Green recovery packages are proposed environmental, regulatory and fiscal reforms to build prosperity in the wake of an economic crisis, like the COVID-19 pandemic or the Global Financial Crisis. 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.
Green recovery
Wikipedia
https://en.wikipedia.org/wiki/Green_recovery
Green recovery packages are proposed environmental, regulatory and fiscal reforms to build prosperity in the wake of an economic crisis, like the COVID-19 pandemic or the Global Financial Crisis. 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.
For green recovery in response to the COVID-19 pandemic, support has come from multiple political parties, governments, activists and academia across the European Union, the United Kingdom,[6] the United States,[7][8] and other countries. Following similar measures in response to the Global Financial Crisis, a key part of the packages is to ensure that actions to combat recession also combat climate change, including the reduction of coal, oil, and gas use, clean transport, renewable energy, eco-friendly buildings, and sustainable corporate or financial practices. These initiatives are supported by the United Nations and the Organisation for Economic Co-operation and Development. Several global initiatives have provided live tracking of national fiscal responses, including the Global Recovery Observatory (from Oxford University, the United Nations, and the IMF), the Energy Policy Tracker (from a consortium of six organisations), and the OECD’s Green Recovery Tracker. The Global Recovery Observatory includes ~8,000 policies in 88 countries compared to ~1,700 for Energy Policy Tracker in 35 countries, and 1,500 in 44 countries for the OECD.
Dilineating between rescue and recovery investment, an Oxford University March 2021 analysis found that 18% of recovery investment and 2.5% of total spending had been green. 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. According to a 2022 analysis of the $14tn that G20 countries have spent as economic stimulus, only about 6% of pandemic recovery spending has been allocated to areas that will also cut greenhouse-gas emissions, including electrifying vehicles, making buildings more energy efficient and installing renewables.