Scientists from Stanford University in a recent study calculated that restrictive measures in China against the coronavirus outbreak probably saved the lives of 77,000 people who could have died as a result of exposure to harmful microparticles from emissions

Banks, insurers and asset managers face a growing threat from climate change, as the physical effects of global warming and the transition to a low-carbon economy pose unprecedented risks to the status quo. Banks have been quick to capitalise on rising demand for sustainable financial products such as green bonds, but slower to account for the danger of stranded assets and mispriced risk on their balance sheets.

In its annual Responsibility Report, Norges Bank Investment Management states that, based on two independent studies it had commissioned, “capital markets do not fully price climate risk”. That, coming from one of the single largest investors in the world’s stock markets, says a lot. At this year’s World Economic Forum in Davos, business and political titans envisaged a world of unimaginable climate chaos while the global economy’s addiction to oil and other fossil fuels remains unabated

Climate concerns were top of the agenda just a few weeks ago. Governments were making commitments to transform the ways in which energy is used. Companies from Microsoft to BP were expressing their intention to decarbonise. None of the fundamentals have changed: emissions will fall a little this year in line with energy consumption but the shift is not permanent. After the coronavirus pandemic ends, a carbon-rich reality will return. The world in 2021 will still rely on hydrocarbons for close to 80 per cent of its energy needs, the chances of extreme weather conditions have not changed and the risk of floods has not receded.

Particularly in China, which ranks first in the world in terms of greenhouse gas emissions and its harmful PM 2.5 microparticles kill about 3 million people — several times more than the world health organization (WHO) estimates.

The problem is compounded by the fact that the country does not have enough production capacity to dispose of such waste.

Chinese authorities have announced an "adjustment" of environmental supervision of enterprises to accelerate the recovery of the economy after the coronavirus epidemic.

This opinion piece highlights how global leaders have never “dared to say a word” against the “Beijing regime”, yet it is perhaps time to do so. The article describes how groups including Extinction Rebellion are often vocal about how the United Kingdom is damaging the environment by recently bringing cities to a standstill, but very rarely criticise China who is responsible for most of the world’s pollution.

The article highlights how, despite the strict confinement measures in China helping to reduce the country’s air pollution levels, experts state that the health damage already imposed on citizens by the long-standing air pollution is likely to increase the death rate from coronavirus infections.

According to a report published by Greenpeace, air pollution caused by burning fossil fuels not only causes millions of deaths each year, but it also generates huge financial losses for the country involved.