As the deadly COVID-19 pandemic brought the world to a standstill, greenhouse gas emissions plummeted by a record amount. Yet, in the grand scheme of climate change, this historic reduction was but a blip with little impact on atmospheric carbon dioxide levels.
Despite the postponement of the United Nations Climate Change Conference (COP 26) to next year, momentum for greater climate action continues during the COVID-19 crisis. On 12 December 2020, the United Kingdom (host and President of COP26), the United Nations and France, in partnership with Chile and Italy, will co-host the Climate Ambition Summit 2020 to mark the fifth anniversary of the Paris Agreement for climate change.
The world registered a record reduction of energy-related CO2 emissions in the first half of 2020. Energy demand plunged amid widespread restrictions on economic activities and movement of people. By September, however, the CO2 emissions recovered to the previous year’s level as lockdown measures were relaxed and economic activities rebounded. The carbon dioxide emissions reduction this year is projected to remain a one-time dip with negligible impact on the buildup of atmospheric CO2.
This year’s reduction in emissions was a result of painful behavioral changes forced upon the global population to mitigate the COVID-19 pandemic. On top of the risk of infections and widespread social anxieties, the unprecedented plunge in economic activities resulted in massive economic losses with rapid surge in bankruptcy and unemployment in most countries.
The experience this year clearly demonstrates that restraining economic activities, with its painful consequences, will not slow down CO2 build-up and global warming. Austerity cannot lead to a zero emissions economy. The green transition needs a new mode of production and consumption and post-crisis investments must accelerate economic transformation to ensure that we “recover better together”.
The December Monthly Briefing is available here.
Photo by Marcin Jozwiak on Unsplash.