September 14, 2020 Read More →

Europe creates green stimulus projects as U.S. government fiddles

S&P Global Market Intelligence:

On the list of countries unveiling green fiscal stimulus policies in recent months there is one glaring omission.

Despite unleashing $3 trillion of measures to tackle the economic consequences of the coronavirus, the U.S. federal government has channeled just 1.1% toward initiatives that could help its transition to a more environmentally sustainable economy, according to Rhodium Group.

The decision by the Republican-controlled Senate to keep any green measures out of the three stimulus bills passed to date by Congress contrasts starkly with Europe, where governments have used the pandemic as an opportunity to invest in the technology they believe will drive economic growth in the coming decades. The European Union and individual member states have dedicated 20% of their combined stimulus spending to green projects, the Rhodium data show.

In an Aug. 24 report by sustainable energy think tank the Institute for Energy Economics and Financial Analysis, analyst Yong Por cited the EU as “a heavy lifter in the new global technology race,” but warned the manufacture of electrolyzers, fuel cells and equipment such as hydrogen compressors and bunkering facilities would need to be significantly scaled up. 

[Peter Brennan]

More: US risks green tech leadership as Europe makes play with COVID-19 stimulus

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