Europe’s stimulus spending on greening the economy is dwarfed by China’s investment, with some EU countries diverting less than 2% of national recovery plans into sustainable industries.
The disparity has sparked fears that ‘green jobs’ will migrate to Asia. Figures from banking giant HSBC show the percentage of EU spending directed towards green measures is less than 10%.
This looks paltry when compared with South Korea, for example, which has earmarked 80% of stimulus spending for greening the economy. Others are also racing ahead, including Australia with 40%, China with 34%, and Japan with 15%.
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