A sustainable income: fiscal policies for a green economy
Governments have always used fiscal policy to reshape and develop their economies. And as they seek to improve their nations’ environmental sustainability – mitigating climate change, while developing new growth industries – tax and subsidy regimes provide some of their most powerful tools.
Over recent years, for example, many countries have fostered radical changes in citizens’ and businesses’ behaviour by taxing harmful activities such as hydrocarbon fuel consumption, landfill waste disposal and city centre motoring, while cutting taxes on helpful investments such as electric cars. Meanwhile, subsidy regimes have dramatically boosted spending on emissions-reduction projects such as home insulation and renewable power generation.
As governments’ ambitions grow, civil service leaders and expert professionals are considering how to apply fiscal levers to a wider range of activities: carbon capture and storage, agriculture and conservation, for example. Equally importantly, some are thinking through how to withdraw the existing subsidies and tax reliefs supporting carbon-intensive activities while maintaining economic growth, helping workforces to adapt, and providing communities with new income streams.
As civil servants look to realise the goals agreed at COP26, this GGF panel discussion explored how governments can use fiscal tools to reduce environmental harms and support research, investment and business growth in a new generation of sustainable industries.
Panel
Peter Lim, Director, Fiscal Policy Directorate, Ministry of Finance, Singapore
Mr Peter Lim is currently the Director of Fiscal Policy at the Ministry of Finance. Prior to that, he served as Special Assistant to the Deputy Prime Minister and Co-ordinating Minister for Economic and Social Policies. He was also a Deputy Director at the National Population and Talent Division and a Manager in the Singapore YOG Organising Committee.
Mr Peter Lim has a Double degree in Economics and Electrical Engineering from the University of Michigan Ann Arbor, followed by a Masters in Biomedical Engineering from John Hopkins University and a Masters of Laws from the University of London. He is a Sloan Fellow from the Stanford Graduate School of Business, a Lien Fellow, and is a CFA Charterholder.
Miguel Gil Tertre, Head Of Unit Economic Analysis and Foresight, Recovery, Directorate General for Energy, European Commission
With a career of 15 years at the European Commission, Miguel Gil Tertre has contributed to shaping of the economy strategies of the European Union. He has worked in economic policies during the Euro crisis, the economic response to the COVID crisis, designed the Investment Plan for Europe (known as the “Juncker Plan” and he is now focusing on the next challenge for Europe: energy.
Miguel is currently the Head of the Economic Analysis Unit in the Directorate General for Energy at the European Commission. He is responsible for modelling the impact and ensuring the economic coherence of EU commission policy proposals in the field of energy.
An economist by training, Miguel Gil Tertre holds an MBA by the Instituto de Empresa Business School and a degree by the Universities Paris IX-Dauphine and Autonoma de Madrid (first graduation prize).
He has participated in executive education courses in Harvard Business School and the London School for Economics. He is a regular speaker in events, and has published several economic articles and contributed to books in his field of expertise.
Joy Aeree Kim, Lead, Green Fiscal Policy Team, Economy Division, UNEP
Joy is currently leading a Green Fiscal Policy Team at the Economy Division of UNEP. She has been working in the area of macro-economic and environmental policies for over 20 years. Since she joined UNEP, she has been advising countries on their green economy transition through analytical work focusing on fiscal policy for sustainability. Before joining UNEP, she worked as an economist/senior policy analyst at the Organisation for Economic Cooperation and Development (OECD) in Paris, supporting global negotiations on climate change and trade. She also worked at the United Nations University in Tokyo and the Tyndall Centre for Climate Change Research in the UK. She was also a leadership fellow at Harvard Kennedy School of Government. She holds a doctoral degree from the University of East Anglia in the UK.
Valentina Ion, Director Strategy Public Finance Industry, Microsoft
As Director of Government Public Finance Industry, Valentina is in charge of Microsoft sales and industry solutions strategy for this industry, enabling a strong organization that supports Governments embark on the Digital Transformation journey based on deep understanding of their industry, drivers and the critical line of business processes. She is also in charge of building and developing strategic partnerships with ICT, Advisory, Academia or International Organizations such as OECD, IOTA, WCO etc.
She has a diverse background in industry sales strategy and execution, partnerships management, marketing and product management as well a business operation and she holds a Master in Finances and Accounting. With more than 21 years’ experience in ICT and Business transformation Valentina is passionate about business re-engineering and digital transformation for better economy and society.
Webinar chair: Siobhan Benita, former UK senior civil servant
Siobhan Benita was a senior civil servant with over 15 years’ Whitehall experience. She worked in many of the major delivery departments, including Transport, Environment, Health and Local Government. She also had senior roles at the heart of Government in the Cabinet Office and HM Treasury, including supporting the then Cabinet Secretary, Lord O’Donnell to lead work on Civil Service reform and strategy. Siobhan left the Civil Service to run as an independent candidate in the Mayor of London election. She subsequently joined her alma mater, Warwick University as Chief Strategy Officer of Warwick in London and Co-Director of the Warwick Policy Lab.
