The EU's Fiscal Stimulus for a Green Covid-19 Recovery
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The EU’s Fiscal Stimulus for a Green Covid-19 Recovery

Amy Rotman, Editor, The AssaybyAmy Rotman, Editor, The Assay
15 September, 2020
Lake Cashed Up For Lithium Developments

As we make our slow recovery from COVID-19, international governments have started unveiling fiscal stimulus measures to help get their economies back on track. What has been interesting from what we have seen so far is that most are channeling their money towards green initiatives that will help with the transition to further decarbonization and generally more environmentally sustainable economies. The exception here is the U.S. who, despite their plans for $3 trillion of fiscal stimulus to help spur their economy, only 1.1% of that is directly addressing the green economy.

In the European Union and within its member states, around 20% of stimulus has been directed to investment in the key technologies that will drive future economic growth – the green economy. €240 billion of its €750 billion Next Generation EU recovery fund is now dedicated to green projects, with a focus on growing their production of clean hydrogen, boosting offshore wind energy capacity, initiating 1 million EV charging stations for greener transportation, and more.

These countries are using the pandemic and global slowdown as an opportunity to transition their policies and initiatives towards cleaner materials and renewable energy sources. The EU has stood out as a major driver for these initiatives of late – with their proposal for a carbon border tax to address the emissions generated in the manufacture of imported goods. Such a policy would certainly make U.S. exports less competitive in these markets. Neil Richardson, investment director at Aberdeen Standard notes to S&P that “the green movement is definitely going to be a winner from this [coronavirus] , there is going to be more fiscal expansion and that is going to be green.” South Korea and the U.K have followed suit with major funding towards green initiatives in their fiscal packages.

Europe has certainly taken a step up in promoting green, sustainable technologies and clean energy. With more government and policy-driven investments into green industries, they are emerging from the Coronavirus Pandemic with a clear direction for their economies moving forward.

Amy Rotman, Editor, The Assay

Amy Rotman, Editor, The Assay

Amy is the Editor of The Assay as well as APAC content director for 121 Group events. She has been involved in the mining investment space for more than five years, managing all editorial content across The Assay and APAC events, providing insight into mining investments and key market developments. Amy has run conferences and events across the APAC region since she relocated to Hong Kong in 2011 from Canada.

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