Health experts from around the world have warned for years that countries, regional bodies, and global institutions must invest more in critical capacities to prevent, detect, and respond to epidemic and pandemic threats. The COVID-19 pandemic—with more than six million deaths to date and costs to the global economy estimated by the International Monetary Fund to reach at least $12.5 trillion through 2024—is the latest, and most devastating, crisis to underscore the need to shape and sustainably fund long-term pandemic preparedness capacities globally.

On April 21, 2022, immediately after G20 finance ministers and central bank governors reached consensus to establish a new Fund for preparedness at the World Bank, a group of leading experts and stakeholders from governments, civil society, academia, and multilateral institutions working in global health, global health security, and biodefense met to review progress and offer advice on next steps.

This paper reflects the key takeaways from that conversation and aims to inform next steps to structure, approve, and launch a new Fund, including the consultative process led by the World Bank.