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Covid-19 Presents a ‘Golden Opportunity’ to Reboot Economy

The coronavirus pandemic presents a global opportunity to make the economy greener and more sustainable, says Prince Charles.

He spoke at the “The Great Reset” event during the World Economic Forum (WEF). There, he warned that climate change could potentially wreak more damages than the dreadful pandemic.

He added that the threat of climate change had been gradual, but it’s devastating global reality for many people and its greater potential to disrupt surpasses the coronavirus pandemic.

“If we look at the planet as if it were a patient, we can see that our activities have been damaging her immune system, and she has been struggling to function and thrive due to the strain we have put on her vital organs.” said Prince Charles.

He called for a decisive action to stimulate a more circular bio-economy that gives back to mother nature as much as we take from her.

He added that the world has a golden opportunity to seize the best from this crisis. The unparalleled shockwaves may prompt people  to become more receptive to a bigger vision of change.

He emphasized that we have a unique yet rapidly shrinking window of opportunity to learn and reset ourselves to a more sustainable path. We never had the opportunity before and may never have it again.

 

5 ways the economy could recover from the pandemic

The Prince outlined five ways of how the economy would recover from the pandemic while confronting the risks global warming has posed.

First, policymakers and companies need to capture the imagination and will of humanity.

Secondly, global economic recovery must set a new trajectory of sustainable employment.

Thirdly, he called for redesigning the existing systems so that global economies could transition to net-zero carbon emissions.

Therefore, carbon pricing can form a critical path to genuinely sustainable markets, Prince Charles added.

Industries, businesses, and countries can create economic efficiencies if they move together –  allowing us to leapfrog our collective effort and accelerate our transition.

Governments can implement a carbon price. They can add a levy to the use, sale, or distribution of fossil fuels depending on carbon content. Alternatively, apply via a quota system called the cap-and-trade. That sets regional emission allowances in advance allowing companies to bid for  “permits to pollute.”

The Prince of Wales also called for a reinvigoration of science, technology, and innovation. He noted that the coronavirus crisis had emphasized the importance of investing in them.

Finally, he said the global economy must accelerate sustainable investment, claiming it could offer significant growth and employment opportunities.

He said it was time to align sustainable solutions with funding to transform the marketplace. It would be the most dramatic act of responsible leadership the global private sector has ever seen. It would at once provide a catalytic incentive for the public sector to emulate.

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