COVID-19 recovery funds dwarf clean energy investment needs

Andrijevic, M., Schleussner, C.-F., Gidden, M. ORCID: https://orcid.org/0000-0003-0687-414X, McCollum, D., & Rogelj, J. ORCID: https://orcid.org/0000-0003-2056-9061 (2020). COVID-19 recovery funds dwarf clean energy investment needs. Science 370 (6514) 298-300. 10.1126/science.abc9697.

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Abstract

Governments around the globe are responding to the coronavirus disease 2019 (COVID-19)–related economic crisis with unprecedented economic recovery packages (1), which at the time of writing surpassed USD 12 trillion. Several influential voices, including the United Nations (UN) secretary-general, heads of state, companies, investors, and central banks, have called for post–COVID-19 economic recovery efforts to be used to catalyze the necessary longer-term transformation toward a more sustainable and resilient society. Here we shine a light on the opportunity for these investments to support a green recovery by inventorying and classifying the latest information on governments' fiscal stimulus plans (1) and comparing the size of these measures to estimates of low-carbon energy investment needs compatible with the 2015 UN Paris Agreement. We show that low-carbon investments to put the world on an ambitious track toward net zero carbon dioxide emissions by mid-century are dwarfed by currently announced COVID-19 stimulus funds. But marked differences across countries and regions at differing stages of development emphasize the role that international support and global partnership must play to create conditions that enable a global climate-positive recovery.

Item Type:	Article
Uncontrolled Keywords:	COVID-19
Research Programs:	Energy (ENE)
Depositing User:	Luke Kirwan
Date Deposited:	16 Oct 2020 07:30
Last Modified:	27 Aug 2021 17:33
URI:	https://pure.iiasa.ac.at/16784

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