Global Investor Statement In Support Of An Effective, Fair And Equitable Global Response To COVID-19
Global Investor Statement In Support Of An Effective, Fair And Equitable Global Response To COVID-19
At Castlefield, we believe that it is imperative that lower-income nations are not left behind in the race to roll out a vaccine and it is crucial that the acutely unequal power dynamics at play within vaccine manufacture and global health are recognised and addressed. We have therefore joined other investors calling for a clear strategy to ensure the reasonable distribution of COVID-19 vaccinations globally.
On 23rd February, we joined close to 150 institutional investors who issued a joint statement calling for a fair and equitable global response to the pandemic. This is an increasingly pressing topic. Of the 128 million doses of COVID-19 vaccines administered so far, over three quarters have been delivered in 10 countries which account for around 60% of global GDP.[1]
There are very clear moral issues at the heart of vaccine distribution and the current health and social cost of the pandemic. However, world leaders must also recognise the serious economic consequences of not curbing the spread of coronavirus in less developed markets.
A study from the International Chamber of Commerce Research Foundation concluded that if infection continues to spread across emerging markets while developed economies make progress with their vaccination programmes, the global economy stands to lose as much as US$9.2 trillion.[2] This demonstrates a clear economic argument, an ‘investment case’ for a coordinated approach to vaccine distribution across the world.
In the statement coordinated by the Access to Medicine Foundation, institutional investors, including Castlefield, have pledged their support for the Access to COVID-19 Tools (ACT) Accelerator, a global collaborative initiative to accelerate the development, production and equitable access to tests, treatments and vaccines for COVID-19.
The initiative builds on the outcomes from the first virtual meeting of G7 leaders in mid-February, where members announced over US$4.3 billion of 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.[3]
Read the full statement here: https://bit.ly/3ujmVtD
Written by Amelia Overd
[1] https://accesstomedicinefoundation.org/news/investors-issue-urgent-call-for-fair-and-equitable-global-response-to-covid-19
[2] https://iccwbo.org/media-wall/news-speeches/study-shows-vaccine-nationalism-could-cost-rich-countries-us4-5-trillion/
[3] https://www.who.int/news/item/19-02-2021-g7-leaders-commit-us-4.3-billion-to-finance-global-equitable-access-to-tests-treatments-and-vaccines-in-2021