The Moment When America Fell Behind
Although governments everywhere are scrambling to contain the economic fallout from COVID-19, some are approaching the task more strategically than others. The European Union and China, in particular, are focusing on long-term investments in clean energy, whereas America is doubling down on the past.
DENVER – As governments around the world adopt policies to address the immediate economic fallout of COVID-19, they are making decisions that will also determine their countries’ competitiveness for decades to come. If designed correctly, stimulus and recovery packages can position countries and regions to reap the benefits of the industries of the future.
The European Union is already poised to speed ahead with the European Green Deal. And China will inevitably build on its pre-pandemic competitive advantages in solar power, electric vehicles (EVs), and batteries. The United States, on the other hand, is increasingly at risk of being left behind.
The European Green Deal is the perfect model for designing stimulus and recovery packages to create both immediate and long-term economic advantages. In the short run, its proposed investments would produce many high-paying jobs in clean-energy infrastructure, funding the installation of more wind and solar facilities, EV charging stations, hydrogen production plants, and programs to retrofit buildings for energy efficiency.