The world has evolved, as we would like it to be. As far as I know, things were very different a few years ago. It could change drastically from now on. We have to decide in the future.
Governments should focus on several key areas of continued economic recovery.
Beyond gross domestic product
For nearly a century, GDP has been the most important measure of economic development. Politicians, banks and businesses all support economic progress.
Under this framework, economic growth is considered to have a positive impact on people's living standards.
Gross Domestic Product (GDP) is sometimes misunderstood as a measure of national or global wealth; however, in fact, GDP measures only the quantity, not the quality, of transactional activity. For example, South Korea and Portugal, which have a lower GDP than the United States, enjoy a higher quality of life.
Right now, the focus on GDP is directly detrimental to the planet. Expanding economies consume more resources and produce more pollution. Countries have polluted and degraded vast swathes of land and oceans, extracted more material than the world can replenish, and produced enough carbon to combat severe climate change.
To reduce future environmental damage, countries must adopt new measures of success that put people first and emphasize de-growth (deliberately shrinking the economy while allocating income).
Update infrastructure
Burning fossil fuels often produces greenhouse gases to provide electricity and heat. Therefore, countries need to change the way energy is produced and improve the energy efficiency of buildings, dwellings and infrastructure to reduce the impact of climate change.
In the past, countries have been slow to implement this change. Two things that have happened, however, have given hope that this change could happen sooner: Governments raised huge sums to fight the coronavirus, and communities quickly adapted to the need for social distancing.
Replacing fossil fuel infrastructure with renewable energy sources such as wind and solar requires huge spending and quick action. The pandemic has unquestionably demonstrated the viability of both options.
Transportation
The World Resources Institute (WRI) recommends that governments subsidize electric vehicles where vehicles are more important. At the same time, cities are investing in bike lanes and sidewalks, converting main streets into sidewalks, expanding car-free zones and upgrading parking areas.
Transforming Agriculture
First, countries should support efforts to shift from industrial to sustainable agricultural practices. Monoculture farming, deforestation, water scarcity, soil degradation, and the depletion of wildlife due to the widespread use of pesticides are all hallmarks of industrial agriculture. On the other hand, sustainable agriculture focuses on growing crops without harming the environment.
By funding smallholder farmers, strengthening farmer unions, and protecting the environment in ways that allow wildlife to thrive, farmers and governments can help protect agriculture.
Circular Economy
The amount of discarded medical equipment has grown exponentially due to the widespread use of personal protective equipment in hospitals to combat the spread of the coronavirus pandemic. Unfortunately, due to the complexities of handling, sterilizing and managing these medical devices, their disposal is an example of how today's global waste management system is disrupted.
