The temporary contraction of global energy demand induced by measures to contain the spread of Covid-19 reduced world emissions by 8 per cent in the first half of this year, a pace unparalleled in history and which cannot be maintained with the production technologies prevailing today. But urgency to restore pre-crisis output levels should not undermine our commitments.
the situation in the present crisis) is only crudely represented in many models. Translating tensions in the interbank markets and banks’ funding problems into an assessment of their presumed impact on corporate investment and household consumption decisions is no easy task given our current state of knowledge.