Governments worldwide are largely failing to heed calls from the United Nations, green groups, leading economists and energy experts to gear the estimated $11.8tr-worth of Covid-19 support packages unveiled in recent months towards supporting the environment and net zero transition, according to new analysis. A report published today by UK-based consultancy Vivid Economics warns many governments are neglecting to consider the broader sustainability and resilience impacts of company bailouts and stimulus packages offered to the agriculture, industry, transport, energy and manufacturing waste sectors.
The US, Russia, Mexico and South Africa have not delivered any specific ‘green’ packages, according to the report, which analyses and ranks the green stimulus plans of 17 major economies. Even the more environmentally-responsible elements of stimulus measures delivered by China and Indonesia have been vastly overshadowed by their support for carbon intensive sectors, it finds.
However, the report notes there have been “substantial improvements” in many countries green stimulus plans over the past few months. And with further post-coronavirus stimulus packages expected to emerge in the coming moths, it stresses that there remains a “critical opportunity” to map out a more climate-friendly and resilient pathway forward. The European Commission, however, tops Vivid Economics’ index, on the grounds that the EU’s €750bn stimulus package promises to commit a sizeable proportion directly towards furthering its climate and net zero ambitions, and is expected to be doled out to member states on the condition that they commit to “do no harm” to climate goals.
Source: Business Green
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