Targeted Green Recovery Measures in a Post-COVID-19 World Enable the Energy Transition

Dafnomilis, Ioannis, Hsing-Hsuan, Chen, den Elzen, Michel, Fragkos, Panagiotis, Chewpreecha, Unnada and Kiss-Dobronyi, Bence ORCID: (2022) Targeted Green Recovery Measures in a Post-COVID-19 World Enable the Energy Transition. Frontiers in Climate, 4 . pp. 1-13. DOI

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Despite the significant volume of fiscal recovery measures announced by countries to deal with the COVID-19 crisis, most recovery plans allocate a low percentage to green recovery. We present scenarios exploring the medium- and long-term impact of the COVID-19 crisis and develop a Green Recovery scenario using three well-established global models to analyze the impact of a low-carbon focused stimulus. The results show that a Green Recovery scenario, with 1% of global GDP in fiscal support directed to mitigation measures for 3 years, could reduce global CO 2 emissions by 10.5–15.5% below pre-COVID-19 projections by 2030, closing 8–11.5% of the emissions gap with cost-optimal 2°C pathways. The share of renewables in global electricity generation is projected to reach 45% in 2030, the uptake of electric vehicles would be accelerated, and energy efficiency in the buildings and industry sector would improve. However, such a temporary investment should be reinforced with sustained climate policies after 2023 to put the world on a 2°C pathway by mid-century.

Item Type:Article
Uncontrolled Keywords:COVID-19, green recovery, green stimulus, energy transition, CO2 emissions, Paris Agreement
Subjects:Energy economy
ID Code:7592
Deposited By: MTMT SWORD
Deposited On:31 Aug 2022 14:47
Last Modified:31 Aug 2022 14:47

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