In response to the economic slowdown, most governments in the Asia‐Pacific region have implemented economic recovery packages. Strategies have varied. Strategies have varied. Some have focused directly on livelihoods and healthcare, while others have increased investment in infrastructure. A few have declared strong green recovery strategies intended to guide the entire economy in a new direction.
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While China’s commitment to carbon neutrality by 2060 is a good start, electricity demand is already forecast to double by 2050 (from 2017 levels). It therefore must urgently step up its efforts to improve energy efficiency, adopt green and low-carbon energy, expand energy storage, deploy carbon capture and sequestration technologies, and develop a framework for low-carbon urbanization. Many of the needed technologies are already available, and East Asia has the scale to bring down their cost to a level that would enable widespread adoption.
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world’s “Great Reset” after COVID-19 is the backdrop against which all other moments will occur this year. Signals in 2021 will show whether we’re heading toward a cleaner, fairer, stronger world, or moving in the opposite direction. Countries already allocated $13 trillion to reboot economies, and are likely to spend trillions more in the coming year.
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