Fossil fuels, stranded assets and COVID-19: Imagining an inclusive & transformative recovery.

ABSTRACT: The 2015 Paris Agreement on Climate Change implicitly requires phasing out fossil fuels; such a phase out may cost hundreds of trillions of dollars and induce widespread socio-ecological ramifications. The COVID-19 'pancession' (pandemic + recession) has rattled global economies, possibly accelerating the fossil fuel phase out. This raises the question: What opportunities has COVID-19 presented to phase out fossil fuels, and subsequently, how can transformative recovery efforts be designed to utilize these opportunities and promote social, ecological and relational inclusiveness? We find that: (a) the COVID-19 pancession provides a unique opportunity to accelerate climate action, as it has devalued financial assets, stunned fossil fuel production and paralyzed relevant infrastructur

SUBMITTER: Rempel A 

PROVIDER: S-EPMC9758387 | biostudies-literature | 2021 Oct

REPOSITORIES: biostudies-literature