Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?
By Cameron Hepburn, B. O’Callaghan, N. Stern, Joseph E. Stiglitz, Dimitri Zenghelis. Oxford review of economic policy, 2020
612 citations recorded by the source corpus.
Abstract The COVID-19 crisis is likely to have dramatic consequences for progress on climate change. Imminent fiscal recovery packages could entrench or partly displace the current fossil-fuel-intensive economic system. Here, we survey 231 central bank officials, finance ministry officials, and other economic experts from G20 countries on the relative performance of 25 major fiscal recovery archetypes across four dimensions: speed of implementation, economic multiplier, climate impact potential, and overall desirability. We identify five policies with high potential on both economic multiplier and climate impact metrics: clean physical infrastructure, building efficiency retrofits, investment in education and training, natural capital investment, and clean R&D. In lower- and middle-income countries (LMICs) rural support spending is of particular value while clean R&D is less important. These recommendations are contextualised through analysis of the short-run impacts of COVID-19 on greenhouse gas curtailment and plausible medium-run shifts in the habits and behaviours of humans and institutions.
Subfields: Economics and Econometrics, Global and Planetary Change, Renewable Energy, Sustainability and the Environment
View Paper: https://www.semanticscholar.org/paper/35b0d40a4f8cf30f6b02432df4fa5383549a266f
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Economics and Econometrics
- Marco R. Di Tommaso
- M. Biggeri
- Xin Gu
- Weiqiang Zhang
- Yewei Tao
- Shang Ying
- Elisa Barbieri
- Andrea Ferrannini
In Global and Planetary Change
Citations in the corpus
- Industrial policy for sustainable human development in the post-Covid19 era (2020, positive): “Thirdly, the dramatically high human costs inflicted worldwide by the pandemic urge us to make fundamental changes to our economic and social systems (Hepburn et al., 2020; Mazzuccato, 2020; Piketty, 2020).”
- How Do Firms Respond to COVID-19? First Evidence from Suzhou, China (2020, background): “Moreover, the negative impact of such infectious diseases is distributed unevenly across industries: industries such as transport, catering, and tourism are likely to be constrained by demand shocks, while industries related to manufacturing and mining face large supply shocks (Bloom, de Wit, and Ca”