A green COVID-19 recovery to save the climate and the economy
6 April 2020
New research by Cameron Hepburn, Brian O’Callaghan, Nicholas Stern, Joseph Stiglitz and Dimitri Zenghelis suggests that international economic recovery from COVID-19 must be environmentally-conscious.
Their analysis of possible COVID-19 economic recovery packages shows the potential for strong alignment between the economy and the environment. They review evidence suggesting that green projects create more jobs, deliver higher short-term returns per dollar spend and lead to increased long-term cost savings, when compared to traditional stimulus packages.
Examples include spending on building efficiency retrofitting, clean R&D spending, and investment in education and training to address immediate unemployment from COVID-19 alongside structural employment opportunities from de-carbonisation. Meanwhile, unconditional airline bailouts performed the most poorly in terms of size and speed of economic as well as climate metrics.
> Read the full paper 'Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?'
> Read the related briefing for UK policy makers from the COP26 Universities Network
> Read the full working paper 'A net-zero emissions economic recovery from COVID-19'
Selected related articles and news coverage
> Reset your economy: the power of green stimulus packages (Global Government Forum)
> What will be the priority after coronavirus: the climate, the economy or both? (Channel 4 News)
> Green pandemic recovery will deliver more jobs and returns, study claims (ITV News)
> Green stimulus can repair global economy and climate, study says (The Guardian)
> At the Glasgow climate conference, the UK could kickstart a green tech revolution (The Guardian)
> How to grow green (Bloomberg)
> Renewable energy projects create jobs, save money, say top economists (Sydney Morning Herald)
> Green Stimulus Finds Support From G-20 Officials, Central Bankers (Financial Post)
> China can lead a green recovery (China Daily)
> Destination: green airline bailouts (Environmental Journal)
> What On Earth - listen to Cameron Hepburn from 10m 34 (CBC Radio podcast)
> Airline bailouts highlight the debate over how green the coronavirus recovery should be (Fortune)
Photo: Science in HD