The COVID-19 pandemic has had a devastating impact on the global economy, with billions of dollars in lost production and millions of jobs lost. In response, governments around the world have implemented massive stimulus packages to try to mitigate the damage.
In the West, the United States and Europe have been among the countries that have invested the most to avoid the problem of Covid-19, with aid to companies and financing for state and local governments.
Instead, the amount of stimulus spending dedicated to climate change has been much less than the amount dedicated to COVID-19. The Green Climate Fund, which is the largest international fund dedicated to climate change, has only raised $10.3 billion since its inception in 2010. This is a small fraction of the billions of dollars that have been spent on COVID stimulus -19.
There are a number of reasons for this discrepancy. First, the COVID-19 pandemic has been a much more immediate threat than climate change. The pandemic has caused widespread deaths and economic disruption, while the effects of climate change are still manifesting and not seen as urgent, even if they are.
Second, there has been more political consensus on the need for a COVID-19 stimulus than on action against climate change. The COVID-19 pandemic has been a global crisis that has affected everyone, while climate change is a more
Third, the COVID-19 pandemic has created a sense of urgency that has not been present with climate change. Governments have been willing to spend billions of dollars to try to contain the pandemic, while they have been more hesitant to spend money on climate change, which is seen as a longer-term problem.
Therefore, when someone tells us that the cost to avoid Climate Change is "very expensive", we have to say that this is an absolute lie. An article entitled “COVID-19 recovery funds dwarf clean energy investment needs” has been published in Science magazine, explaining that only a "small fraction" would be needed to comply with the Paris agreements (on the order of 10% ) of what was spent to get out of Covid-19.
And if this is not done, it is only due to the lack of urgency of the world governments, due to the pressure and interests of the big companies (oil and others), and because the citizens are not aware of the urgency of these actions.
Raising more money for climate action is only part of the challenge. The world also needs to find ways to spend this money more effectively. There is a risk that if too much money is spent on climate change, it will be wasted on ineffective projects. Governments need to carefully assess climate-related investments to ensure they are getting the most for their investment.
Viewed broadly, the COVID-19 pandemic has created a unique opportunity to address climate change. The world has seen how quickly governments can act when faced with a major crisis. If governments can channel this same energy and urgency into climate action, the world can make significant progress in addressing this critical challenge.
In addition to the financial resources needed to address climate change, political will is also needed. Governments must be willing to make tough decisions, such as raising taxes and cutting subsidies on fossil fuels. They must also be willing to work together to develop and implement international agreements on climate change.
Conclusion
The COVID-19 pandemic has shown that the world is capable of great things when it comes together to tackle a common challenge. If the world can harness this same spirit of cooperation to address climate change, it can avoid a potentially catastrophic crisis like Climate Change.
The amount of money governments need to spend on climate action will depend on a number of factors, including the severity of the climate crisis and the pace at which the world transitions to a low-carbon economy. However, it is clear that the world needs to invest significantly more in climate action if it is to avoid the worst effects of climate change.
Will we make it on time? I have my doubts, but time will tell.
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