Page 32 - Millenial Finomics Issue 1

However, instead of taking -ing the rise in greenhouse gas- gap between them. Therefore, temporarily to stagnate the

this opportunity, governments es emissions. During the pan- if government aid continues for spread of the virus. Business

have shifted their attention demic, many businesses quickly electric vehicles their sales will activities, benefits and wages

from the environment to the switched to operating online, increase, which should prevent dropped, and uncertainty in-

pandemic. Many governments demonstrating that commuting emissions that will otherwise creased significantly, leading to

have decreased environmental to work or schools every day arise from fossil fuel-powered a decrease in global spending.

regulations and approved pro- may not be necessary. If oper- cars from being released once This economic downturn has

jects which would not usually ating online is sustained for just life resumes. forced many businesses to close

be granted, for economic and two days a week post-pandem- their doors, reduce production
monetary reasons. “The US has ic, it will drastically decrease In addition, before the start of or even go out of business,

suspended enforcement of air our global emissions. We must the pandemic, the airline indus- eradicating more than 10% of

and water pollution regulations, apply what we have learned to try agreed on the Carbon Off- total global oil consumption.

curtailed states’ ability to block prolong the benefits of this setting and Reduction

energy projects, and suspended pandemic on the environment. Scheme for International Avia-

a requirement for environ- Another factor that may counter tion (CORSIA), which involves While this means that many

mental review and public input this possible increase in demand the limiting or offsetting of people are left unemployed,
on new mines, pipelines, high- is the use of electric cars. De- global emissions on the average emissions of both carbon diox-

ways, and other projects”(Beth spite the low price of gas, the emissions of 2019-2020. Emis- ide and nitrogen dioxide have

Gardiner, 2020). On top of demand for electric vehicles has sions will be offset by planting fallen considerably due to this

this, the fossil fuel industries are defied the odds and surged dur- trees and capturing methane decrease in industry production

lobbying and receiving public ing this peculiar pandemic. “In from landfill sights (The epi- volumes. Many countries such

funds which are at a financial Germany, Electric Vehicle sales demic...,2020). The decrease in as China, Italy, India and the US

and social cost. Actions by these from January to June increased demand for aeroplanes this year have seen clear blue skies and

governments will likely lead to a from 47,584 in 2019 to 93,848 should mean that future emis- the best air quality they’ve ever

surge in emissions once life in 2020, supported by particu- sions will be stabilized at a lower experienced.
returns to normal if they con- larly strong plug-in-hybrid elec- threshold- if the industry com-

tinue on this path. Governments tric vehicles growth.”(James plies with the CORSIA. Although COVID-19 has had

should not lose sight of the big- Carroll, 2020). One reason for many positive effects on the

ger picture due to the current this increase in sales is due to Businesses and Industries pro- environment, pandemic plastic

economic crises. As lockdowns the special provisions provided duce around 1/5th of global pollution has grown exceedingly.

begin to ease and life resumes, by agreement, should be used to greenhouse gases emissions Progressive amounts of waste

the demand for cars will rise due create better incentive programs (Martha Henriques,2020). Many have ended up in our oceans
to the lack of social distancing to support less developed coun- countries around the world ter- due to supermarkets using plas-

on public transport, augment- tries and close the sustainable minated unnecessary jobs tic bags again and people order-

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