Mirova and almost 150 institutional investors issue joint call for “fair and equitable” global response to COVID-19
Close to 150 institutional investors, representing over US$ 14 trillion in assets under management, are calling for a fair and equitable global response to the pandemic, including through fully financing the Access to COVID-19 Tools (ACT) Accelerator, a global collaboration dedicated to accelerate development, production, and equitable access to COVID-19 tests, treatments, and vaccines. The signatories have also committed to engage with healthcare companies to promote bolder industry actions and therefore contribute to ending the pandemic.
Fair access to COVID-19 tools: a moral and economic imperative
According to a study commissioned by the International Chamber of Commerce Research Foundation the global economy stands to lose up to US$ 9.2 trillion if governments fail to ensure that developing economies gain access to COVID-19 vaccines.
A different study commissioned by the Bill & Melinda Gates Foundation has reached a similar conclusion: leaving lower-income countries without access to vaccines amid the COVID-19 pandemic would cause significant economic damage, putting decades of economic progress at risk for both emerging markets and advanced economies alike.
Coordinated by the Access to Medicine Foundation, the initiative builds on the outcomes of the first virtual meeting of G7 leaders last week, where G7 members announced over US$ 4.3 billion of new investments into the ACT Accelerator, and paves the way for a series of G7 and G20 meetings in the coming months, following the creation of the G20 High-Level Independent Panel on financing the Global Commons for Pandemic Preparedness and Response.
Building back our economy towards a more equitable and sustainable model
In their joint statement, the signatories set out three actions to mitigate risks posed by new virus strains and by the funding shortfalls and production gaps that prevent billions of people from receiving COVID-19 tools:
- Finance the ACT Accelerator in full: The signatories encourage world leaders in the G7, G20 and ACT Accelerator Facilitation Council to finance the ACT Accelerator in full and deploy adequate funding to ensure fair and equitable access to COVID-19 tools globally;
- Stimulate investee companies to do more: The signatories also pledge to work with the Access to Medicine Foundation and engage with investee healthcare companies to support the ACT Accelerator, for example through cross-industry partnerships to accelerate R&D and expand production, equitable pricing strategies, and voluntary licensing agreements;
- Explore innovative finance mechanisms: The third action is for governments and international organisations. They are called on to explore the feasibility of innovative finance mechanisms for national and global COVID-19 responses, similar to new vaccine bonds or social bonds being issued for COVID-19 programs.
In line with our determination to profoundly transform the economy towards a fairer and more sustainable model, we support this call for action, as well as we commit to continue working with the Access to Medicine Foundation to engage with healthcare companies and recommend that governments and international organizations explore the feasibility of innovative finance mechanisms for national and global COVID-19 responses.
It is clear to us that the key to recovery is collaboration. Private and public actors throughout the world are now expected to join forces as to design available and affordable for all solutions, no matter each country’s level of development or the maturity of its healthcare system. In the long term, by joining this call for action, Mirova reinforces its commitment towards financing a more inclusive and collaborative healthcare industry.
As the One Planet Summit Biodiversity, organised by the President of the Republic in partnership with the United Nations and the World Bank, comes to an end, we wanted to go over the announcements made that day as well as the objectives that Mirova had set itself when it published its Biodiversity 2020 Roadmap.
The COVID-19 pandemic is the biggest shock to our societies in several decades. In addition to having a major impact on the health of millions of human beings, it profoundly destabilizes the way our economies function, raising fears of a social crisis of unprecedented proportions. Businesses are suffering this crisis through the cessation of activity, and tomorrow they will be at the forefront in responding to its consequences.