COVID-19 triggered a collapse in oil prices from approximately 60 to 20 dollars per barrel between January and April 2020. Signs of a rebound are visible but prices remain well below the breakeven for many producers. If prices stay this low for long, or if they fall again after a partial rally in a relapse scenario, the world may witness a crisis within the crisis, with even further adverse effects on the world economy.
Debt relief is back. Again. The “once-in-a-generation” debt cancellation of 15 years ago has returned to the agenda as indebted countries struggle to finance their response to Covid-19. Suspending collection of debt repayments is one practical thing – among others – that rich countries can do relatively quickly to free up money for poor countries during this crisis.
The current health crisis has shown, both in its emergence and in its impacts, multifaceted and interconnected risks and vulnerabilities, both in humanitarian and social, economic and environmental terms. Most of the 17 Sustainable Development Goals are concerned, individually and above all in their indivisibility, which constitutes the core and added value of the 2030 Agenda for Sustainable Development. In the context of post-crisis reconstruction, more than ever, the implementation of this universal agenda is a necessity, particularly to reduce vulnerabilities to crises by optimising the interactions between the SDGs. This post proposes some avenues.