Europe Pushes for Green Stimulus, Will Congressional Republicans Finally See the Light?

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.

The Opportunity: As OilPrice.com explained, the International Renewable Energy Agency (IRENA)–an organization dedicated to promoting global adoption of renewable energy and facilitating sustainable use–says that it will cost the global economy $95 trillion to help return things to normal.

  • 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.?

Up Next

Ford and BMW Invest $130 Million in Solid-State EV Battery Development

Ford and BMW Invest $130 Million in Solid-State EV Battery Development

Ford and BMW are leading a $130 million investment in EV battery start-up Solid Power, the companies announced Monday. Solid Power makes solid-state batteries, which don’t use the liquid electrolyte found in the lithium-ion batteries used to power most electric vehicles. 

Why This Matters:  Car companies have long been allies of the fossil fuel industry. Now they are pivoting and expanding into EVs, not only pledging to reduce emissions but to go fully electric in coming decades.

Continue Reading 492 words
Biden Admin Approves Massive Solar Project in CA Desert

Biden Admin Approves Massive Solar Project in CA Desert

by Natasha Lasky, ODP Staff Writer On Monday, the Biden administration announced that it had approved a $550 million solar energy project—named the Crimson Solar Project— with the capacity to power almost 90,000 homes. This project will be built on 2,000 acres of federally owned desert land west of Blythe, California.  This area, halfway between […]

Continue Reading 358 words
Michigan Moves to Shut Down Pipeline, Tensions Rise Between US and Canada

Michigan Moves to Shut Down Pipeline, Tensions Rise Between US and Canada

by Amy Lupica, ODP Staff Writer The Keystone XL isn’t the only oil pipeline under threat of having its permit revoked. A battle is ramping up in Michigan, where Governor Gretchen Whitmer ordered Calgary-based Enbridge to shut down a nearly 70-year-old pipeline that carries millions of barrels of crude oil beneath the Great Lakes each day. Indigenous communities […]

Continue Reading 792 words

Want the planet in your inbox?

Subscribe to the email that top lawmakers, renowned scientists, and thousands of concerned citizens turn to each morning for the latest environmental news and analysis.