A new economic study in the Oxford Economic Review shows that a green COVID-19 recovery packages will boost economic growth more than conventional packages, and could stop climate change. It’s better for the economy, as well as better for climate change and for our health.
The Guardian reports that the study shows that projects that cut greenhouse gas emissions give higher returns in both the short term and the long term. Clean energy projects would create twice as many jobs as fossil fuel projects. A green recovery plan would also create a fairer, more resilient world.
Projects could include energy conservation (insulation, caulking, etc.), building EV charging networks, flood protection, redesigning roads to allow more cycling, planting trees, more broadband to support working at home, and more. The study also says any bailout for fossil fuels should have conditions requiring the companies to reduce their climate impact.
Professor Cameron Hepburn, lead author of the study, said “Tackling climate change has the answer to our economic problems.”
The study analyzed more than 700 stimulus projects and compared them to the 2008 financial crisis, and interviewed over 230 international finance, banking and economic experts about the ability of projects to stimulate recovery and the potential for climate benefits.
Green stimulus plans are better for the economy, better for our health, better for the climate, and better for air pollution. It’s good news for everyone.
