The economic response to COVID-19 is unprecedented and spending in the ongoing phase of reconstruction will have a major impact on the greenhouse gas emission trajectory of the next decade. Recovery plans need to be designed wisely. Unfortunately, so far, much of the stimulus has gone to traditional, polluting sectors. As a result, a sharp emission rebound is already being recorded in the first half of 2021, just like there was an emission rebound after the 2008–9 global financial crisis.