The Tribune

ACTIVTRADES WEEKLY

By Ricardo Evangelista

www.activtrades.bs

In the face of adversity, it’s normal and healthy to find reasons to be cheerful, so spirits can be kept high and the fightback initiated; every cloud has a silver lining, as the saying goes. One of the silver linings found during the coronavirus crisis has been the reduction in the levels of air pollution across some of the world’s most populous cities and regions. With diminished industrial activity and a sharp decline in the number of commuter journeys, the inhabitants of many cities, where smog had for years been an almost permanent feature, were once again able to breath clean air and see far into the horizon.

Since the first industrial revolution, which began in 1765 with the introduction of the steam engine, the burning of coal, oil and natural gas has remained by far the greatest source of energy production, with a snowballing environmental impact as population growth and improved standards of living drove an ever-greater demand for energy. Over the last few decades most scientists have been warning of the risks posed by burning fossil fuels. The release of green-house gases to the atmosphere is causing global warming which may trigger a dramatic change in climate that, according to some, could ultimately represent an existential threat to humanity.

The technology to produce clean energy has been available for decades, however, lobbying from the oil and coal industries has been intense and the costs haven’t always been competitive. These have been the main reasons behind the global lack of political will to replace polluting sources with greener and cleaner alternatives. But there are some signs that we may be about to turn a corner, as the cost and efficiency of renewables is reaching a tipping point. Electric cars are increasingly popular, and many countries are investing heavily in electricity generation driven by solar, wind, hydro and biomass, as advances in technology make them a cost-effective alternative.

On Wednesday, June 10 the UK reached a record 61 consecutive coal-free days; the longest such period since 1880, when the country introduced coal-powered electricity to the rest of the world. Such an achievement was possible thanks to greater levels of energy generated from wind and solar sources, but also lower demand resulting from the coronavirus lockdown.

Climate change and the coronavirus are epoch making forces, and we are at a point of interception between the two. Even before the pandemic, environmental awareness was already on the rise and COVID-19 seems to be a catalyst to a change in paradigm, as illustrated by the fall in demand for oil due to a reduction in commuting and traveling for business, and how it is making its extraction less profitable.

Above all, the economic devastation left behind by the coronavirus will require that governments and central banks continue to provide stimulus. Heavy investment in a greener economy will open space for the growth of many new businesses, create jobs and better environments for the population, while also reducing the costs of climate change for future generations.