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Introduced by Prime Minister Modi at COP26, “Lifestyle for Environment (LiFE)” would entail a change in individual and societal behaviour with respect to sustainable consumption and production. The taskforce will deliberate on the need to create a mass movement for sustainable consumption, in which every citizen and stakeholder contributes to the green transition effort. What are the technologies, re-skilling initiatives, financial support, and other efforts needed to reduce the burden on developing countries and communities? The taskforce will also explore ways to ensure that capital and capacity is available for disaster resilient infrastructure in island nations, developing countries, and for developing future cities and habitats.

In terms of economic systems, questions concerning integrity in banking, finance, and insurance have come to the fore. To make economic systems more robust, just, and inclusive, a values- and ethics-based approach is likely to yield principled and lasting solutions.

In addition, GDP-based measurements of growth have not been fully able to capture the salience of socio-economic progress. Economic and social development should lead to overall wellbeing. Thus, a new measurement matrix of wellbeing should be explored.