Promise in the name of green recovery is only 18% of expenditure: United Nations

It has been more than a year since the Covid pandemic began and today if we assess the costs incurred by all countries in relation to their commitments to green recovery, we find that they are far less than the promises made.

According to the Global Recovery Observatory Report, a joint assessment of the United Nations Environment Program (UNEP) and the Oxford University’s Economic Reforms Project, and a total of 18 percent of the world’s major economies, in the name of green recovery, only green, Or spending dedicated to building a green economy can be considered.

This report, titled RV Building Back Better? Evidence from 2020 and Pathways for Inclusive Green Recovery Spending calls for all governments to seek inclusive green recovery spending to encourage green or eco-friendly development in the wake of pandemic devastation.

This report, which is the most comprehensive analysis of COVID19-related fiscal rescue and recovery efforts by economies, states that only $ 368 billion of the $ 14.6 trillion spent by 50 major economies in 2020 is truly an eco-friendly Were to build an economy.

In response, UNEP Executive Director, Inger Anderson says, “Currently, the entire humanity of the Earth is facing three challenges simultaneously. Where the biggest challenge is epidemic, then it stands with the economic crisis and the rapid possibility of deteriorating the ecological balance. We cannot lose from any of them.

Therefore, governments now have a unique opportunity when they can put their country on a sustainable development journey for which the priority basis will be economic opportunities, reducing poverty and focusing on the health of our environment. And in such a way, the Observatory reports that the aid will provide the means to move towards a more sustainable and inclusive development. “

Further, according to Brian O’Calhan, the lead researcher and report author of the Economic Reforms Project of Oxford University, “Except for a few countries, we will find that most countries have failed in terms of a better recovery. But if this country is wise If you spend more than that, then the opportunities for a better tomorrow are not over yet. ”

In his response, UNDP Administrator Ashim Steiner says, “To better address and monitor the investments made by countries to address the socio-economic effects of the COVID-19 pandemic, it will prove to be very important, giving us a green environment and overall development will be achieved.

In this regard, the Global Recovery Observatory and UNDP’s Data Futures Platform provide policy makers with a complete set of new data points, with transparency, accountability, and accountability of investments being made so far to increase access to such resources This will help in increasing the effectiveness and they will have a good impact on our future. ”

According to Cameron Hepburn, professor of environmental economics at the University of Oxford, “This report is a wake-up call is an alarm.” Data from the Global Recovery Observatory suggests that we are not creating a better tomorrow, at least not yet. We know that the recovery of a green environment will be a win for the economy as well as the climate – now it’s time to get involved with it. “

The report emphasizes that the recovery of a green environment can bring strong economic growth while helping to meet global economic goals and overcome structural inequality. To maintain the progress of eradicating poverty for decades, low-income countries will require substantial concessional finance from international partners.

Five important questions have been raised to achieve the path of long-lasting environmental recovery:

• What is at stake? Because countries have committed to unprecedented resources to achieve the road to recovery
• Which spending routes can lead to economic recovery and environmental sustainability?
• What is the role of spending in environmental recovery in addressing the inequalities caused by COVID-19?
• What types of recovery investments are countries currently making to deal with climate change, environmental damage and pollution?
• What else needs to be done to ensure sustainable and equitable recovery investment?

Overall, spending on the global green environment has so far been “inconsistent on the scale of ongoing environmental crises,” according to the report, with significant social and long-term economic benefits missing due to climate change, environmental damage, and pollution.

Some of the main conclusions of the analysis in terms of spending on green environment recovery are as follows:

• Only $ 341 billion, or 18.0%, has been spent for ‘greenery’, mostly contributed by a small group of high-income countries. Global recovery spending has so far been missing the opportunity for green environmental investment.
• $ 66.1 billion dollars was invested in low-carbon energy, largely attributed to subsidies by the Spanish and Germans for renewable energy projects and hydrogen and infrastructure investments.
• $ 86.1 billion was announced for transfers and subsidies towards electric vehicles, investment in public transport, cycling and green transportation for infrastructure.
• A $ 35.2 billion dollar announcement was made for green building upgrades to increase energy efficiency, most notably through retrofits and mostly in France and the UK.

$ 56.3 billion was announced for natural capital or nature based solutions (NbS) – ecosystem regeneration initiatives and reforestation forests. The 2/5 portion was directed towards public parks and measures to prevent and reduce pollution, particularly in the US and China, to improve the quality of life and improve the environment.

A $ 28.9 billion dollar was announced for R&D on green environment. R&D on green environment includes renewable energy technology, agriculture, aviation sector, and decorbing technologies for sectors such as plastics. It also involves the activity of carbon segregation. Without progress in R&D on the green environment, a lot of money and a fundamental change in lifestyle will be required to meet the goals of the Paris Agreement.

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