24 September 2009: A Global Green New Deal update by the UN Environment Programme (UNEP), launched on the eve of the G20 Summit in Pittsburgh, US, shows that the economies of China and the Republic of Korea are emerging as global leaders in their commitments to invest significant parts of their stimulus packages in environmental projects.
The update shows that over a third of China’s recovery spending is focused on areas ranging from railways and water infrastructure to energy efficiency and renewables like wind and solar. The Republic of Korea is going even further in terms of setting the stage towards a transition to a low carbon, resource efficient Green Economy: close to 80 per cent of its stimulus package, or around US$31 billion, is aimed at promoting energy efficient buildings and water and waste management, as well as investments in areas such as renewable energy, low emission vehicles and railways.
Despite China’s and the Republic of Korea’s commitments, the update suggests that the green component of the global stimulus package falls short of the US$750 billion that is recommended for reducing carbon dependency and seeding the process of transition. [UNEP press release] [The Global Green New Deal update]
