From Global Green New Deal to Global Green Recovery
Leading Environmental Economist Makes the Case for Accelerated and Sustained Action
New UNEP Book Underlines How Asia is Surging Forward with Green Investments While Rest of G20 Lags Behind
Nairobi/Geneva, 3 May 2010 - Asia and in particular China and the Republic of Korea are pioneering an economic and employment recovery based in part on significant investments in a Green Economy.
Over a third of China's stimulus package, equal to three per cent of its GDP, is being spent on high speed rail to boosting its already impressive growth in areas such as wind and solar power and energy efficient lighting.
China is already the leading global producer of solar cells, wind turbines and solar water heaters giving it s renewable energy sector valued at $17 billion which employs close to one million people or 0.1 per cent of the working population.
Meanwhile the Republic of Korea's (South Korea) green new deal plan is allocating 95 per cent of its fiscal stimulus or three per cent of GDP into environmental sectors including low emission vehicles.
Its five-year green-growth investment plan, launched in July 2009, will spend $60 billion to cut carbon dependency with the aim of boosting economic growth to 2020 and generating up to 1.8 million jobs.
This is in contrast to the United States green stimulus, which despite amounting to 12 per cent of the American Recovery and Investment Act, represents only 0.7 per cent of GDP.
And the European Union's green stimulus, whereby 50 per cent of the overall package, represents an investment of just $22.8 billion in low carbon investments or 0.2 per cent of GDP.