Much has been written about the human toll and toil already resulting from the
COVID-19 crisis; and yet, the opportunity cost for the dramatic actions we
have and will take to curb human interactions has yet to be measured. How do we
know if we are taking prudent measures, if we fail to recognize the opportunity
cost to
innovation
and the other impacts resulting from our draconian actions to curtail
gatherings? Is it acceptable to have the new normal be to only meet virtually
for public education — and to try to solve the world’s other most intractable
challenges, such as climate
change?
How do we know if we have gone too far too fast in changing our fundamental
‘operating system’ as a human species for solving problems, making money and
fostering resilient financial markets?
And when will we adequately address the impact of our actions on those that do
the heavy lifting in our service-based economy — those making minimum wage or
less? What’s to come of these hard-working individuals that power our service
economy that have no or little safety net? Against this backdrop, how much
change is desirable or needed now?
At first, we turned a blind eye towards this pandemic in the US; and we’re now
seemingly overreacting to an extent that will cause colossal economic hardships
for far too many for years to come. Facts are stubborn things. Coronavirus may
well be viewed 20 years from now as the next Y2K hyperbole — not because it’s
not important and devasting to those impacted, but because the impacts of recent
measures to curtail how society works at its core seems likely to dwarf any
short-term, accruing benefits. We need a more measured response to the crisis.
The risks to succumbing to this virus are widely varied across demographics — and we may not have clear answers on this for months to come, as many who contract the virus remain untested. So far, the virus’ effects are highly regionalized — but the public policy impacts are becoming increasingly
nationalized. Recently, the Governor of Ohio said it is not implausible for
public schools to be closed through year-end. How would we measure the adverse
impacts from such a decision? We are being caught up in the moment, and our lens
for measuring the true risks to society from the virus seems to be outsized. The
resolve to push back must come from the ground up, to restore some sense of
normalcy in public gatherings as a fundamental right and necessity, and to usher
in a new math for measuring public health risk.
I suggest we take a deep breath, pause and assess what our reactions to the
Coronavirus will do for the climate crisis and sustainability movement. I hope
I’m wrong, but I believe we are doing more harm than good in taking these
drastic actions to cancel events and meetings aimed to solve much bigger,
long-term issues.
Perhaps most people can accept living with a 1 percent risk of dying from this virus, but
what about a 99 percent chance that we will delay actions on addressing climate
change, sustainability issues, biodiversity concerns and the like? I fear we are
driving like Thelma and Louise, accelerating our way toward a sustainability
cliff. Time to pump the brakes — and look at the risks through a clear,
objective lens that can distinguish between protecting public health while
avoiding measures driven by hyperbole and hysteria.
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Mark Tulay is founder and CEO of Sustainability Risk Advisors.
Published Mar 20, 2020 8am EDT / 5am PDT / 12pm GMT / 1pm CET