Fraction of money earmarked for COVID-19 recovery could boost climate
efforts

Date:
October 16, 2020
Source:
Imperial College London
Summary:
Global stimulus plans for economic recovery after the pandemic
could easily cover climate-friendly policies, suggests a new study.



FULL STORY ========================================================================== Global stimulus plans for economic recovery after the pandemic could
easily cover climate-friendly policies, suggests new study.


========================================================================== Governments worldwide are planning stimulus packages to boost the economy following the disruptions caused by the COVID-19 pandemic. So far,
more than $12 trillion USD have been pledged in such packages. This
response is three times larger than the 2008-2009 global financial
crisis recovery spending, and represents around 15 percent of global
gross domestic product (GDP).

A new analysis published today in Science, led by researchers from
Imperial College London, Climate Analytics in Berlin, and the Electric
Power Research Institute in the United States, shows that if just a
tenth of this money was invested each year over the next five years in climate-positive recovery plans for the global energy system, the world
could be put on track to meet the goals of the Paris Agreement.

The Paris Agreement aims to limit the average global temperature rise
this century to well below 2DEGC above pre-industrial temperatures and to pursue efforts to keep it at 1.5DEGC. This will require a reduction in the
use of fossil fuels, a shift to low-carbon renewable sources of energy,
such as solar and wind power, and large improvements in energy efficiency.

However, current efforts by governments worldwide are insufficient to
reach the Paris Agreement goals. Instead, today's policies are leading
us towards a world 3DEGC above pre-industrial averages. These higher temperatures will bring greater risks and more severe impacts, such as droughts, flooding and storms.

The new analysis shows that an ambitious path to a 1.5DEGC world is well
within reach if just a fraction of COVID-19 funding is invested in a
'climate- positive' recovery, with the dual aims of stimulating the global economy and accelerating the deployment of low-carbon energy supply
and energy efficiency measures. This could be achieved, for example,
via direct stimulus and investments as well as via supporting policies
such as incentives and rebates.



========================================================================== Senior author Dr Joeri Rogelj, from the Grantham Institute -- Climate
Change and the Environment at Imperial, said: "Our findings show that
investing in solutions to limit warming to 1.5DEGC is well within
budget. In fact, the increase in low-carbon energy investments required
over the next five years to move the world on track to meet the Paris
Agreement targets is about eight times smaller than the total current
COVID-19 stimulus." First author Marina Andrijevic, from Climate
Analytics and Humboldt University, said: "If just a fraction of this
money was invested in climate-positive recovery plans, the world could
achieve net zero carbon energy by mid-century.

This is not about diverting money from COVID-19 stimulus or other
low-carbon investments in industry, research and development,
but providing for the win- win solution of a boosted economy that simultaneously helps our efforts to stall climate change." Few countries
have stated in full detail what they will use their recovery packages for,
but immediate priorities will likely be to support healthcare systems,
preserve livelihoods and stabilise employment. Beyond these, governments
will be looking for investments that can foster economic recovery over
the longer term.

Several reports, including a survey of over 230 experts worldwide,
have shown how a green recovery can support this goal by providing both
short- and long- term benefits, including job creation and lowering the investment risk of green technologies.

Dr Rogelj added: "Climate-positive recovery packages provide many benefits governments are looking for to get out of this crisis: they can boost employment and stimulate innovation, thus accelerating the development
of technologies required for a global low-carbon transformation."
The team's analysis shows that a climate-positive recovery also needs a
strong, near-term focus on actively avoiding a polluting recovery, such as stimulus packages that bail out fossil fuels. Investments in these sectors
are poised to continue in the coming years, but there is strong evidence
for redirecting this funding to a climate-positive recovery and for
supporting the transition by other means, such as reskilling employees.

The analysis shows that this will be easier for some countries
than others. The US and the European Union have pledged the most in post-pandemic recovery, and also need to invest the least proportionally
in low-carbon energy to be on track to reach the Paris Agreement
goals. Meanwhile, emerging economies like India have put forward less
funding for pandemic recovery, but require proportionally more investments
to provide their populations with reliable, clean and affordable energy.

Co-author Dr David McCollum, from the Electric Power Research Institute
and the University of Tennessee, said: "The differing situations between developed and emerging economies in these times of crisis remind us of
the need to look beyond borders and to collaborate internationally so
that a climate-positive recovery benefits everyone, everywhere."

========================================================================== Story Source: Materials provided by Imperial_College_London. Original
written by Hayley Dunning. Note: Content may be edited for style and
length.


========================================================================== Journal Reference:
1. Marina Andrijevic, Carl-Friedrich Schleussner, Matthew J. Gidden,
David
L. McCollum, Joeri Rogelj. COVID-19 recovery funds dwarf clean
energy investment needs. Science, 2020; 370 (6514): 298-300 DOI:
10.1126/ science.abc9697 ==========================================================================

Link to news story: https://www.sciencedaily.com/releases/2020/10/201015173135.htm

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