The WHO Foundation has issued a warning that vaccine inequity will result in a significant financial loss for the world, with estimates suggesting the cost could reach trillions of dollars.

• If more Covid-19 vaccines aren't delivered globally, the CEO of the WHO Foundation stated that the world economy will suffer a significant financial loss, amounting to "trillions of dollars."
• By mid-2022, the World Health Organization aims to have 70% of the global population vaccinated.

If more Covid-19 vaccines aren't delivered globally, the CEO of the WHO Foundation predicts that the world economy will suffer a significant financial loss, amounting to "trillions of dollars."

Anil Soni, the Foundation's first CEO, stated that Europe and the West have a duty to provide excess doses and financial support to purchase vaccines for the global population.

By mid-2022, the World Health Organization aims to have 70% of the global population vaccinated.

In the latest episode of CNBC's "Equity and Opportunity," Soni emphasized the importance of vaccinating the world against Covid, stating it as a "moral obligation."

Soni stated that we reside in a world where we observe the consequences of deep, structural, multi-generational inequalities. This presents an opportunity to act differently and demonstrate that history can be corrected. We can achieve a moral victory by responding equitably, valuing everyone equally, and ensuring that everyone has access to life-saving technology.

Vaccine inequity is economically self-defeating, as the numbers show. If we don't achieve high vaccine coverage, we will lose trillions of dollars in the global economy due to supply chain disruptions caused by continued lockdowns and high rates of Covid-19 transmission in certain countries.

Even with vaccines, the recent variant, omicron, has spread rapidly, and if a significant portion of the world remains unvaccinated, future variants may be resistant to vaccinations, as Soni stated.

In 2020, the WHO Foundation was founded to aid the World Health Organization in combating the world's most pressing health issues.

Not enough progress

Soni stated to CNBC that he was pleased with the advancements made through vaccines in the first two years of the Covid pandemic. However, he emphasized that the pandemic will not be fully resolved until the global target of 70% vaccination is achieved, and there has not been enough progress in this regard.

While over 10.5 billion vaccine doses have been given worldwide, only approximately 13% of those in low-income countries have been vaccinated, in contrast to nearly 70% in high-income countries, according to a recent report by the U.N.

To achieve the 70% target of vaccination coverage, we must act differently in the next few months. We need to allocate more resources and money to purchase vaccines, share doses, and ensure effective delivery in countries worldwide.

Fundraising campaign

The "Go Give One" fundraising campaign was launched by the WHO Foundation in 2021.

The campaign urges individuals to donate $5, with 95% of the funds being used to purchase a single vaccine through the international initiative COVAX, which is co-led by the WHO, Coalition for Epidemic Preparedness Innovations, and vaccine alliance Gavi, and delivered by UNICEF.

Over $10 million has been raised in the campaign, allowing for the purchase of 2 million vaccines.

He emphasized the significance of sharing manufacturing knowledge to produce vaccines in achieving vaccine equity.

"These products can be manufactured by manufacturers in low- and middle-income countries, in the Americas, in Asia, and in Africa, and they are prepared to do so," he stated.

The World Health Organization and other organizations are facilitating technology and information transfer, but we need Western companies, specifically those in Europe and the United States, to cooperate and view this as a win, an opportunity for them to invest in manufacturing capacity in these countries that they cannot meet themselves.

Freedom through vaccinations

Soni expressed his willingness to engage in conversations with those who are against receiving a vaccine, to address their concerns and provide more information on vaccine safety.

Although many vaccines have received conditional approval, they are still effective. This is because full approval requires additional data on the product's stability on a shelf, which is part of the regulatory process.

Soni cautioned that while many countries have lifted Covid restrictions, it is crucial to safeguard that liberty through vaccinations.

"We are experiencing liberation and freedom at this moment. That's great. However, we must safeguard this by ensuring everyone is vaccinated," he stated.

The WHO Foundation has updated the figure on how much the campaign has raised to date.