Public Investment
‘Just transition’ will necessitate resolute action by all of government, setting out priority actions, the sequence of interventions and timeframes for implementation, as well as consideration of what resources are needed to meet this challenge of economic and societal transformation. Critically, a cognitive transformation is required so that public spending, particularly that aimed at filling infrastructural gaps, is viewed as an investment in both society and the economy, not as a cost or a burden as, regrettably, it has often been so myopically considered. It would be naïve to assume that there will not be those who will place what is familiar but clearly insufficient ahead of the necessary change we are discussing.
COVID-19 has resulted in huge suffering and tragedy around the globe, but it has occasioned a near-widespread agreement on the necessity of public spending, and of a fundamentally new, socially, economically and ecologically sustainable, future. For us in Ireland, the NESC report is surely an invaluable departure point for deliberative dialogue on how we can best do this with the most favourable outcome for all. It offers a solid framework for ongoing discussion, but also the necessary action that can garner public support from all concerned.
We have available to us in NESC #149 a methodology and a process that can speed our efforts, combining the fruits of consensus and meticulous research as a basis for policy advice. The challenges identified by the report endure beyond the current crisis, and I repeat my sincere hope that this valuable work, with its commitment to the principles of equality, participation and protection of the marginalised, is made central to our future thinking.
Embedding the Lessons from COVID
Successful crisis management is, as we have come to learn, no guarantee of durable reform. We therefore must embed the hard-earned wisdom from the COVID-19 crisis into strong scholarly work, policy and institutional frameworks—this is the great challenge from a political-economy perspective. What we teach as economics must be pluralistic, rich in intellectual engagement, methodologically adequate if it is to be the source of good, inclusive policy.
At the European Union level, the European Commission’s Green Deal, the plan that aims to have the EU climate neutral by 2050, contains a Just Transition Mechanism, in which there is a budget set aside for retraining workers impacted by job losses. Coming from the EU budget and private sector investment, it promises to mobilise at least €150 billion by 2027 focusing on the regions, industries and workers who will face the greatest challenges. Additional funding for training and re-skilling is also available in the European Social Fund and the European Globalisation Adjustment Fund. All of which is welcome.
The Just Transition Fund defines cohesion policy as the appropriate framework for it to address structural changes in Europe’s regions. However, the current political and economic context dominated by the COVID-19 crisis will undoubtedly have a negative financial impact on the European economy’s outlook.
In the aftermath of the pandemic, European regions and their economies will be under stress, and their focus should be on empowering workers and regional communities through cohesion policy, rather than using these funds for other purposes. In this context, the additional €10 billion to be added to the multi-annual financial framework under the EU Recovery Fund (‘Next Generation EU’) for the Just Transition programme is a worthy first step, but will it be enough to cope with the economic impact of COVID-19 on Europe as well? Europe must step up to the challenge of ‘just transition’ across the regions through adequate resourcing if it is to retain any legitimacy across the citizenries of Europe. Now is the time to be bold. After all, the challenge now is to make new forms of European and global economy.
Just Recovery
We have seen, it has been empirically demonstrated, how the poor have suffered, and continue to suffer, disproportionately during the COVID-19 crisis, with the distributive effects more favourable to the already privileged and well-off. We now need a just recovery. We must not allow this regressive trend, which has manifested in such tragic personal and social consequences, to continue as we embark on the difficult journey to transform our societies and economies towards ecological sustainability. ‘Just transition’ allows us the opportunity to break the cycle of disadvantage by ensuring that those most vulnerable to economic turbulence are protected.
The deal that must follow the short-term rescue measures and guide the path out of the COVID-19 crisis and thereafter is the Green Deal injected with and emboldened by more courage.
As Maja Göpel wrote in Social Europe recently:
“People-centred and future-focused crisis management means investing in good education and skills development for all, including an update of what and how we teach and learn”.
There is no doubt that skills are the currency of the 21st century. Training and skills development will remain key to support the deployment of new technologies and foster industrial change. An upgraded Social Green Deal, with education, training and skills development at its core, and improved co-operation between member states, is an expression of the call for solidarity which the crisis has required.
After the narrowly national reactions in too many instances to the onslaught of COVID-19, it is important now to shape a European-wide identity cognisant of the interwoven tapestry of global connection on which our societies and economies depend, and through which our choices affect lives outside Europe.
May I conclude by thanking you for your conference and the invitation to take part in it. I have no doubt that, as was the case in your days so far, the presentations today will be most stimulating, and that your deliberations will be fruitful, yielding powerful insights that may be employed across all sectors – Government, enterprise, agriculture, communities and citizens – as we all seek to make this vital transition, one which will carry our best efforts of heart and head as we work together for a sustainable, just, shared future on our vulnerable Planet Earth.
Go raibh míle maith agaibh is beir beannacht.
Many thanks.
