Greening the Post-pandemic Recovery in the G20
#MMPMID32836827
Barbier EB
Environ Resour Econ (Dordr)
2020[]; 76
(4
): 685-703
PMID32836827
show ga
Rebuilding G20 economies after the COVID-19 pandemic requires rethinking what
type of economy we need and want in the future. Simply reviving the existing
'brown' economy will exacerbate irreversible climate change and other
environmental risks. For G20 economies, investing in a workable and affordable
green transition is essential. A good place to start is learning what worked and
what did not from previous efforts to green the economic recovery during the
2008-2009 Great Recession, examining the cases of the United States and South
Korea. Policies for a sustained economic recovery amount to much more than just
short-term fiscal stimulus. Transitioning from fossil fuels to a sustainable
low-carbon economy will require long-term commitments (5-10 years) of public
spending and pricing reforms. The priorities for public spending include support
for private sector green innovation and infrastructure, development of smart
grids, transport systems, charging station networks, and sustainable cities.
Pricing carbon and pollution, and removing fossil-fuel subsidies, can accelerate
the transition, raise revenues for the necessary public investments, and lower
the overall cost of the green transition.
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