“Building Back Greedier”: Post Covid-19 Recovery Spending

Covid-19 has been one of the most unprecedented and detrimental events to happen to global society for centuries. The Covid-19 pandemic and the climate change crisis are quite similar in the way that initially, they are both physically detrimental to the global population, but then subsequently, cause socioeconomic problems. These global issues which are physically detrimental cause society to analyse what caused them and deliberate what needs to be done next.

Initially during the first lockdowns during spring of 2020 portrayed how the halting of social and economic life was beneficial to the environment. Satellite images of India and China countries with incredibly high Greenhouse Gas Emissions, highlighted the vanishing pollution. But now as society returns to normal, greenhouse gas emissions are increasing at an alarming rate.


Contrast of Nitrous Oxide pollution in China before and after lockdown.
Source: (CNN, 2020)

Post Covid-19 Economic Recovery

Many governments have introduced initiatives that are designed to bring their economies back to a healthy state while also contributing to the sustainable development goals. “Building Back Greener” and “The Green Recovery” are initiatives that have been outlined by the International Energy Agency (IEA) to reduce greenhouse gas emissions while also boosting the state of the economy. The effectiveness of these initiatives though, have already been put into question. Globally, only 21% of governmental spending has contributed to green investments meaning 79% of spending contributes to unsustainable development.

Source: (designingbuildings.co.uk, 2021)

Biden is Building Back Better

The USA is a key player in keeping global temperature increases below 1.5 degrees. After China, It is the second largest emitter of Greenhouse Gases in the world. Joe Biden introduced a legislation that is designed to adhere and achieve the pledges made by the USA in the Paris accords. $1.75 trillion was promised to mitigate the country’s contribution to the climate crisis. $555 billion of the “Building Back Better” fund was earmarked to go towards grants and tax incentives to mitigate the effect of the transport and energy industries in the country.

Joe Manchin.
Source: (Insider, 2022)

This legislation though is in danger of collapsing mainly due to the objections of Joe Manchin. The Democratic Senator could be defined as being fossil fuel friendly as his family profit from the coal mining industry in West Virginia. This example of capitalistic selfishness is nothing new, and is obviously seen as a big factor for the current climate crisis. The Building Back Better legislation would contribute money towards workers in the coal mining industry who suffer from lung diseases. It also promises that manufactures would be subsidised to set up factories on abandoned coalmine sites, which would increase employment opportunities for unemployed coalmine workers. Even coal miner union delegates from West Virginia are pleading with Manchin for the bill to be passed.

There was an opportunity of maintaining the dramatic improvements to the environment during the first lockdown. But, post Covid expendature has been mainly focused on gettting society back to normal economically, with a lack of focus on “Green Development”. Sadly, it seems capitalism will come to the forefront when when it comes to recovery expendature, with the climate crisis continually being ignored.

Sources:

Global recovery observatory. Oxford University Economic Recovery Project. Available at: https://recovery.smithschool.ox.ac.uk/tracking/.

Hauser, J. & Jackson, A., 2021. Why the collapse of Biden’s build back better would be a major blow to the Climate Fight. The Guardian. Available at: https://www.theguardian.com/us-news/2021/dec/22/joe-biden-build-back-better-climate-crisis-consequences.

Jackson, A., 2020. NASA images show a decrease in China’s pollution related to coronavirus shutdown. CNN. Available at: https://edition.cnn.com/2020/03/01/world/nasa-china-pollution-coronavirus-trnd-scn/index.html

Jackson, F., 2021. Covid-19 recovery investment has failed to ‘build back better’. Forbes. Available at: https://www.forbes.com/sites/feliciajackson/2021/10/29/covid-19-recovery-investment-has-failed-to-build-back-better/?sh=59c4d1362e62

Net zero strategy: Build back greener. Net zero strategy: build back greener – Designing Buildings, 2021. Available at: https://www.designingbuildings.co.uk/wiki/Net_zero_strategy:_build_back_greener

Pinner, D., Rogers, M. & Samandari, H., 2020. Addressing climate change in a post-pandemic world. McKinsey & Company. Available at: https://www.mckinsey.com/business-functions/sustainability/our-insights/addressing-climate-change-in-a-post-pandemic-world.

The global risks report 2020. World Economic Forum. Available at: https://www.weforum.org/reports/the-global-risks-report-2020

Sheffey, A., 2022. New Year, same demands: Joe Manchin will consider supporting Biden’s agenda if monthly child tax credits get an income limit – or are removed altogether. Business Insider. Available at: https://www.businessinsider.com/manchin-support-bbb-child-tax-credit-monthly-payments-checks-biden-2022-1?r=US&IR=T