Ukraine
Global Impact of War in Ukraine on Food, Energy and Finance Systems
Apr 2022
Working Paper
On 14 March 2022 UN Secretary-General António Guterres announced the establishment of a Global Crisis Response Group on Food Energy and Finance (GCRG) to coordinate the global response to the widespread impacts of the war in Ukraine. The GCRG will ensure high-level political leadership to get ahead of the immense inter-connected challenges of food security energy and financing and put in place a coordinated global response to the ongoing crises. This brief is the result of the coordinated work of the Global Crisis Response Task Team reporting to the Steering Committee of the GCRG. It proposes a series of immediate to longer-term recommendations to avert and respond to the triple crisis including the need to keep markets and trade open to ensure the availability of food agricultural inputs such as fertilizer and energy. It also calls for international financial institutions to urgently release funding for the most at-risk countries while making sure there are enough resources to build long-term resilience to such shocks.
Global Impact of the War in Ukraine: Billions of People Face the Greatest Cost-of-living Crisis in a Generation
Jun 2022
Working Paper
A war is always a human tragedy and the war in Ukraine is no exception. The ripple effects of the conflict are extending human suffering far beyond its borders. The war in all its dimensions has exacerbated a global cost-of-living crisis unseen in at least a generation compromising lives livelihoods and our aspirations for a better world by 2030. The largest cost-of-living crisis of the twenty-first century has come when people and countries have a limited capacity to cope. The war in Ukraine has trapped the people of the world between a rock and a hard place. The rock is the severe price shocks in food energy and fertilizer markets due to the war given the centrality of both the Russian Federation and Ukraine in these markets. The hard place is the extremely fragile context in which this crisis arrived; a world facing the cascading crises of the COVID-19 pandemic and climate change. A shock of this magnitude would have been a significant challenge no matter the timing; now it is of historic century-defining proportions.
Global Impact of War in Ukraine: Energy Crisis
Aug 2022
Working Paper
Since the issuance of the second brief by the Global Crisis Response Group (GCRG) on 8 June 2022 the impacts of the ongoing cost-of-living crisis have been felt more deeply and widely across the world. Disruptions to the global energy market are putting Governments worldwide under enormous pressure. Rising energy prices are accelerating the cost-of-living crisis and sustaining the vicious cycle of constrained household budgets; increasing food and energy poverty; and increasing social unrest. In this context safeguarding countries’ commitments to the Paris Agreement and the 2030 Agenda for Sustainable Development will require significant efforts from all involved stakeholders. Policies that address the short-term emergency while ensuring countries’ climate-related and other sustainable development commitments must be pursued. Such policies are available to both developed and developing countries although the mix varies depending on geography income level and commodity status.
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