430 billion dollars for a global green New Deal !
Many sites wrote about the Green New Deal which begun in the United States of America. With no less than $80 billion to be invested, this is significant. However little was written on HSBC’s latest findings.
To their experts: around 430 billion dollars are currently being invested in 15 countries in sustainability projects like clean tech or energy efficiency. These are excellent news!
There is no doubt this marks the beginning of a new era. More large projects will arise as more countries will launch green New Deals.
• $6 billion for clean and safe water, creating more than 200,000 jobs
• $4.5 billion for greening federal buildings
• $2.5 billion for energy efficiency and renewable energy Research and Development
• $5 billion for the Weatherization Assistance Program, creating approximately 90,000 jobs
• A multi-year extension of the renewable production tax credit
• A more effective tax credit for home efficiency upgrades
• $6 billion in loan guarantees for renewables, transmission and leading edge biofuels
• $9.3 billion for intercity rail, including high-speed rail
• $1.5 billion in competitive grants for transportation investments (which could be used for public transportation)
The United Nations Environment Program is delighted and consider that ” The ‘green budget’ signals a significant US push to slow down climate change. “ (more)
To HSBC – quoted by the French environmental blog Green Univers – the investments in green New Deals accounts for more than 430 billion dollars globally.
Indeed China plans to invest 200 billion dollars, South Korea 38 billion (cf there for more). European countries like Germany, the United Kingdom, Italy or France are also investing massively.
Here is the table:
However, this won’t be enough for the Copenhagen talks due to take place in December. As the bank notes:
The fast-deteriorating economic backdrop means the odds against an agreement at COP-15 in Copenhagen have worsened considerably. Furthermore, it is unlikely that the new Obama administration will have passed the necessary legislation through Congress to enable the US to make international commitments by December. Following Poznan, the mood is sour and the time is short.
We believe a face-saving package will be agreed in Copenhagen. But it will be more a framework for a final agreement, with the details to be fleshed out in 2010 for implementation in 2013.
To read out more on this most interesting news, please check out the full report. (15 pages, 0.2 Mo)