A Toolkit for G20 & G7 Countriesand Developing a Taxonomyfor Health The COVID-19 pandemic left us with a GDP loss of 13.8 USD trillion anda further 100 million more people falling into poverty. With sovereigndebt sky-rocketing and leaving less fiscal space for new forms ofinvestments, the G20 & G7 and financial institutions yet again run intothe rabbit hole of a systemic underappreciation of future risks. Theshareholders of the World Bank have to pony up for capital increaseand countries have to actively learn from each other’s’ sustainablefinance models that will help to promote global public goods– this report is setting a precedent. Spending more government money today on investments that preventserious infectious disease and curtails people’s lives is really goodfor long term domestic growth. Government’s regard immediateinvestment spending as adding to debt. And we’ve got tobreak free from that kind of framework. Lord Jim O’NeillBaron O’Neill of Gatley, Member, House of Lords Over the past two years, the WHO Council on the Economics of Health for All Lord Mark Malloch BrownPresident, Open Society Foundations has worked to craft a new economic narrative – one that transforms financingfor health from an expenditure to an investment. Key to this transformation isthe need for both more and higher quality financing. Lower income countriesneed the fiscal space to make long-term, proactive investments. How finance isstructured matters. The world will not be prepared for the next pandemic unlessour global financial architecture is redesigned – with coordinated action frommultilateral development banks, regional development banks andnational public banks, oriented around the goal of health for all. The way forward for sustainable finance is to create Pay For Outcomespartnerships. We should move away from general goals and create atscale partnerships that tackle measurable, contained issues by bringingall actors from private, public, and NGOs together. Mariana Mazzucato Sir Ronald CohenPresident, Global Steering Group for Impact Investment Council Chair, Professor in the Economics of Innovation & Public Value at University CollegeLondon (UCL), Founding Director, UCL IIPP, Chair, World Health Organization’s Council on theEconomics of Health for All Health issues were one of the main drivers of credit downgrades in the People are the investment, and this is where everybody has to changetheir minds around and stop seeing investments only as bricks andmortars, a bridge, a road, or the walls of a hospital. pandemic because they impacted economic growth. It is morethan a compliance requirement, this is having a real impacton GDP growth, on the capacity to prosper. Bernard de LongevialleGlobal Head of Sustainable Finance, S&P Global Ratings H.E. Stephanie SeydouxEnvoy for Multilateral Affairs, World Health Organization You need to 1) measure the social burden on the society but you alsoneed to measure 2) the impact on human capital – what does it meanfor a patient and for healthy life years if you introduce an innovation intoa system? – The latter we call social impact. 3) You need to consider theprivate and public investments in health as a macroeconomic sectorwhich is the biggest sector in the world. If you thought about how things got invested related to healthcare today- people follow the money. You have to think about the economic impactof all that and say I have to stop rewarding behaviours andproducts that sustain a sick model. Mary Mirabelli Senior Vice President, Healthcare Financial Management Association Dennis OstwaldCEO of WifOR institute Governments will be around for a long time, like 100 years, and they don’tneed to be concerned about paying off the debts right now. They should,however, be focused on at least covering the cost of the debt. Within the investment sector the way that sustainable finance is normally defined, we would first of all talk in terms of not investing in harmfulproducts. The next level of conversation tends to be about thesustainability of corporate practices, i.e. looking after staff physicaland mental well-being, and also systemic issues such as the use ofantibiotics and the role that companies have in food chains. The thirdarea is the provision of additional capital to fund health throughinvestment e.g., drug development or other matters needingcapital expenditure. Roberto Duran-Fernandez Economist, WHO Secretariat supporting the Council on the Economics of Health for All,Assistant Professor, Monterrey Institute of Technology Impact Bonds de-risk the situation for organisations. Instead of big capital and big business goals, impact bonds could take theform of a bridging investment where one accepts lowerrates of return for a breakthrough health outcome. Claire Jones Partner and Head of Responsible Investment, Lane Clark & Peacock Sonja HautAuthor, The Case for Impact Result based financing is a great way to get governments to invest inpreventative