According to the 2022 United Nations Conference on Trade and Development (UNCTAD) Report, more must be done to calm commodity markets and address a climbing price speculation of commodities. The report warns that monetary and fiscal policy moves in advanced economies risk pushing the world towards global recession and prolonged stagnation, inflicting worse damage than the financial crisis in 2008 and the COVID-19 shock in 2020.
UNCTAD calls for
- Governments to increase public spending and use strategic price controls to directly target energy, food and other vital areas.
- Public and private investors to channel more money into renewable energy research and development.
- Stronger global support for the UN-led Black Sea Grain Initiative set up to reintroduce vital food and fertilizer exports from Ukraine to the rest of the world.
Rebeca Grynspan, UNCTAD secretary general and GFFN Co-Chair states,“There’s still time to step back from the edge of recession … We have the tools to calm inflation and support all vulnerable groups. This is a matter of policy choices and political will. But the current course of action is hurting the most vulnerable, especially in developing countries and risks tipping the world into a global recession.”
The Good Food Finance network is one coalition working to change course, and shift policies and finance to support a sustainable and equitable food system transition.