Viewpoint: Will COVID-19 Accelerate the Renewable Energy Transition in Emerging Markets?
By Oxford Business Review
Just as the pandemic has had an considerable impact on the global economy, travel restrictions and the suspension of industrial activities have led to an unprecedented drop in global emissions.
According to data from the Helsinki-based Integrated Carbon Observation System (ICOS), by the first week of April daily carbon emissions had fallen by 17% against mean 2019 levels, with some countries experiencing a 26% fall in CO2 output.
The fall was the sharpest on record, with global emissions dipping back to 2006 levels. This was a far greater drop in both absolute and percentage terms than was seen at other comparable moments in history, such as the Arab oil embargo of 1973, the collapse of the Soviet Union or the 2008 Global Financial Crisis.
Photo courtesy of European Space Agency.