August 13, 2021

Calling for a New Multilateral Financing Mechanism for Global Health Security and Pandemic Preparedness

People and countries around the world continue to suffer from the devastating human, economic, and social costs of being unprepared for a deadly pandemic like COVID-19. This crisis is a call-to-action. World leaders must seize this opportunity to leave a legacy of a healthier and safer world — starting with a new global financing mechanism that provides robust and sustained investments in pandemic prevention and preparedness.

At the 2021 United Nations General Assembly, world leaders should launch a 100-day action plan to establish and resource a new financing mechanism, or Fund, that can mobilize at least US$10 billion annually over the next five years to bolster global health security and pandemic preparedness. History has shown time and again that if action is not taken during a crisis, then political will dissipates once the crisis fades from view. An expedited timeline for establishing the Fund will provide a critical new tool for the ongoing COVID-19 response efforts and create continuity between the pandemic response and recovery activities while bridging to escalated and sustained efforts on pandemic preparedness. 

This policy brief, prepared by contributors from the Center for Global Development, Pandemic Action Network, and Nuclear Threat Initiative, is intended to inform and guide ongoing conversations among governments and non-governmental stakeholders on the parameters and design of the new Fund and action plan.

Read the policy brief here.