Amid the COVID-19 pandemic, the expected world economic downturn raises fears of a bleak future. The aftermath of the crisis will be painful. Economic prospects are worrying. Given the virus’ infectiousness, no country will be spared. This situation could weaken the world economy for years.

Rather than encasing ourselves in fear, we should stay positive and optimistic. “Dwell on the beauty of life. Watch the stars, and see yourself running with them” Roman Emperor Marcus Aurelius once said.

Today’s turmoil can be turned to a unique opportunity. Therefore, we need swift action, adequate resources and comprehensive international cooperation to stop the vicious cycle.

Within this context, financial pledges are more than welcome. At the local level, each country should take all necessary measures to get the economy back on track. Everywhere, national stimulus plans should be announced.

At the international level, financial tools need to be reviewed or firmly developed. In such a situation it is essential to focus on how to restore global confidence and what can be achieved.

Green bonds, with their constraints, can play an important role in improving the financial situation. Once considered too binding or restrictive, the mechanism is now an appealing solution. Until today, green bonds represented a financial ethical tool. The idea was to fund, from downstream point sources, projects with positive impact on the environment, such as renewable energies, energy conservation, reduction of carbon emissions and, generally speaking, any business activities that could contribute to the ecological transition. In spite of their growing success, the green bonds collected remain a very minor portion of all bonds issued in the world. Only a narrow circle of large companies or financial public institutions are active in this area.

Green bonds must be expanded by widening their scope: all activities essential for world survival. Up to now, this principle operated on a case-by-case basis according to market players’ needs. With the international health crisis, we finally realize existing means were notoriously insufficient to find efficient, long-lasting solutions.

The same is true for the energy sector. We must move from conservative and isolated strategies to a generalization of the green bonds in order to fund the transformation of the current energy model and an end to global warming. The same applies to artificial intelligence and, in the long run, space exploration.

Unlike many financial instruments designed for a short-term return on investment, green bonds are played out over the long term. This extended period allows sufficient time for large projects to mature and be successfully completed.

Under this scheme, international cooperation is the key to success. No country can tackle climate change or a pandemic on its own for one simple reason: everything that occurs on Earth is deeply intertwined. With the high stakes involved, we are confident all will play their part. When the crisis has abated, green bonds may become the flagship for innovation.

Fran?ois de la Chevalerie is a member of the Foundation Charles de Gaulle.

Zhongbao Ling has over 22 years of experience in auditing and corporate finance.

The opinions expressed here are those of the writer and do not necessarily represent the views of China Daily and China Daily website.