The global downturn caused by the coronavirus pandemic offers an opportunity for governments to implement new policies that could simultaneously address climate change and boost the economy, the IMF said Wednesday.

The right mix of carbon taxes to dampen consumption, and subsidies to help consumers and boost green technology research could create jobs and soften the blow as countries transition to greener energy sources, the IMF said in its World Economic Outlook.

"Fiscal stimulus -- which will likely be needed in the aftermath of the pandemic -- can be an opportunity to boost green and resilient public infrastructure," the report said.

IMF research showed there is still time to achieve net zero emissions by 2050 but the window "is closing rapidly," and advanced economies alone cannot reach the goal.

"Joint action by the largest economies is critical to avoid the worst outcomes of climate change," the fund said, singling out fast-growing countries like India.

"An initial green investment push combined with initially moderate and gradually rising carbon prices would deliver the needed emission reductions" while rebates or subsidies to low income households would soften the blow from higher energy prices, according to the proposal.

Most of the costs are offset by the expected 120 percent growth in global GDP by 2050, and by the absence of negative impacts that climate change is likely to have, including on the health of populations due to worsening pollution.

Related Links
Climate Science News - Modeling, Mitigation Adaptation

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Climate and carbon cycle in perpetual interaction
Bremen, Germany (SPX) Oct 07, 2020
Man-made global heating has long been presented as a relatively simple chain of cause and effect: humans disrupt the carbon cycle by burning fossil fuels, thereby increase the concentration of CO2 in the atmosphere, which in turn leads to higher temperatures around the globe. "However, it becomes increasingly clear that this is not the end of the story. Forest fires become more frequent all over the world, release additional CO2 into the atmosphere, and further reinforce the global warming that en ... read more