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Green recovery

Green recovery packages are proposed environmental, regulatory, and fiscal reforms to rebuild prosperity in the wake of an economic crisis, such as the COVID-19 pandemic or the Global Financial Crisis (GFC). They pertain to fiscal measures that intend to recover economic growth while also positively benefitting the environment, including measures for renewable energy, efficient energy use, nature-based solutions, sustainable transport, green innovation and green jobs, amongst others.[1][2][3][4]

Support for a green recovery in response to the COVID-19 pandemic has come from multiple political parties, governments, activists, and academia across the globe.[5][6] Following similar measures in response to the GFC,[7] a key goal of the packages is to ensure that actions to combat recession also combat climate change. These actions include the reduction of coal, oil, and gas use, clean transport, renewable energy, eco-friendly buildings, and sustainable corporate or financial practices. Green recovery initiatives are supported by the United Nations (UN) and the Organisation for Economic Co-operation and Development (OECD).[8] Several global initiatives have provided live tracking of national fiscal responses, including the Global Recovery Observatory (from Oxford University, the UN, and the International Monetary Fund (IMF)),[9] the Energy Policy Tracker,[10] and the OECD's Green Recovery Tracker.[11]

Delineating between rescue and recovery investment, in March 2021 analysis by the Global Recovery Observatory found that 18% of recovery investment and 2.5% of total spending was expected to enhance sustainability.[1] In July 2021, the International Energy Agency supported that analysis, noting that only around 2% of economic bailout money worldwide was going to clean energy.[12] According to a 2022 analysis of the $14tn that G20 countries spent as economic stimulus, only about 6% of pandemic recovery spending was allocated to areas that will also cut greenhouse-gas emissions, including electrifying vehicles, making buildings more energy efficient and installing renewables.[13]

  1. ^ a b O'Callaghan, Brian; Murdock, Em (10 March 2020). "Are We Building Back Better? Evidence from 2020 and pathways to green inclusive spending" (PDF). United Nations Environment Programme.
  2. ^ Hepburn, Cameron; O'Callaghan, Brian; Stern, Nicholas; Stiglitz, Joseph; Zenghelis, Dimitri (2020). "Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?". Oxford Review of Economic Policy. 36 (Supplement_1): S359–S381. doi:10.1093/oxrep/graa015. hdl:10.1093/oxrep/graa015.
  3. ^ O'Callaghan, Brian; Yau, Nigel; Hepburn, Cameron (2022). "How Stimulating Is a Green Stimulus? The Economic Attributes of Green Fiscal Spending". Annual Review of Environment and Resources. 47: 697–723. doi:10.1146/annurev-environ-112420-020640. S2CID 249833907.
  4. ^ Mutikani, Lucia (29 July 2021). "U.S. economy contracted 19.2% during COVID-19 pandemic recession". Reuters. Retrieved 8 November 2021.
  5. ^ "Boosting the EU's green recovery: Commission invests €1 billion in innovative clean technology projects". European Commission - European Commission. Retrieved 30 October 2023.
  6. ^ e.g. Tom Steyer, 'A fair, green recovery for all Californians Archived 19 October 2021 at the Wayback Machine'; New York City, COVID-19 Green Recovery.
  7. ^ Barbier, Ed (2010). "Green Stimulus, Green Recovery and Global Imbalances". World Economics. 11 (2): 149–177.
  8. ^ Holder, Michael (5 June 2020). "OECD and UN institutions demand green economic recovery from Covid-19". Business Green. Archived from the original on 19 June 2020. Retrieved 19 July 2023.
  9. ^ "Global Recovery Observatory". Oxford University Economic Recovery Project. University of Oxford, UNEP, and UNDP.
  10. ^ "Track public money for energy in recovery packages". Energy Policy Tracker.
  11. ^ "Focus on green recovery". Organisation for Economic Co-operation and Development. 22 December 2020.
  12. ^ "Key findings – Sustainable Recovery Tracker – Analysis". IEA. July 2021. Archived from the original on 24 July 2021. Retrieved 23 July 2021.
  13. ^ Nahm, Jonas M.; Miller, Scot M.; Urpelainen, Johannes (2 March 2022). "G20's US$14-trillion economic stimulus reneges on emissions pledges". Nature. 603 (7899): 28–31. Bibcode:2022Natur.603...28N. doi:10.1038/d41586-022-00540-6. PMID 35236968. S2CID 247221463.

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