The most precipitous contraction of the global economy in a century has seen carbon emissions plummet. By the end of this year, emissions are likely to be 8% less than in 2019 — the largest annual percentage drop since the Second World War. To avert a global recession, governments are injecting trillions of dollars into stimulating their economies. The International Monetary Fund anticipates economic recovery by the end of this year, provided there are no further large outbreaks of disease. If nothing else changes, then emissions will tick upwards once more, as they have after each recession since the first oil shock of the early 1970s. The analysis we present here examines past recoveries to find lessons that help to plot a low-carbon path out of this one.