Full Title: The economic costs of climate change: lessons learned from COVID-19
Author(s): Global Business Policy Council, Kearney
Publisher(s): Global Business Policy Council, Kearney
Publication Date: March 1, 2021
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COVID-19 has illuminated three lessons for climate change: the capacity of the global population for behavioral change, the need for international cooperation to manage shared challenges, and technology’s role in advancing solutions.
Moreover, the consequences of the growing environmental crisis extend well beyond the weather. Climate change is poised to exacerbate the economic, political, and social tensions that the COVID-19 pandemic brought to a boiling point in many countries. The potential for mass displacement of people, disruptions to supply chains, and steeper costs due to scarcity of resources such as water is high. But with these challenges also come opportunities. The COVID-19 crisis has already revealed new approaches to address the consequences of climate change as well as strategies to mitigate its worst effects. Some of these parallels between the pandemic and climate change provide crucial insight into ways to combat the climate crisis, such as the importance of behavioral change and the willingness of individuals to engage in this effort. Others, such as hazy declaratory commitments to global cooperation without corresponding action, may be ominous signs of the manner in which nations might seek to avoid coping with climate change in the years to come.