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What Policies Address Both the Coronavirus Crisis and the Climate Crisis?

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Listed:
  • Gustav Engström
  • Johan Gars
  • Niko Jaakkola
  • Therese Lindahl
  • Daniel Spiro
  • Arthur A. van Benthem
Abstract
The coronavirus pandemic has led many countries to initiate unprecedented economic recovery packages. Policymakers tackling the coronavirus crisis have also been encouraged to prioritize policies which help mitigate a second, looming crisis: climate change. We identify and analyze policies that combat both the coronavirus crisis and the climate crisis. We analyze both the long-run climate impacts from coronavirus-related economic recovery policies, and the impacts of long-run climate policies on economic recovery and public health post-recession. We base our analysis on data on emissions, employment and corona-related layoffs across sectors, and on previous research. We show that, among climate policies, labor-intensive green infrastructure projects, planting trees, and in particular pricing carbon coupled with reduced labor taxation boost economic recovery. Among coronavirus policies, aiding services sectors (leisure services such as restaurants and culture, or professional services such as technology), education and the healthcare sector appear most promising, being labor intensive yet low-emission—if such sectoral aid is conditioned on being directed towards employment and on low-carbon supply chains. Large-scale green infrastructure projects and green R&D investment, while good for the climate, are unlikely to generate enough employment to effectively alleviate the coronavirus crisis.

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  • Gustav Engström & Johan Gars & Niko Jaakkola & Therese Lindahl & Daniel Spiro & Arthur A. van Benthem, 2020. "What Policies Address Both the Coronavirus Crisis and the Climate Crisis?," CESifo Working Paper Series 8367, CESifo.
    • Handle: RePEc:ces:ceswps:_8367
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    Cited by:

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    2. Arouna, Aminou & Aboudou, Rachidi & Yergo, Wilfried Gnipabo & Mujawamariya, Gaudiose, 2021. "Impact of the COVID-19 Pandemic on Food Security and Income in Developing Countries of Stakeholders: A Case Study of Rice Value Chain Actors," 2021 Conference, August 17-31, 2021, Virtual 315297, International Association of Agricultural Economists.
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    4. Drews, Stefan & Savin, Ivan & van den Bergh, Jeroen C.J.M. & Villamayor-Tomás, Sergio, 2022. "Climate concern and policy acceptance before and after COVID-19," Ecological Economics, Elsevier, vol. 199(C).
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    7. Rolando Fuentes & Marzio Galeotti & Alessandro Lanza & Baltasar Manzano, 2020. "COVID-19 and Climate Change: A Tale of Two Global Problems," Sustainability, MDPI, vol. 12(20), pages 1-14, October.
    8. Ionica Oncioiu & Ioana Duca & Mirela Anca Postole & Georgiana Camelia Georgescu (Crețan) & Rodica Gherghina & Robert-Adrian Grecu, 2021. "Transforming the COVID-19 Threat into an Opportunity: The Pandemic as a Stage to the Sustainable Economy," Sustainability, MDPI, vol. 13(4), pages 1-18, February.
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    10. David Klenert & Franziska Funke & Linus Mattauch & Brian O’Callaghan, 2020. "Five Lessons from COVID-19 for Advancing Climate Change Mitigation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 751-778, August.
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    13. C. A. K. Lovell, 2021. "The Pandemic, The Climate, and Productivity," CEPA Working Papers Series WP112021, School of Economics, University of Queensland, Australia.
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    Keywords

    coronavirus; climate policy;

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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