As Covid-19 raged across the globe this year, policymakers and businesses ripped up more and more of their initial projections and expectations for the year. Memes on social media reflected the new reality of transformed workplaces and confinement to one’s homes.
But not all projections were inaccurate. Covid-19 has accelerated certain trends such as the growth of plant-based protein and the shift to low-carbon energy.
As more countries gear up for mass vaccination exercises, what will 2021 bring? Which impacts of Covid-19 will be enduring, and which will be fleeting?
The capital flight from dirty energy will not only accelerate in 2021—it will go beyond coal to hit oil and natural gas.
Data by the Institute for Energy Economics and Financial Analysis (IEEFA) shows more than 150 major global financial institutions now have coal exit policies in place, with 65 banks committing to tighter lending guidelines this year alone. The future looks gloomy for the world’s filthiest fossil fuel. The outlook for oil and gas isn’t hunky-dory either.
[Hannah Alcoseba Fernandez and Tim Ha]