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Greening the Post-COVID-19 Recovery

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Greening the Post-COVID-19 Recovery RESPONSES TO POST-COVID-19 GREEN RECOVERY A green recovery is key to ensuring a sustainable and resilient return to growth and development after COVID-19. Global examples show how climate change and other green themes can be central to COVID-19 responses so that countries can build back better. REGIONAL AND NATIONAL STIMULUS PACKAGES EUROPEAN UNION €750 billion ($847 billion) UNITED KINGDOM “Next Generation EU” recovery fund and “Just Transition Fund” for climate action £40 million ($50.54 million) £283 million ($357.57 million) The Next Generation EU recovery fund will provide Clean Growth Fund to “drive a green Stimulus package for the transport sector €500 billion in grants and €250 billion in loans for and resilient economic recovery” member states. 25% of the fund will target climate The transport package will provide support action, including €30 billion to boost the Just The Clean Growth Fund aims to mobilize to restore buses and trams services and Transition Fund for coal-dependent states, with private sector funds to support green start-ups, improve safety during the pandemic. investments based on a sustainable finance taxonomy develop clean technology, and achieve net zero under a ‘do no harm’ principle. emissions by 2050. REPUBLIC OF KOREA W76 trillion ($62 billion) NORWAY New Deal Korean style GERMANY NOK 3.6 billion ($370 million) The government’s plans include a Digital New Deal, a Green New Deal €80 billion ($90.4 billion) Support package for green industries and measures to boost job creation. Recovery program focuses on innovation, The package supports projects implementing The “Green New Deal”, will invest sustainability and support for municipalities green technologies, including hydrogen, battery W12.9 trillion ($10.5 billion) from technology, offshore wind and low-emission 2020-22 to support development Germany’s program targets clean energy infrastructure digitalisation, and support for green recovery in shipping. Enova, the Research Council, and of green infrastructure, energy Innovation Norway will decide the allocations efficiency, and renewable energy. municipalities such as public transport and cycle paths, the Environment Minister said. of the funds. LUXEMBOURG UP TO €30,000/HOUSEHOLD ($33,800) AND €8,000/ELECTRIC CAR ($9,017) Green subsidies for households and the auto industry The government will help households willing to make homes more energy efficient, including insulation and use of renewable energies. The government will also subsidize the purchase of electric vehicles. INDONESIA PHILIPPINES VIET NAM $3 billion for SDG Indonesia One plus resources for ₱2.5 billion ($50 million) National Strategy on Green Growth the national Action Plan to Reduce Plastic Pollution. Green Green Green Program The centerpiece of the government efforts SDG Indonesia One platform to drive green growth is one The government will provide assistance to make to stem environmental degradation, this of the first SDG platforms globally. ADB is supporting 145 cities more liveable and sustainable as part of the strategy will provide a strong framework development of a catalytic green finance facility within government’s “Build, Build, Build” program. Green especially through development of the platform that will help drive a sustainable COVID-19 recovery packages will invest in urban areas, by scaling up investment guidelines and methodologies recovery. A plan to reduce plastic in coastal waters by projects such as EDSA Greenways that provides for prioritizing investment opportunities 70% by 2025 will create investment and jobs in recycling non-motorized commuting in parts of congested Manila. and mobilizing public and private finance and waste disposal. into green economic recovery projects. AIRLINES STIMULUS Air France will receive Austrian Airlines will receive €600 The Government of Sweden is KLM Airline, the Dutch EU transport and €7 billion ($7.5 billion), million ($667 million), including planing to invest up to $537 million airline, could receive infrastructure ministers including €4 billion in €150 million in direct state aid, into the Scandinavian airline SAS €2-4 billion state support have agreed to make bank loans guaranteed by €300 million from commercial bank as part of a drastic recapitalization if it presents a plan for 50% international train the state and a €3 billion loans (with state guarantees for plan, which may be subject to the emission cuts by 2030 and 50% transport more attractive loan direct from the state, 90%), and €150 million in equity airline meeting criteria on lower on domestic flights by 2024. than short haul flights subject to presenting a from Lufthansa. The aid package is emissions to better align itself with plan for reducing CO2 conditional on reducing its domestic the 1.5-degree target of the Paris emissions. and global CO2 emissions by 50% Agreement on climate change. and 30% respectively by 2030. POLICY RECOMMENDATIONS Wellbeing economics for the Covid-19 recovery The Wellbeing Economy Alliance Stimulus actions for a greener and Greener After more resilient property sector 10 principles to ”Build Back Better”: Jacques Delors Institute Green Finance Institute 1. Ecologically safe and environmentally just goals 2. Protecting environmental standards Five areas for a green recovery: The UK’s economic recovery should contribute 3. Green infrastructure buildings; road mobility; clean innovation; the to its green targets and include stimulating 4. Universal basic services circular economy, and coastal tourism. consumer demand, scaling up the retrofit 5. Guaranteed livelihoods See report. supply chain and building low carbon buildings. 6. Fair distribution See report. 7. Better democracy 8. Wellbeing economics organizations 9. Cooperation 10. Public control of money See paper. \ How a post-pandemic stimulus can WHO manifesto for a healthy and Central Banks both create jobs and help the green COVID-19 recovery Andrew Bailey (Bank of England), Francois Villeroy de Galhau (Banque de France) and Frank Elderson (Chair Mckinsey The World Health Organisation (WHO) of the Network for Greening the Financial System) Post-COVID recovery should be green, should Six principles for a healthy and green recovery: The COVID-19 pandemic offers a chance to create jobs, and achieve climate change targets. 1.Protect and preserve nature, green the global economy if we change the Mckinsey estimates that investing the source of human health way we live, work and travel. Financial support €75 billion-€150 billion in a green recovery plan 2. Invest in water, sanitation, should contain climate related conditions. could create €180 billion-€350 billion in added clean energy and healthcare See report. value, up to three million new jobs, and reduce 3. Ensure a speedy energy transition carbon emissions by 15-30% by 2030. 4. Promote healthy, sustainable food systems See report. 5. Build healthy, liveable cities 6. Stop using taxpayers money to fund pollution See report. About the ASEAN Catalytic Green Finance Facility The ACGF is an innovative finance facility under the ASEAN Infrastructure Fund dedicated to accelerating green infrastructure investments in Southeast Asia. It supports ASEAN governments to prepare and source public and private financing for infrastructure projects that promote environmental sustainability and contribute to climate change goals. The ACGF is owned by the 10 ASEAN member states and the Asian Development Bank, which also administers the facility. NOTE: ADB is not responsible for any information gathered here from publicly available sources and subject to changes..
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