The stunning collapse of oil prices today was the latest shock to an economy disrupted by the coronavirus outbreak. And it was yet another jolt to an energy sector already grappling with a challenging transition from fossil fuels to cleaner power sources.
We asked eight experts if the global mobilization to slow the pandemic might pave the way for climate action.
Jason Bordoff, a former energy policy advisor to President Obama, thinks there may be some opportunities coming out of the pandemic to reroute major industries toward lower emissions. For instance, he said, if the federal government ends up owning a significant stake in airlines or automakers, it might be possible to compel those companies to build less-polluting products.
“I live in New York City,” Bordoff said. “I think a lot more people will want to take personal cars if they have them, or even Ubers, before they get back in the subway again. “When economies are struggling and people are struggling, environmental ambition in government policy wanes,” he added.With the science surrounding the novel coronavirus changing by the day — and death tolls continuing to rise around the world — it’s hard to predict anything with certainty, including how the virus might affect national commitments to reducing emissions.— and that propping up the oil and gas sector would be foolish.
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