The COVID-19 pandemic has had a profound impact on our world and caused a devastating economic and social disruption. An especially heavy blow was dealt to emerging markets and developing economies (EMDEs). These countries now face the challenge of containing the virus and at the same time ensuring an inclusive recovery. This creates a need for effective policies that would allow the EMDEs to build back better.

The COVID-19 pandemic has also significantly exacerbated existing inequalities with 120 million people being pushed into extreme poverty. It is crucial to reduce discrimination and inequality everywhere to have a successful recovery since we cannot have macroeconomic and financial stability without social sustainability.

These challenges are aggravated by climate change—a crisis that can cause even greater destruction than the pandemic. There is an urgent need to find pathways to reach net-zero emissions at the global level and ensure a just transition that leaves no one behind.

During this lecture at the 9th Annual International Conference on Sustainable Development (ICSD), Kristalina Georgieva, the Managing Director of the International Monetary Fund, and  Jeffrey Sachs, the Director of the Center for Sustainable Development at Columbia University and a world-renowned economics professor, discussed the above-mentioned interconnected challenges of recovery, climate change and inequality.

Introduction was delivered by Jutta Urpilainen, European Commissioner for International Partnerships.