Coronavirus causes 150 million job losses, largest greenhouse gas emissions drop in history

The coronavirus pandemic has brought about the biggest drop in global emissions in history, but at the cost of almost 150 million jobs.

The grounding of the majority of the world’s aircraft has helped bring about a huge drop in emissions. Picture: Stuart McEvoy

The COVID-19 pandemic has put more than 4 per cent of the global workforce out of a job while contributing to the largest-ever drop in global greenhouse gas emissions, according to a new report led by the University of Sydney.

The study, from the Australian Industrial Ecology lab at the University of Sydney found the pandemic caused global consumption losses of more than $US3.8 trillion – roughly the size of the German economy – while triggering the full-time equivalent job losses of 147 million people, or 4.2 per cent of the global workforce.

Additionally, total global income from wages and salaries declined by 6 per cent, or US$2.1 trillion.

The economic losses have been mainly concentrated in the regional economies of the US, Europe and Asia, but have been multiplied throughout the world due to the ensuing disruption of global trade flaws.

Study researcher and University of Queensland Business School senior tourism lecturer Dr Ya-Yen Sun said the bulk of the economic losses occurred within the tourism and air travel industries.

“Among the total economic losses, 22 per cent of consumption reduction and 24 per cent of employment losses occurred in air transport and tourism,” she said.

That same downturn in tourism and air travel contributed to the largest ever decline in global greenhouse gas emissions, which decreased by 4.6 per cent, or 2.5 giga tonnes – which is the largest ever drop in human history, far surpassing the decline of 0.46 giga tonnes that occurred in the aftermath of the global financial crisis.

“Air transport and tourism, alone, contributes 35 per cent (to global greenhouse gas emissions),” Dr Sun said.

The pandemic also caused other atmospheric emissions to decline, with PM 2.5 particles – the same super fine particulate matter that blanketed the east of Australia during the summer bushfires – falling by 3.8 per cent and sulfur dioxide emissions from burning fossil fuels falling by 2.9 per cent.

Dr Sun said there exists an opportunity for governments to lock in the global decline in greenhouse gas emissions before the global economy begins to open back up.

“Governments currently invest a substantial bailout program on the aviation sector,” she said.

“A mandatory requirement for the aviation sector to improve their energy performance – like the replacement of old aircraft and the use of biofuels – is needed in exchange for the stimulus package.

“This will ensure the aviation sector moves towards a low-carbon pathway.”