Less money available to waste on absurd and costly schemes for climate obsessives? What a shame – not. A harsh new reality has arrived.
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Much remains uncertain as the effects of the Coronavirus ravage economies, says Dave Keating @ Forbes.
But what seems clear is that any assumptions made about transitioning to the green economy have now been rendered obsolete.
[…] The EU’s Green Deal, with its target to completely decarbonize by 2050 proposed earlier this month, has not taken the massive economic and social disruption of Coronavirus into account.
Assumptions made just a few weeks ago will now have to be completely revised. There is particular urgency to revise the EU’s medium-term goal of reducing emissions by 40% by 2030, adopted in 2014.
Máximo Miccinilli, Energy Director at the Center on Regulation in Europe (CERRE), says this 2030 strategy is the “most exposed element” of EU climate policy to Coronavirus risks, after the ETS.
The European Commission’s climate plan aims at defining mandatory trajectories over the next three decades.” he says. “There is, however, an urgent need for including in the modelling exercise the implications of a global sanitary-economic crisis of the magnitude of COVID-19.”
He says the Commission must define “new scenarios that include lower industrial outputs, crises in strategic sectors – e.g. aviation, automobile, tourism, etcetera – lower carbon prices and other fundamental, socio-demographic developments which would result from a potential five-year long recession.”
This should be in addition to urgent measures taken to adjust the ETS, he says.
Climate campaigners have argued that economic recovery measures that don’t take the Green Deal into account risk destroying Europe’s chances of meeting the Paris Agreement goals.
As the EU and national governments flood the economy with unprecedented bailout funding, much of that funding will go to emissions-intensive sectors like aviation and industry.
And politicians that have been sceptical about EU climate action are already saying the outbreak means that efforts to tackle climate change should be suspended, while industry is propped up.
Forbes article here.
via Tallbloke’s Talkshop
March 24, 2020 at 05:36PM