Solving Two Crises at Once

We can save the economy and environment together

Photo by Robert Metz on Unsplash

Covid-19 has caused shockwaves around the world, creating a health crisis and economic impacts beyond anything we have seen in our lifetimes. As governments scramble to provide fiscal stimulus packages and create recovery plans for the short term, with G20 countries earmarking $7.3 trillion in spending so far, there is a threat that environmental considerations will be sacrificed in favour of rebuilding the economy quickly.

However, if we pursue economic recovery at all costs, “we will leap from the Covid frying pan into the climate fire.” These worries are well-founded when we consider that carbon emissions rose significantly in the aftermath of the 2008–2009 financial crisis, with the economic impacts of coronavirus expected to be far worse.

The World Bank warned against actions that yield short-term benefits at the expense of long-term sustainability. They suggested investments in areas such as energy efficiency improvements for buildings, resilience to floods and droughts, and sustainable transport infrastructure.

Projects already identified within existing climate change adaptation plans should form the basis for response and be adapted based upon “their potential to fit the needs of a stimulus”. Needs should be assessed using short…