The perfect storm of Covid-19 and climate change, and resulting economic damage, will likely trigger much more social and political instability.
By Jayati Ghosh – The apocalypse is now. That is the glaring message of the perfect storm of Covid-19 and climate change which has broken. The pandemic is unlikely to end for years, as the novel coronavirus mutates into increasingly transmissible, drug-resistant variants. And the climate catastrophe is no longer ‘impending’ but playing out in real time.
The latest report by the Intergovernmental Panel on Climate Change—whose assessments predate the extreme climate events of the past year—tells us that some drastic, adverse climatic changes are now irreversible. These will affect every region, as the recent heatwaves, wildfires and floods demonstrate. They will also severely damage many natural species and adversely affect the possibilities for, and conditions of, human life.
Keeping future global warming to a manageable level (even if above the 2015 Paris climate agreement goal of 1.5C) will require a massive effort, involving sharp economic-policy reversals in every country. Major changes in the global legal and economic architecture will be essential.
For its part, the pandemic has devastated employment and livelihoods, pushing hundreds of millions of people, mostly in the developing world, into poverty and hunger. The International Labor Organization’s World Employment and Social Outlook Trends 2021 shows the extent of the damage in grinding detail. In 2020, the pandemic caused the loss of nearly 9 per cent of total global working hours, equivalent to 255 million full-time jobs. This trend has continued in 2021, with working-hour losses equivalent to 140 million full-time jobs in the first quarter and 127 million jobs in the second quarter. more>