Efforts by governments around the world to forge a green recovery from the coronavirus pandemic are so far failing even to reach the levels of green spending seen in the stimulus that followed the 2008 financial crisis, new analysis has shown. Only about 12% of the spending on economic rescue packages around the world is going towards low-carbon projects, such as renewable energy and clean technology, according to a report by Vivid Economics, published on Friday. That compares with about 16% of stimulus spending that was devoted to green and low-carbon ends after the financial crisis of 2008, according to a previous landmark study by the economist Edward Barbier. The methods used to calculate spending in each case are not identical, the authors of the Vivid report note, so an exact comparison is not yet possible, but the analyses give an indication of how far governments still need to go to create the genuine green recovery that many have promised.
Guardian 12th Feb 2021 read more »