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Trillions of dollars spent on Covid recovery in ways that harm environment
(The Guardian, 15 Jul 2021) Only 10% of $17tn global bailout directed to cutting greenhouse gas emissions and restoring nature, report finds.
Trillions of dollars poured into rescuing economies around the world from the Covid-19 crisis have been spent in ways that worsen the climate crisis and harm nature because governments have failed to fulfil promises of a “green recovery” from the pandemic.
Only about a tenth of the $17tn in bailouts provided by governments since the start of the pandemic was spent on activities that reduced greenhouse gas emissions or restored the natural world, according to analysis from Vivid Economics, published on Thursday.
Of the total spending, most went on emergency measures, such as wage payments, to keep economies afloat. But about $4.8tn of the spending, including outlays on road construction, bailouts for airlines, and boosts to food production, had a clear environmental impact – and Vivid Economicsfound that most of that impact was negative.
About $3tn was spent in ways that would increase greenhouse emissions and harm the natural world, outweighing the $1.8tn spent globally on green projects, such as renewable energy and low-carbon transport.
The Guardian, 15 Jul 2021: Trillions of dollars spent on Covid recovery in ways that harm environment
