FROM THE AUTHORS: In the piece we should have more clearly noted that Article 4.1 of the Paris Agreement commits countries to undertake rapid reductions “so as to achieve a balance between anthropogenic emissions by sources and removals of sinks of greenhouse gases in the second half of the century”. As several readers have correctly pointed out, this is technically the same as net-zero, and it is very important that this language was included in this historic agreement, which we fully support. It is important to note that in the long term, natural sinks of CO2 are too slow and small to matter, so the only way of balancing residual CO2 emissions is by artificial CO2 removal, which as we point out is both hard and unproven. Thus the point of our piece is that many people, including many business leaders, investors, media, politicians, and even experts, don’t realize that meeting the Paris goal of 1.5-2 degrees means getting to zero emissions. “Balance of sources and sinks” is a bit technical for most people, but “zero” is a number everyone understands. Post-Paris this needs to be made clear - an economy based on dumping CO2 into the atmosphere has to end and the clean energy economy must begin, not in some distant future, but in the coming decades.
- ERIC BEINHOCKER AND MYLES ALLEN
Without further G20 action, the pandemic-induced recession will only deepen, hurting the world’s poorest and most marginalized people the most. Because the group represents 85% of global GDP, it has the capacity to mobilize resources on the scale required – and its leaders must do so immediately.
Although any joint EU action should be welcomed, the current COVID-19 response plan hardly amounts to a radical break with business as usual. Far from a long-awaited embrace of debt mutualization, the newly proposed European recovery fund risks being both politically unpalatable and economically inadequate.
For months, policymakers in many countries have been flying blind as they try to marshal an effective response to COVID-19. But with new data-visualization tools, we can now chart the pandemic and its economic effects across countries in real time.