More than 100 of the world’s leading economists have urged policymakers to seize a “rare opportunity” to establish a greener, fairer economic system in the wake of the coronavirus pandemic. “As much as the present moment painfully underscores the weaknesses of our economic system, it also gives us the rare opportunity to reimagine it,” the academics wrote in an open letter this week. “As we seek to rebuild our world, we can and must end the carbon economy.” The group, which counts Jeffrey Sachs, Nobel Peace prize winner Joseph Sitglitz, Mariana Mazzicato, and Kate Raworth amongst its number, set out its case in a letter published in The Guardian that underscored how climate breakdown is disproportionately felt by low-income and marginalised communities. Furthermore, the experts argue that governments must actively phase out the fossil fuel industry by ending bailouts and subsidies to the sector in the wake of the pandemic, noting that a failure to do so will delay the clean energy transition crucial to reducing carbon emissions.

Posted by

BusinessGreen