As of May 5, 2020, there have been more than 250,000 COVID-19 related deaths globally and this deadly toll has not yet been stopped by emergency measures. It has also brought the world economy to a standstill, provoking an abrupt fall in GDP and in international trade. In this unprecedented crisis, the first priority is to protect populations and urgently reinforce health care systems. The abrupt economic downturn also called for immediate economic crisis response, leveraging monetary and fiscal stimulus to protect businesses, jobs and households from collapse. As countries start to emerge from emergency, efforts are progressively turning to economic recovery.
Today, we call on governments of the world to spend economic stimulus spending wisely and invest in the economy of the future. We come from global organisations across the energy, industry, finance and civil society sectors. Our companies and organisations have been impacted by the economic downturn. We are acutely aware of the imperative to support corporates shaken by the crisis and restart the global economy fast. We are also committed to learn the lessons from the COVID-19 crisis, which has dramatically demonstrated the unpreparedness of the global economy to systemic risks, despite early warnings from scientists.
Our companies – and many others around us – have the ambition, the technologies and the skills to build a healthier, more resilient, net-zero-emissions economy, that drives sustainable economic prosperity. The Energy Transitions Commission, of which we are members, has defined some key priorities to help the global economy recover while building this better economy. Governments have the choice, the power and the responsibility to build it faster with us.