Since the issuance of the second brief by the Global Crisis Response Group (GCRG) on 8 June 2022, the impacts of the ongoing cost-of-living crisis have been felt more deeply and widely across the world.
Disruptions to the global energy market are putting Governments worldwide under enormous pressure.
Rising energy prices are accelerating the cost-of-living crisis and sustaining the vicious cycle of constrained household budgets; increasing food and energy poverty; and increasing social unrest.
In this context, safeguarding countries’ commitments to the Paris Agreement and the 2030 Agenda for Sustainable Development will require significant efforts from all involved stakeholders.
Policies that address the short-term emergency while ensuring countries’ climate-related and other sustainable development commitments must be pursued.
Such policies are available to both developed and developing countries, although the mix varies depending on geography, income level and commodity status.
Pulse of the global cost-of-living crisis
Prices of goods and services are rising across the world, affecting the most vulnerable people. The global cost-of-living crisis threatens to push more people into food insecurity and extreme poverty by the end of 2022.