33 °C Singapore, SG
May 12, 2022
Latest News
European passenger plugin car market is still expanding Air Canada takes off with sustainable aviation fuel from San Francisco BrightNight expands into Australia GE Awarded 9HA Gas Turbine Order to Deliver Approximately 2 Gigawatts of Electricity in Guangdong, China Taking Action: Energy-Related Climate Change Mitigation Policies in ASEAN Meralco floats a tender of 850 MW renewable energy capacity Genex starts construction at flagship pumped hydro storage project GM bets on fuel-cell as battery shortcomings hamper clean energy transition Masdar and Cosmo Energy to explore renewable initiatives in Japan El Salvador Eyes Major Renewables Push Under New Partnership with IRENA Iberdrola eyes 3.5GW offshore wind in Philippines BP and Maersk successfully carry out marine biofuel trials The Korean way towards green growth Exxon Following Blockbuster Video to Oblivion, Investment Exec Warns Getting real about the hydrogen economy Electrification to decarbonise Singapore’s energy system New method of scoring carbon emissions to power sustainable software GoodFuels and REG collaborate on marine biofuel development SP Group and Banpu NEXT partner on smart city solutions across Asia Pacific North Sea Oil Faces ‘Death Knell’ after Shell Quits Cambo Oilfield Three Studies Predict More Frequent, Devastating Storms as Temperatures Rise China Briefing, 2 December 2021: Quarterly emissions fall; Power shortages’ impact; China-Russia energy cooperation A renewable energy company in Thailand has electric vehicle dreams China Briefing, 18 November 2021: Xi-Biden meeting; Methane emissions; ‘Historic new high’ for coal Asian Youth Demand Real Climate Action John Walker emphasises practicing ESG values in everyday life ‘The best way to predict the grid of the future is to shape it’ – SP Group CEO Analysis: Nine key moments that changed China’s mind about climate change Espinosa Warns of ‘Catastrophic’ Consequences if COP 26 Fails Rolls-Royce successfully carries out test flight on 100% SAF

Australia ranked worst in world on Covid recovery spending on green options


A new report published by the United Nations Environment Programme has found that Australia is at the bottom of the list for directing post-coved 19 economic stimulus towards clean, rather than polluting, options.

The Global Recovery Observatory is an initiative led by the Oxford University Economic Recovery Project (OUERP) and supported by UNEP, the International Monetary Fund and GIZ through the Green Fiscal Policy Network (GFPN), and has been tracking the policies of the world’s 50 largest economies.

Australia’s stimulus investment have been large in scale relative to GDP, but almost entirely directed towards less green alternatives. Only South Korea, Spain and the United Kingdom had higher spending, but Australia ranks lowest on the % of total recovery spending directed towards green options.

“To the question, “Are we building back better?” the answer is: not yet. The spending announced in 2020 paints a disappointing picture for overall efforts thus far to build forward with green priorities”, wrote UNEP, in the report.

The project tracks spending on green projects such as renewable energy, transmission projects, battery storage, electric vehicles, active transport and energy efficient / green homes. Australia ranks weakly in all these categories, with most spending directed towards healthcare investment. Australia’s gas-fired recovery ranks particularly low, with the group assigning it a net negative impact on environment and human health.

Of the global data, $66.1bn was invested in low carbon energy, thanks to Spanish and German subsidies for renewable energy projects and hydrogen and infrastructure investments. $86.1billion was announced for green transport through EV transfers and subsidies, investments in public transport and cycling and walking infrastructure.

Professor of Environmental Economics at Oxford, Cameron Hepburn: “This report is a wake-up call. The data from the Global Recovery Observatory show that we are not building back better, at least not yet. We know a green recovery would be a win for the economy as well as the climate – now we need to get on with it.”


Leave a Reply

Your email address will not be published.