Analysis released by the International Energy Agency on July 20 warns that 2023 is now on track to see the highest levels of carbon dioxide output in human history, equalling or surpassing the record set in 2018. Why? According to analysis based on the new IEA Sustainable Recovery Tracker , more than US$16 trillion has been spent on the COVID-19 recovery, but only 2% is going to clean energy investments. The report calls for first world countries and agencies such as the IMF to provide more sustainable financing so that emerging economies can improve their clean energy investment performance. The IEA Sustainable Recovery Tracker provides an exhaustive list of the green recovery programs for countries around the world, including Canada.
Also in July, Vivid Economics also released the sixth and final Report of their Greenness of Stimulus Index (GSI), which analyses the G20 countries plus ten other countries. Covid economic stimulus spending had a negative environmental impact in 20 of the 30 countries surveyed, and of the $17.2 trillion spent, only 10% had been spent on projects which could be considered green. Denmark ranked first, Russia ranked last, and Canada outperformed the U.S. in terms of positive environmental impact of the economic stimulus. The Vivid report is summarized by The Guardian here .
Others tracking the “greenness” of economic recovery, include Carbon Brief, and the U.K. Trades Union Congress, which published Ranking G7 Green Recovery Plans and Jobs in June 2021. That report includes Canada and the other G7 countries as comparators to U.K. spending, with a focus on the job impacts.
An early study from researchers at Oxford University’s Smith School of Enterprise and the Environment, was the influential academic paper in May 2020 : “Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change?”