The scale of the economic impact of the Covid-19 pandemic is
remarkable. On the debit side of the balance sheet, the price of
oil went briefly negative as demand plummeted, ships have been put
on a go-slow as ports close, supply chains are stuttering, the
travel and leisure industries are moribund, high streets remain
shuttered, unemployment is rising and inflation threats lurk.
Global recession seems a given. Depression a possibility.
On the plus side, carbon emissions have plummeted. China's
carbon emissions were down by 25% between mid-January to
mid-February and Paris' nitrogen dioxide level dropped by 70%
in April. In the UK, road travel decreased by 73% and globally, air
traffic is down 95%.
