Germany and France announced support for a Green EU recovery that includes roadmaps for all industries.
Green Recovery Programs: The COVID-19 epidemic has finally caused humanity to reduce its CO2 emissions. The oil industry will be devastated when oil prices become negative as a result of a decrease in travel.
In Europe and China, leaders view the economic crisis as an opportunity to create a new, greener economy than to recreate the old.
In March, China’s Politburo Standing Committee decided to include “new infrastructure construction” for the country’s green recovery.
The concept of new infrastructure construction, from 5G stations to high-voltage power lines for renewable energy, expanding the network of high-speed trains, electric vehicles, big data centres, AI and the Industrial Internet.
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The project considers the increase in high-speed trains as a CO2 emission reduction method because the technology reduces the need for domestic flights.
The project will require about 10 trillion yuan over the next six years.
It is unclear whether Beijing will adopt the idea, but during the 2008 crisis, China’s stimulus package included nearly three times lower carbon transformation costs compared to US stimulus.
Now, because of Republican opposition to climate spending, the U.S. COVID-19 response may follow the old fashion of ignoring low-carbon options.
In contrast, Germany and France announced support for a green EU recovery, which included the cost of road maps and carbon permits for all businesses.
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Germany and France have called climate policy “the new growth strategy of the EU”. The plan includes a 500 500 billion rescue fund to accelerate the transition to a low-carbon economy.
The largest fossil fuel companies in the US and Europe are following in the footsteps of policymakers.
Europe’s five largest oil companies have recently decided to cut their renewable energy projects as they scale their oil and gas projects.
Meanwhile, US oil companies are firm in oil and gas.