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Did COVID-19 accelerate the green transition?: An international assessment of fiscal spending measures to support low-carbon technologies

Author

Listed:
  • Frida Aulie
  • Antoine Dechezleprêtre
  • Fernando Galindo-Rueda
  • Clara Kögel
  • Inès Pitavy
  • Alzbeta Vitkova

Abstract

Fiscal spending policies adopted in the wake of the COVID-19 pandemic have been presented as a unique opportunity to “build back better” and re-ignite the economy while accelerating the transition to a low-carbon economy. This paper analyses 1 166 funding measures announced by 51 countries and the European Union in 2020-21 to support development and diffusion of low-carbon technologies. These measures – amounting to USD 1.29 trillion – can make an important contribution to filling the climate investment gap, particularly in emerging technologies such as carbon capture, usage and storage and green hydrogen. A modelling analysis suggests that they could have large impacts on greenhouse gas emissions and bring about significant co-benefits in terms of clean sectors’ output growth and reductions in fossil fuel imports.

Suggested Citation

  • Frida Aulie & Antoine Dechezleprêtre & Fernando Galindo-Rueda & Clara Kögel & Inès Pitavy & Alzbeta Vitkova, 2023. "Did COVID-19 accelerate the green transition?: An international assessment of fiscal spending measures to support low-carbon technologies," OECD Science, Technology and Industry Policy Papers 151, OECD Publishing.
    • Handle: RePEc:oec:stiaac:151-en
    DOI: 10.1787/5b486c18-en
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    More about this item

    JEL classification:

    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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