Enregy

In April 2022, the United Nations established the Global Crisis Response Group on Food, Energy, and Finance. This group is tracking the three major crises of food inflation, fuel inflation, and financial distress. Their second briefing, released on 8 June 2022, noted that, after two years of the COVID-19 pandemic: the world economy has been left in a fragile state. Today, 60 per cent of workers have lower real incomes than before the pandemic; 60 per cent of the poorest countries are in debt distress or at high risk of it; developing countries miss $1.2 trillion per year to fill the social protection gap; and $4.3 trillion is needed per year – more money than ever before – to meet the Sustainable Development Goals (SDGs). This is a perfectly reasonable description of the distressing global situation, and things are likely to get worse.