Page 30 - Millenial Finomics Issue 1

Sustainability 2020 than they were in 2019, led to a significant decrease in

the largest annual drop since the use of cars, buses, trains and

THE IMPACT OF COVID-19 ON the second world war. (Coun- planes; which led to a decline in
demand for oil and gas, subse-
tries should..., 2020). It is not
THE ENVIRONMENT - Laila Salem uncommon for carbon dioxide quently a fall in oil and gas pric-

emissions to decrease as GDP es. This low price alongside the

Affecting everything in our lives Carbon dioxide emission is a decreases, we have seen in the current environmental move-

from jobs and schools to restau- negative externality as it is a past, during the 2007-09 global ment has led to a decrease in in-
rants and shopping, COVID 19 cost that is not paid, at least not recession; this is evident in the vestment in this industry. Mean-

has not left anything untouched. by those releasing it. Instead, it while, renewable energy saw a

The environment is one factor has a societal cost as everyone graph below. However, in the 1.5% growth in demand in the

that has been significantly affect- suffers from the effects of pol- past, once the GDP and eco- first quarter due to preferential

ed by this pandemic, both in a lution. Over the past couple of nomic activity returned to nor- access to electricity grids grant-

positive and negative light. months, around 122 countries mal, so did emissions. Will his- ed by some governments (Can

and states worldwide have im- tory repeat itself? Can we make COVID..., 2020). This growth in

To further understand the ef- plemented nationwide and lo- a change? the industry means it may be the

fects of COVID-19 on the en- cal lockdowns, including China, perfect time for governments
vironment, we must understand India, the USA and Germany, to stop subsidizing Fossil fuels

what affects our environment the countries with the greatest and start taxing carbon. A car-

and the events over the past cou- GDPs in the world. bon tax is a fee imposed on the

ple months The rate of climate As our lives came to a stand- burning of carbon-based fuels

change is amplified by the emis- still with lockdowns all over the so that a powerful monetary

sion of greenhouse gases which world, air pollution decreased disincentive is in place to mo-

include carbon dioxide, methane drastically. Carbon dioxide emis- tivate a switch to clean energy.
and nitrogen oxide.The emitted sions are down around 5-10% Money collected from a carbon

gases remain semi-permanently in Newyork, 25% in China and tax can also be used to subsidies

in the atmosphere and absorb satellites saw nitrogen diox- renewable energy and decrease

some of the sun’s light before it ide, which causes respiratory government debt. A switch to

escapes and reflects it into the problems and acid rain, fading renewable energy will create

atmosphere,warming our earth away over Italy (Martha Henri- sustainable energy sources, re-

Carbon dioxide, one of the most ques,2020). The International Around 39% of Carbon dioxide duce dependency on fossil fuels

common greenhouse gasses, lev- Energy Agency expects global emitted is through the use of and therefore decrease carbon

els have reached 411.26ppm and industrial greenhouse-gas emis- electricity and transportation. emissions in the long-term.
are just continuing to increase. sions to be about 8% lower in Lockdowns around the globe

30 31