policy can do j Wile the mutiple dimensions of ‘bulding back better” span many specific policy areas, some key recommendations for governments to consider are + Sctean all elements of stimulus packages for thelr longer terme implications across the key dimensions otined above, prioritising actions tha © Combine benefits for jobs and reducing inequality with impicaons for longer-term resifence, nstuing by voiding locking-n emissions intensive inrasructure and systems, ‘© Can be implemented quick, including “shovel-eady” targets for pubic investment and | existing polcy frameworks that can be rapidly scaled up © Favour ctoss-sectoral,cross-government approaches that take a long-term, systemic view rather than single technological outcomes + Build pipelines of “shovel-ready” sustainable infrastructure projects: take co-ordinated ‘ross-ministry action to build pipelines of sustainable proects that can be implemented quicky, | ‘while avoiding favouring estabished emissions-intensive aces just because they are fast | ‘+ Maintain (and increase) ambition of long-term environmental objectives (Including net- | zero GHG emissions) end ensure that policies and investments triggered through | | ‘stimulus packages are aligned with those outcomes, for example: Avoid relaxing existing environmental equations to provide near-term rele, as the costs of longer-term vunerabiy wil often outweigh short-term economic reel (© Make subsidies and other government support for spec industries condtional on both fenveonmental improvements (Including GHG emissions) and better overall resilence {ipuding for the workforce)B3W & Its Guiding Principles ‘+ Goal: The Build Back Better Plan is a Covid-19 relief, future economic, and infrastructure ‘package proposed by G-7 countries for developing and lower-income countries, ‘+ Components of B3W: Through B3W, the G7 and other like-minded partners will coordinate in mobilizing private sector capital in four areas of focus: © Climate, © Health and health security, © Digital technology, © Gender equity and equality. + Values-Driven Development: Infrastructure development carried out ina transparent a and sustainable manner—financally, environmentally, and socially —will lead to a better outcome for recipient countries and communities. Good Governance and Strong Standards: B3W to infuse investment by complying with the standards promoted by the Blue Dot Network, relating to the environment and. climate, labor and social safeguards, transparency, financing, construction, anti- corruption, and other areas, Conclusion ‘The counter-proposal of B3W is certainly a welcome step to contain the adverse implications of a Chinese mega plan. However, BIW lacks coherent thoughts and proper planning at this, stage. Nevertheless it is better late than never. Moreover, it remains to be seen what role India will | play in B3W since ithas been a strong opponent of China's BRL