{"id":49731,"date":"2020-05-04T16:00:54","date_gmt":"2020-05-04T15:00:54","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=publication&p=49731"},"modified":"2020-05-27T11:30:52","modified_gmt":"2020-05-27T10:30:52","slug":"will-covid-19-fiscal-recovery-packages-accelerate-or-retard-progress-on-climate-change","status":"publish","type":"publication","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/will-covid-19-fiscal-recovery-packages-accelerate-or-retard-progress-on-climate-change\/","title":{"rendered":"Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?"},"content":{"rendered":"\n

Abstract<\/strong><\/p>\n

The COVID-19 crisis is likely to have dramatic consequences for progress on climate change. Imminent fiscal recovery packages could entrench or partly displace the current fossil-fuel-intensive economic system. Here, we survey 231 central bank officials, finance ministry officials, and other economic experts from G20 countries on the relative performance of 25 major fiscal recovery archetypes across four dimensions: speed of implementation, economic multiplier, climate impact potential, and overall desirability. We identify five policies with high potential on both economic multiplier and climate impact metrics: clean physical infrastructure, building efficiency retrofits, investment in education and training, natural capital investment, and clean R&D. In lower- and middle- income countries (LMICs) rural support spending is of particular value while clean R&D is less important. These recommendations are contextualised through analysis of the short-run impacts of COVID-19 on greenhouse gas curtailment and plausible medium-run shifts in the habits and behaviours of humans and institutions.<\/p>\n

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Cameron Hepburn, Brian O’Callaghan, Nicholas Stern, Joseph Stiglitz and Dimitri Zenghelis, forthcoming in the Oxford Review of Economic Policy 36(S1)<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"\n

This paper (forthcoming in the Oxford Review of Economic Policy) assesses the economic and climate impact of taking a green route out of the COVID-19 crisis. The analysis is based on a survey 231 central bank officials, finance ministry officials, and other economic experts from G20 countries on the relative performance of 25 major fiscal recovery archetypes across four dimensions: speed of implementation, economic multiplier, climate impact potential, and overall desirability. <\/p>\n\n","protected":false},"author":12,"featured_media":49594,"template":"","tags":[1922,1917],"publication-type":[436],"topic_area":[],"class_list":["post-49731","publication","type-publication","status-publish","has-post-thumbnail","hentry","tag-coronavirus","tag-covid-19-pandemic-and-climate-change","publication-type-research-articles"],"acf":{"exclude_from_sync":{"ref_value":"field_560538b0e7350","value":"0","type":false,"post_type":""},"downloads":{"ref_value":"field_52f16cc1a80f2","value":false,"type":"repeater","post_type":""},"rss_newsletter":{"ref_value":"field_54f5c2c1544d8","value":"","type":false,"post_type":""},"profile_link":{"ref_value":"field_52f164b5189e9","value":["dimitri-zenghelis","cameron-hepburn","nicholas-stern"],"type":"relationship","post_type":"profile"},"article_link":{"ref_value":"field_52eee3c7f0586","value":"https:\/\/www.smithschool.ox.ac.uk\/publications\/wpapers\/workingpaper20-02.pdf","type":false,"post_type":""},"article_link_title":{"ref_value":"field_5322399d89d42","value":"External link to paper","type":false,"post_type":""},"spotlight":{"ref_value":"field_52f80896506d3","value":"","type":false,"post_type":""}},"yoast_head":"\nWill COVID-19 fiscal recovery packages accelerate or retard progress on climate change? - Grantham Research Institute on climate change and the environment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/will-covid-19-fiscal-recovery-packages-accelerate-or-retard-progress-on-climate-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change? - Grantham Research Institute on climate change and the environment\" \/>\n<meta property=\"og:description\" content=\"This paper (forthcoming in the Oxford Review of Economic Policy) assesses the economic and climate impact of taking a green route out of the COVID-19 crisis. 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