Economic and Financial Committee (ECOFIN)
Chairs: Jae Joon Lee & Zhaoyuan (Eric) Jiang
Topic A: Economic Future of Green Energy Development
Although the world still is heavily dependent on coal, oil, and natural gases to meet a growing demand for energy, the utilization of these resources have drastic, negative impacts on the environment. Green energy refers to sources friendly to the environment, including but not limited to: hydroelectricity, wind and wave power, solar and geothermal energy, combustible renewables, and renewable waste. The global green energy market is expected to grow to over $2.15 trillion by 2025 with over two-thirds predicted to come from hydro and ocean powered sources. While the awareness and concept of utilizing green energy is growing worldwide, there are immense room for changes and additions to current policies and agreements.
Topic B: Reviewing Global Bank Policies
The Great Recession of the United States severely affected global trade and unfolded into a global financial crisis. Since then, many economies are still in recovery with panic fading away. However, there still exists great potential risk for the global economy. Many inflation levels still remain below central bank targets while total debts are still at a much higher amount than before the crisis. Additionally, many countries of developed economies and emerging markets status find their short-term nominal interest rates to be slightly above zero. This directly results in the central banks unable to stimulate growth- the usual and most simple tool of dropping interest rates is not an option. It is time to revisit policies and develop a strategic approach to deal with the current economies.