Will Emerging Markets Become Greener on Back of COVID-19?

Will Emerging Markets Become Greener on Back of COVID-19?

Published July 7th, 2020 - 10:00 GMT











Highlights





ICOS statistics found that by June 10, emissions had rebounded to a level just 4.7 percent below pre-lockdown levels, with the recovery taking place more quickly than many had expected.







With new data showing that global carbon emissions are rebounding more quickly than expected after easing of coronavirus lockdowns, questions are being asked about the prospects for renewable energy projects in emerging markets.

Just as the pandemic has had a considerable impact on the global economy, travel restrictions and the suspension of industrial activities have led to an unprecedented drop in global emissions, Oxford Business Group (OBG) has said in its latest report.

Citing a data from the Helsinki-based Integrated Carbon Observation System (ICOS), OBG has said that in the first week of April daily carbon emissions had fallen by 17 percent against mean 2019 levels, with some countries experiencing a 26 percent fall in CO2 output.

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 was seen at other comparable moments in history, such as the Arab oil