Exclusive: analysis finds countries pouring money into fossil fuels to fight recession
The prospect of a global green recovery from the coronavirus pandemic is hanging in the balance, as countries pour money into the fossil fuel economy to stave off a devastating recession, an analysis for the Guardian reveals.
Meanwhile, promises of a low-carbon boost are failing to materialise. Only a handful of major countries are pumping rescue funds into low-carbon efforts such as renewable power, electric vehicles and energy efficiency.
A new Guardian ranking finds the EU is a frontrunner, devoting 30% of its €750bn (£677bn) Next Generation Recovery Fund to green ends. France and Germany have earmarked about €30bn and €50bn respectively of their own additional stimulus for environmental spending.
On the other end of the scale, China is faring the worst of the major economies, with only 0.3% of its package – about £1.1bn – slated for green projects. In the US, before the election, only about $26bn (£19.8bn), or just over 1%, of the announced spending was green.