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Speaking ahead of a virtual meeting of 30 nations, Germany and Britain’s environment ministers said Monday that efforts to revive the global economy in the wake of the coronavirus pandemic must ensure a ‘green recovery’ that helps the world tackle climate change, according to AP. The ministers emphasized the importance of economic recovery programs to invest in jobs of the future that reduce greenhouse gas emissions and the need for the global community to work together to prioritize a green recovery.
Additionally, ahead of the digitally-held Petersberg Climate Dialogue, an annual summit organized by the German government in preparation for the UN climate conference, 68 companies released a statement expressing their support of green economic stimulus measures.
Why This Matters: Aside from the declaration from Europe’s two largest economies French Finance Minister Bruno Le Maire also expressed that any recovery efforts should be in line with the EU’s climate goals and across the world, New Zealand has indicated a similar goal. But here in the United States, when Democrats tried to push for similar measures in recovery packages they were met with ridicule by their Republican colleagues. But Republicans recently pushed for their Trillion Trees Act to include incentives for homeowners and homebuilders to use low-carbon building materials, energy-efficient appliances, and more insulation–though this certainly won’t yield as many jobs as investing in renewables.
Renewable Energy Outlook: Whereas the outlook for investment in renewable energy projects in the United States looks uncertain, in Europe the environment is much more favorable. Despite COVID-19 and a global economic recession, France had stepped up its commitment to renewable energy.
In the U.S.? After President Trump and Senator Majority Leader Mitch McConnell mocked clean energy, the industry–one of America’s most promising–could lose up to half a million jobs without necessary protections and precautions.
Investing $110 trillion in renewables could, on the other hand, potentially spur an even more robust economic recovery from COVID-19 by creating massive socioeconomic gains as well as generate savings of $50 trillion-$142 trillion by 2050.
This goes to show that we know what the biggest job-creating investments are in our economy, we just need the political will to direct federal dollars into those industries. Europe is taking the data seriously, will the U.S.?
As Greentech Media reported, oil and gas giant BP announced yesterday that it will cut its oil and gas output by 40% by 2030 and increase its low-carbon investment tenfold by then as it begins to detail its 2050 net-zero strategy. This announcement comes after BP head of strategy Giulia Chierchia told investors on a […]
Investment in electric vehicles and their components and infrastructure continue to grow in spite of the pandemic and economic downturn, not to mention the infancy of the market.According to MarketWatch.com, there is “sky high” investor interest in clean energy and electric vehicle companies.
President Trump trumpeted his trade deal with China, but so far it has been a bust, according to The Wall Street Journal — the Chinese have not purchased nearly the amount of energy (in terms of total dollars) as they promised — only $2B in oil and gas purchases against a commitment of $25B for this year.
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