Economy / Energy & Climate / Finance & Financial Regulation / carbon price / COVID-19 / economic stimulus / emissions trading / energy taxation / fiscal consolidation / green recovery

Greening the recovery by greening the fiscal consolidation

Posted On: Jul 8, 2020   |   Posted By: Bruegel

The issue
The long road to economic recovery from the COVID-19 shock is just beginning. European countries are considering how best to reboot their economies, with fiscal stimulus plans at the core of the consideration. Meanwhile, the European Commission has put forward its Next Generation EU plan. These stimulus packages will amount to several percentage points of GDP, and can therefore influence the future orientation of the economic system. For this reason, policymakers aim to incorporate long-term goals into recovery packages, most fundamentally a just transition towards a climate-neutral economy.
Policy challenge
Greening the recovery is a significant policy challenge. While there clearly are recovery policies that have positive effects on greening the economy, such as promoting energy renovation of buildings, there is a limit to the proportion of stimulus that can be explicitly greened. Beyond focusing on greening explicit stimulus policies where possible, greater emphasis should thus be placed on...

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