Guest essay by Eric Worrall
Renewable energy companies are distressed that nobody in the Trump administration has called to offer them a share of Coronavirus economic stimulus cash.
Coronavirus could weaken climate change action and hit clean energy investment, researchers warn
- The coronavirus poses a serious threat to long-term climate change action by compromising global investments in clean energy and weakening industry environmental goals to reduce emissions.
- The International Energy Agency is urging governments to offer economic stimulus packages that invest in clean energy technologies.
- “If the lesson learned is, let’s get back to the status quo ante, then [the virus] probably will slow down the energy transition,” author and climate activist Bill McKibben told CNBC.
The International Energy Agency, or IEA, has warned the virus outbreak will likely undermine clean energy investment and is urging governments to offer economic stimulus packages that invest in clean energy technologies.
In the U.S., the Trump administration has considered providing assistance for hard-hit industries such as the cruise ships and airlines, as well as offering low-interest loans to oil and gas producers that have seen declines in oil prices — a move that would further lock in carbon-intensive investments.
“We have not yet seen similar offers for clean energy companies,” Lock said.
“If economic stimulus packages drive money away from clean energy investments by infusing fossil fuels industries with short-term capital while ignoring clean energy supply chains … we could see a domino effect that would push us further away from our clean energy goals,” she added.
HOW DARE THEY ™. How will the world cope if all the wind turbine and solar companies go bust?