The vaccine equity crisis is a stress test for all future major environmental challenges

Abstract

The vaccine equity crisis has an extra element that makes it crucial for our capacity to tackle future major societal challenges. Unlike most of these, including the climate one, the current pandemic causes major damage that is directly observable in the very short term, that is, within the political cycle of the incumbent policymakers. If not even this kind of crisis with directly observable damage is able to influence the incentive structure of policymakers and lead to the adoption of timely and effective measures, there is no reason to expect that this would ever happen for crises whose effects largely materialize in future political cycles. As a consequence, if we fail to tackle this particular crisis effectively now, we are creating an enormous credibility problem for future crises that could seriously undermine our capacity to reach binding agreements in the future.

Keywords: Credibility; Environmental challenges; Global governance; Time-consistency; Vaccine equity.