How fresh economics can tackle Coronavirus and Climate Change

With the novel COVID-19 spreading and affecting numerous cities across the world in a matter of months, we see new scientific research about it every day. COVID-19 is causing global trade to be disrupted, flights are being canceled, and many people are now working or staying at home. Could the devastating impact of the new coronavirus pandemic destroy the momentum that the climate movement has built up over the last year? Some say so, fearing that the economic fallout will push climate down the list of priorities for governments, and that travel restrictions will force a delay to the U.N. climate conference.

That can’t happen. What brought us to this point of unprecedented interest in taking climate action is climate change itself. We have witnessed huge, record-breaking fires and floods, from California to Siberia, all in the space of one year. Sadly those negative impacts will continue, both in frequency and intensity. If we thought we could forget about it, I’m sad to say, nature will remind us.

In fact, I believe the last few weeks, as terrible as they have been for so many people, have taught us crucial lessons that we needed to learn in order to enter a new era of radical, collaborative action to cut emissions and slow climate change. Like everyone else, I can’t believe we’ve learned these five lessons in a matter of days.

Global challenges have no national borders. Some people used to think that they would be immune to global crises like climate change unfolding “on the other side of the world.” I think that bubble has burst. No one is geographically immune to the coronavirus and the same is true for climate change.

As a society, we’re only as safe as our most vulnerable people. During the COVID-19 outbreak, the elderly and those with health conditions are more vulnerable to the coronavirus and the poor are more vulnerable to its economic impact. That makes us all more vulnerable too. That lesson has taken us into a space of solidarity that we’ve never seen before. We are taking care of each other both out of altruism and because we want to make sure that we’re safe. That’s exactly the thinking we need to deal with climate change.

Global challenges require systemic changes — changes that can only be activated by government or companies. But they also require individual behavioral changes. We need both. We have seen over the past few weeks that governments can take radical action and we can change our behavior quite quickly.

Prevention is better than cure. It’s cheaper and safer to prevent people from catching and spreading the virus than to attempt to treat huge numbers of cases at once. That’s always been the case in the health sector. And in climate change it is much better to prevent runaway temperature rises than to figure out how to deal with the enormous consequences.