According to new OECD data, OECD countries and key partner economies have so far allocated USD 336 billion to environmentally positive measures within their COVID-19 recovery packages.

But is this enough to have the transformational effects needed to address environmental crises while building back the economy?

Not really. In fact, it amounts to only 17% of the total sums so far allocated to COVID-19 economic recovery. This means that 83% of this funding either does not consider environmental dimensions or, worse, reverses progress on some of them.

Yet there is still scope for aligning green recovery rhetoric with the reality of expenditure plans.

If we are serious about transitioning towards a low-carbon economy, we are going to have to do better than this.

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