I just testified in a @HouseForeign subcommittee hearing on Covid-19 and a green recovery. I offered three reasons to be pessimistic about the current situation and a number of lessons for the US. Time for a *thread* 1/15

First, although there have seen emissions reductions from the economic lockdowns and subsequent recession, they have been small (~5% for 2020), and temporary. We have already started bouncing back, approaching pre-recession levels in some sectors. This doesn't buy us time! 2/15

Second, G20 economies are spending LESS on green recovery programs than after the 2009 recession. In ongoing research with @jurpelai and Scot Miller, supported by @JohnsHopkinsAHW, we find that G20 economies have spent about 7 percent of stimulus funds on a green recovery. 3/15

In 2009, we spent 15 percent. So we are committing less to climate, and we are 10 years further down the climate problem. We are ALSO spending about 7 percent on compensating fossil fuels. This is NOT a green recovery. 4/15

That said, a number of European and Asian economies ARE using this opportunity to strategically invest in national competitiveness in clean energy sectors. The US is not one of them, and risks falling behind in key industries of the future. 5/15

Third, the pandemic has further strained relationships with China, which is bad for climate. China is the key manufacturing location for many of the technologies we need RIGHT NOW to start reversing our emissions trajectory. 6/15

So what to do? 7/15

First, the U.S. should use this opportunity to rapidly accelerate funding for R&D and demonstration projects to defend its lead in key technology areas critical to the climate crisis. Renewables, battery chemistries, grid management and so on. 8/15

Second, China's lead should motivate us to invest in areas of clean energy supply chains that are not well support domestically. Demonstration, manufacturing, finance, vocational training, technical colleges. Lot's we can do that would help economy & climate. Let's compete! 9/15

Third, even IF we are reliant on China for some technologies in the short-term, lets not forget the immediate benefits we would get from a green stimulus! 10/15

Investments in clean energy infrastructure, upgrades to the grid, sustainable transit solutions, renewable energy, and building retrofits – they would create local jobs in construction, in installation and maintenance, and in related service industries. 11/15

Green recovery spending would support the creation of such jobs in the near-term, it would improve U.S. competitiveness in the long-term, and it would rapidly deploy capital in the economy to aid the recovery. 12/15

But it's also just the start: in addition to investments, we will also need to actually REGULATE emissions. 2009 was all investment, no regulation. Let's learn from that mistake. 13/15

Link to my full statement: https://docs.house.gov/meetings/FA/FA14/20200923/111050/HHRG-116-FA14-Wstate-NahmJ-20200923.pdf

14/15

My remarks relied on the hard work of many brilliant colleagues, including: @JoannaILewis @kellysgallagher @JohnHelveston @bentleyballan @jonasmeckling @vsiv @ProfDavidHart @Peters_Glen @laurimyllyvirta @henryfarrell @ANewman_forward @jurpelai Thank you! 15/15

And @LlewelynHughes and @sais_isep! How could I forget?