"The European Union is set to launch a down payment on a Green New Deal.
As the world slips into a deep economic recession – and some indicators are as bad as the Great Depression – trillions of dollars are flowing in the form of government stimulus. To date, much of that has been aimed at re-inflating the pre-pandemic economy, particularly in the United States. In fact, the Trump administration has been going further, dealing out benefits to oil and gas while slapping fees retroactively on renewable energy.
There has been quite a bit of talk about green stimulus in recent months, and not just from environmental groups. The IMF and the IEA have both said that macroeconomic recovery should be done with the climate change in mind, and green stimulus checks multiple boxes at once. Even top global corporations have said the same. A coalition of 150 companies worth a combined $2.4 trillion recently signed a statement calling on governments to ensure their pandemic response is “grounded in bold climate action.”"