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A unique chance to steer the economy away from carbon

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Covid-19 creates a unique chance to steer the economy away from carbon at a much lower financial, social and political cost than before. Rock-bottom energy prices make it easier to cut subsidies for fossil fuels and to introduce a tax on carbon. The revenues from that tax can help repair battered government finances. The businesses at the heart of the fossil-fuel economy—oil and gas firms, steel producers, carmakers—are already going through the agony of shrinking their long-term capacity and employment.
Getting economies back on their feet calls for investment in climate-friendly infrastructure that boosts growth and creates new jobs. Low interest rates make the bill smaller than ever. The world should seize the moment.


https://www.economist.com/leaders/2020/05/21/the-covid-and-climate-crises-are-connected?cid1=cust/ednew/n/bl/n/2020/05/21n/owned/n/n/nwl/n/n/AP/478899/n

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By Lynn Wood

22 May 2020

 
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