The world economy is in trouble and traditional instruments are not working. Richard Kozul-Wright, director of UNCTAD’s Division on Globalization and Development Strategies, says the world needs a “huge investment drive.” Central banks are having a difficult time addressing economic uncertainty and many understand the need to increase public spending. 

His solution focuses on combining the economic anxiety, since the financial crisis in 2009, with the much bigger crisis of the environmental breakdown. 

He recommends:

  • Increasing public spending on energy efficiency and shifting to renewable energy sources
  • Addressing issues of equality
  • Changing the way agriculture is operating

This shift will require huge investment, potentially trillions of dollars. Kozul-Wright believes that the initiatives must start at the government level. Once the policies are in place and public funds are invested, then the private investments will follow. 

Source: CNBC