How to save economy and climate together
(Climate News Network, 7 May 2020) There’s growing agreement by economists and scientists: Covid-19 needs the world to rescue both economy and climate together.
The warnings are stark. With the Covid-19 crisis wreaking global havoc and the overheating atmosphere threatening far worse in the long term, especially if governments rely on the same old carbon-intensive ways, both economy and climate will sink or swim together.
“There are reasons to fear that we will leap from the Covid-19 frying pan into the climate fire”, says a new report, Will Covid-19 fiscal recovery packages accelerate or retard progress on Climate Change? Published by the Smith School of Enterprise and Environment at the University of Oxford, UK, it says now is the time for governments to restructure their economies and act decisively to tackle climate change.
“The climate emergency is like the Covid-19 emergency, just in slow motion and much graver”, says the study, written by a team of economic and climate change heavyweights including Joseph Stiglitz, Cameron Hepburn and Nicholas Stern.
Economic recovery packages emerging in the coming months will have a significant impact on whether globally agreed climate goals are met, says the report.