South Korea and China are leading the world’s 20 largest economies in the percentage of economic stimulus money they invest in environmental projects, according to the UN Environment Program.
Other members of the Group of 20 leading economic powers, including the United States, trail behind in their percentage of green investment from stimulus money, according to the agency.
According to the report about 15% of the estimated $3.1tn in global stimulus funds are “green” in nature.
Only 3% of stimulus funds committed to environmental projects were disbursed by the middle of this year, while the total in committed funds is still below 1% of global gross domestic product, according to the statistics.
The level of funding for renewable energy is not enough to cut carbon emissions and limit average global warming to 3.6°F (2°C), the point at which the most severe effects of climate change are predicted.