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Tenth of pandemic stimulus spend could help world reach climate goals – study
(Reuters, 15 Oct 2020) The world could start to reach climate goals if governments used 10% of the planned $12 trillion in pandemic recovery packages to back climate-friendly projects.
The world could get on track to avert catastrophic climate change by investing a tenth of a planned $12 trillion in pandemic recovery packages in reducing dependence on fossil fuels, according to a study published on Thursday.
With the stimulus representing about 15% of global gross domestic product, or three times the commitment after the 2008 financial crisis, scientists say the money could prove pivotal in meeting the temperature goals of the 2015 Paris Agreement.
"It makes absolute sense not just to keep your economy alive with palliative care, but to restructure your economy so it's future-ready," Joeri Rogelj, a climate scientist at Imperial College London, and a co-author of the paper, told Reuters.
The most ambitious goal in the Paris accord aims to cap the rise in global temperatures at 1.5 degrees Celsius, which scientists say could avert far more intense disasters, from wildfires and hurricanes to storm surges and floods.
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