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Great Green Transition and Finance
Claudia Kemfert1, Dorothea Schäfer2, Willi Semmler3
1Depart. Energy, Traffic and Environment, German Institute for Economic Research DIW Berlin, Mohrenstraße 58, 10117 Berlin, Germany.
Inter Economics
|June 16, 2020
Summary
European governments face economic recovery challenges post-pandemic. The great green transition offers a sustainable growth path, integrating climate protection with economic rebuilding.
Area of Science:
- Environmental economics
- Climate change policy
- Sustainable development
Background:
- European economies are recovering from the COVID-19 pandemic, facing significant economic downturns.
- Calls to relax climate protection goals during economic reconstruction are emerging.
- The pandemic highlighted the severe impact of climate-related disasters on citizens' lives.
Purpose of the Study:
- To advocate for integrating climate protection goals into post-pandemic economic reconstruction.
- To frame the 'great green transition' as a necessary and opportune policy direction.
- To emphasize the economic opportunities and investment needs of a climate-focused recovery.
Main Methods:
- Policy analysis of economic recovery strategies in the context of climate change.
- Economic modeling of transition pathways towards a climate-protecting economy.
- Comparative analysis of post-WWII reconstruction financing with proposed green transition funding.
Main Results:
- The COVID-19 crisis underscores the urgency of addressing climate change impacts.
- Economic reconstruction presents a unique opportunity for a 'great green transition'.
- This transition requires substantial investment comparable to post-WWII rebuilding efforts.
Conclusions:
- Post-pandemic recovery must prioritize climate action to avoid future crises.
- The transition to a climate-protecting economy can foster sustainable growth.
- Significant financial mechanisms are needed to fund this green economic transformation.
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