‘Just transition’ will necessitate resolute action by all of government, setting out priority actions, the sequence of interventions and timeframes for implementation, as well as consideration of what resources are needed to meet this challenge of economic and societal transformation. Critically, a cognitive transformation is required so that public spending, particularly that aimed at filling infrastructural gaps, is viewed as an investment in both society and the economy, not as a cost or a burden as, regrettably, it has often been so myopically considered. It would be naïve to assume that there will not be those who will place what is familiar but clearly insufficient ahead of the necessary change we are discussing.
COVID-19 has resulted in huge suffering and tragedy around the globe, but it has occasioned a near-widespread agreement on the necessity of public spending, and of a fundamentally new, socially, economically and ecologically sustainable, future. For us in Ireland, the NESC report is surely an invaluable departure point for deliberative dialogue on how we can best do this with the most favourable outcome for all. It offers a solid framework for ongoing discussion, but also the necessary action that can garner public support from all concerned.
We have available to us in NESC #149 a methodology and a process that can speed our efforts, combining the fruits of consensus and meticulous research as a basis for policy advice. The challenges identified by the report endure beyond the current crisis, and I repeat my sincere hope that this valuable work, with its commitment to the principles of equality, participation and protection of the marginalised, is made central to our future thinking.
Embedding the Lessons from COVID
Successful crisis management is, as we have come to learn, no guarantee of durable reform. We therefore must embed the hard-earned wisdom from the COVID-19 crisis into strong scholarly work, policy and institutional frameworks—this is the great challenge from a political-economy perspective. What we teach as economics must be pluralistic, rich in intellectual engagement, methodologically adequate if it is to be the source of good, inclusive policy.
At the European Union level, the European Commission’s Green Deal, the plan that aims to have the EU climate neutral by 2050, contains a Just Transition Mechanism, in which there is a budget set aside for retraining workers impacted by job losses. Coming from the EU budget and private sector investment, it promises to mobilise at least €150 billion by 2027 focusing on the regions, industries and workers who will face the greatest challenges. Additional funding for training and re-skilling is also available in the European Social Fund and the European Globalisation Adjustment Fund. All of which is welcome.
The Just Transition Fund defines cohesion policy as the appropriate framework for it to address structural changes in Europe’s regions. However, the current political and economic context dominated by the COVID-19 crisis will undoubtedly have a negative financial impact on the European economy’s outlook.
In the aftermath of the pandemic, European regions and their economies will be under stress, and their focus should be on empowering workers and regional communities through cohesion policy, rather than using these funds for other purposes. In this context, the additional €10 billion to be added to the multi-annual financial framework under the EU Recovery Fund (‘Next Generation EU’) for the Just Transition programme is a worthy first step, but will it be enough to cope with the economic impact of COVID-19 on Europe as well? Europe must step up to the challenge of ‘just transition’ across the regions through adequate resourcing if it is to retain any legitimacy across the citizenries of Europe. Now is the time to be bold. After all, the challenge now is to make new forms of European and global economy.
Just Recovery
We have seen, it has been empirically demonstrated, how the poor have suffered, and continue to suffer, disproportionately during the COVID-19 crisis, with the distributive effects more favourable to the already privileged and well-off. We now need a just recovery. We must not allow this regressive trend, which has manifested in such tragic personal and social consequences, to continue as we embark on the difficult journey to transform our societies and economies towards ecological sustainability. ‘Just transition’ allows us the opportunity to break the cycle of disadvantage by ensuring that those most vulnerable to economic turbulence are protected.
The deal that must follow the short-term rescue measures and guide the path out of the COVID-19 crisis and thereafter is the Green Deal injected with and emboldened by more courage.
As Maja Göpel wrote in Social Europe recently:
“People-centred and future-focused crisis management means investing in good education and skills development for all, including an update of what and how we teach and learn”.
There is no doubt that skills are the currency of the 21st century. Training and skills development will remain key to support the deployment of new technologies and foster industrial change. An upgraded Social Green Deal, with education, training and skills development at its core, and improved co-operation between member states, is an expression of the call for solidarity which the crisis has required.
After the narrowly national reactions in too many instances to the onslaught of COVID-19, it is important now to shape a European-wide identity cognisant of the interwoven tapestry of global connection on which our societies and economies depend, and through which our choices affect lives outside Europe.
May I conclude by thanking you for your conference and the invitation to take part in it. I have no doubt that, as was the case in your days so far, the presentations today will be most stimulating, and that your deliberations will be fruitful, yielding powerful insights that may be employed across all sectors – Government, enterprise, agriculture, communities and citizens – as we all seek to make this vital transition, one which will carry our best efforts of heart and head as we work together for a sustainable, just, shared future on our vulnerable Planet Earth.
Go raibh míle maith agaibh is beir beannacht.
Many thanks.
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