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Sustainable economic recovery from Covid-19: a letter to EU leaders

June 2020

Ensuring a sustainable economic recovery post-Covid-19

Pictet joins other asset managers and owners to urge the European Union to deliver a sustainable economic recovery package.

The recent pandemic has not only altered the way we live by shifting offices to home or replacing trips to the high street by online shopping, but has affected the global economy as a whole. Even if lockdowns are slowly being lifted across Europe and the rest of the world, Covid-19 will have far-reaching consequences, transforming various industries and causing economic disruption.

Governments are putting economic recovery measures in place to address the unprecedented shock and impacts caused by the recent dislocations. We, as investors, believe that sustainability should be at the forefront of recovery measures: an opportunity to progress with the EU Green Deal and the Paris Agreement agenda. Along with more than other 100 investors representing €11 trillion in assets, Pictet supports the Institutional Investors Group on Climate Change’s letter calling for a sustainable economic recovery from Covid-19 in the European Union.

European leaders must deliver a recovery that supports the ambitions set out in the Green Deal. We can't ignore the dual challenge of the climate and economic crisis. 

Stephanie Pfeifer, CEO, IIGCC

We believe a green and sustainable recovery are critical to deliver positive long-term outcomes for our clients, our partners, and the society in general. The recommendations for an investable and sustainable economic recovery include:

  1. Prioritise human relief and job creation without locking in high carbon pathways
  2. Support the Green Deal and uphold the Paris Agreement
  3. Member States should ensure Covid-19 support addresses cllimate risk
  4. Prioritise climate resiliency and net zero emissions economic solutions
  5. Embed investor pariticipation in recovery planning

The full statement is available to read here.