Our cover this week calls for a global effort to
tackle climate change. Covid-19 creates a unique chance to steer the economy
away from carbon at a much lower financial, social and political cost than
before. Rock-bottom energy prices make it easier to cut subsidies for fossil
fuels and to introduce a tax on carbon. The revenues from that tax can help
repair battered government finances. The businesses at the heart of the
fossil-fuel economy—oil and gas firms, steel producers, carmakers—are already
going through the agony of shrinking their long-term capacity and employment.
Getting economies back on their feet calls for investment in climate-friendly
infrastructure that boosts growth and creates new jobs. Low interest rates make
the bill smaller than ever. The world should seize the moment.
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