COVID-19 environmentally damaging, despite CO2 emission drop: OBG

COVID-19 environmentally damaging, despite CO2 emission drop: OBG

Several analysts have argued that, despite the rapid drop in global emissions, the novel coronavirus (COVID-19) will actually prove to be environmentally damaging, according to the Oxford Business Group (OBG).

"This is especially pertinent for emerging markets under significant economic strain, particularly if they can tap domestic hydrocarbon resources,“ OBG added. The group's remarks came in its latest report entitled "Will Covid-19 accelerate the renewable energy transition in emerging markets?“

In the report, OBG explained that, while the outlook for renewables is largely positive, there are concerns some states may prioritise economic growth over environmental concerns as they emerge from lockdown.

This will come despite most countries worldwide being signatories of the Paris Agreement on Climate Change, which requires them to reduce their greenhouse gas emissions.

According to data from the Helsinki-based Integrated Carbon Observation System (ICOS), daily carbon emissions had fallen by 17% by the first week of April against mean 2019 levels. The data also showed that some countries experienced a commensurate 26% fall in carbon dioxide (CO2) outputs.

OBG said that the fall was the sharpest on record, with global emissions dipping back to 2006 levels. This was a far greater drop, in both absolute and percentage terms, than that