Governments urged to attach green strings to long-term coronavirus recovery plans
(Climate Home News, 23 Mar 2020) Governments and financial institutions are under growing pressure to make economic bailouts designed to counter the coronavirus pandemic dependent on climate action in the longer term.
Over the last week, hundreds of billions of dollars worth of stopgap measures have been announced to fight the coronavirus and limit economic shortfalls.
In the US, industries are scrambling for a share of a $1 trillion-stabilisation package with the aviation industry expected to receive a large chunk.
Last week, the European Central Bank (ECB) announced a €870 billion ($781bn) emergency bond-buying programme to stabilise the euro zone economy until the end of the year – the equivalent of 7.3% of the euro area’s GDP.
In contrast, the EU Commission has promised a trillion euros over a decade to finance its Green Deal and support the union’s plan to be the first climate neutral continent by 2050.