COVID-19 recovery funds dwarf clean energy investment needs

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Date Published 2020, October 16

Authors Marina Andrijevic, Carl-Friedrich Schleussner, Matthew J. Gidden, David L. McCollum, Joeri Rogelj

Journal Science
16 Oct 2020, Vol. 370, Issue 6514, pp. 298-300 , DOI: 10.1126/science.abc9697

Governments around the globe are responding to the economic crisis brought about by the coronavirus pandemic with unprecedented economic recovery packages. This study shines a light on the opportunity for these investments to support a green recovery by inventorying and classifying the latest information on governments’ fiscal stimulus plans and comparing the size of these measures to estimates of low-carbon energy investment needs compatible with the Paris climate agreement.

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A modest fraction of worldwide COVID-19 economic stimulus package funds—which have surpassed USD 12 trillion to date—could help put the world on track to Paris Agreement goals for the climate.

The figure below shows how Covid-19 stimulus packages (left-hand bars) compare to the annual investment needed for a Paris-compatible pathway (middle) and the shift required compared to existing policies (right-hand).