Climate Change & Coronavirus

The Green Deal

New legislation requiring companies in the European Union (EU) to help meet the EU’s goal of complete decarbonization by 2050.

What are the economic consequences?

Businesses are concerned about competition from less restrictive countries like the U.S. or China.

The “carbon border tax”

A tax being considered on imports from more-polluting countries

Factor in the Coronavirus

• the Green Deal is no longer the biggest threat to EU businesses
• drastically reducing emissions – China’s carbon emissions down by 25% in the past few weeks as they’ve dealt with the virus
• oil demand is at record lows and the air travel industry has taken a major hit

Forbes | Could Coronavirus Beat Green Deal In Slowing Climate Change?