12 January 2021

Silver linings and silver bullets

The temporary destruction of energy demand may mean Covid-19 is the turning point for the energy transition

The pandemic of 2020 is an undeniable tragedy. Economies have been disrupted and lives impacted in ways that none of us ever imagined. But, while Covid-19 cases have grown in Europe and the US with the onset of winter, the news of successful vaccine trials has given people and markets new hope of a return to normal. When we talk about greenhouse gas emissions and climate change, though, normal is the furthest place we could imagine from where we want to be. CO₂ emissions fell 8.8pc in the first half of 2020. That is not difficult to understand. Businesses closed, people largely stayed at home and global air travel ground to a near-halt. The World Bank estimates that, when all is said and

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