A decade ago, as world economies clawed their way back from the global financial crisis of 2008, climate experts pushed nations to adopt green spending plans that would boost renewable energy and cut fossil-fuel emissions. Now, as countries face crumbling financial markets and skyrocketing unemployment, a group of leading economists warns that the coronavirus pandemic could be our last chance to prevent catastrophic climate change.
The authors asked over 230 leading experts from around the world to rank potential stimulus policies for a series of factors, including how they might help (or hurt) the climate, how quickly they could be implemented, how likely they were to boost the economy over the long run. Green stimulus measures were among the top-rated options, thanks to expectations that they would provide the best bang for government buck and help economies recover from the pandemic.
The top climate-friendly policies were no-brainers: Experts recommended investing in low-carbon transportation (think trains, subways, and electric vehicle charging), clean energy research (such as improving battery storage and researching methods to store carbon deep underground), and decarbonizing the electricity grid. All of these measures would cut carbon emissions as well as provide great long-term returns for each dollar of government spending.
Source: Grist
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