Sweeping investment in “green” projects – ones that reduce emissions – are the most cost-effective way to boost economies hit by Coronavirus, top economists have suggested.
Co-authors of the study, published in the Oxford Review of Economic Policy, include Nobel laureate Joseph Stiglitz and prominent British climate expert Lord Nicholas Stern.
The group looked at over 700 economic stimulus policies launched during or since the 2008 financial crisis, and surveyed 231 experts, including officials from central banks and finance ministries.
The study found that projects like boosting renewable energy or energy efficiency created higher short-term returns, created more jobs and gave more long-term cost savings compared with traditional economic measures focused on fossil fuels.
“The COVID-19-initiated emissions reduction could be short-lived,” said Cameron Hepburn, lead author of the study. “But this report shows we can choose to build back better, keeping many of the recent improvements we’ve seen in cleaner air, returning nature and reduced greenhouse gas emissions.”
Source:Â bbc.com