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Are we on track for a green recovery? Not Yet
March 13, 2021
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One year from the onset of the pandemic, recovery spending has fallen short of nations’ commitments to build back more sustainably. An analysis of spending by leading economies, led by Oxford’s Economic Recovery Project and the UN Environment Programme (UNEP), finds only 18.0% of announced recovery spending can be considered ‘green.’
The report, Are We Building Back Better? Evidence from 2020 and Pathways for Inclusive Green Recovery Spending, calls for governments to invest more sustainably and tackle inequalities as they stimulate growth in the wake of the devastation wrought by the pandemic.
March 12, 2021
Some $66.1 billion of COVID recovery funds have been spent on green energy as of early 2021, of which $25.3 billion focused on renewables and $18.5 billion on hydrogen.
The fiscal spending plans of major economies in the wake of the coronavirus crisis have fallen far short of ensuring the recovery from the crisis does not exacerbate ongoing climate and nature crises, with just one in every $40 committed by governments in the wake of the pandemic set to deliver a positive impact for the planet.
That is the bleak headline from a major report published this week by the United Nations Environment Program and Oxford s Economic Recovery Project, which warns policymakers are missing out on the greatest chance we have had so far to redirect the upward trajectory of global greenhouse gas emissions and put the world on track for meeting the 2030 Sustainable Development Goals.
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