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What policies for greening the crisis response and economic recovery?: Lessons learned from past green stimulus measures and implications for the COVID-19 crisis

Author

Listed:
  • Shardul Agrawala

    (OECD)

  • Damien Dussaux

    (OECD)

  • Norbert Monti

    (OECD)

Abstract

This paper evaluates green stimulus packages that were introduced in response to the global financial crisis (GFC) of 2007-08 and draws lessons relevant for greening the recovery from the Coronavirus (COVID-19) crisis. The paper underscores the importance of building in policy evaluation mechanisms into green stimulus measures. It also provides evidence that the implementation of sufficiently large, timely and properly designed green stimulus measures can generate economic growth, create jobs and bring about environmental benefits. However, there are also trade-offs between competing economic, environmental and social policy objectives, which underscores the importance of proper policy design.

Suggested Citation

  • Shardul Agrawala & Damien Dussaux & Norbert Monti, 2020. "What policies for greening the crisis response and economic recovery?: Lessons learned from past green stimulus measures and implications for the COVID-19 crisis," OECD Environment Working Papers 164, OECD Publishing.
    • Handle: RePEc:oec:envaaa:164-en
    DOI: 10.1787/c50f186f-en
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    Cited by:

    1. Vona, Francesco, 2023. "Managing the distributional effects of climate policies: A narrow path to a just transition," Ecological Economics, Elsevier, vol. 205(C).
    2. Filippo Bontadini & Francesco Vona, 2020. "Anatomy of Green Specialization: Evidence from EU Production Data, 1995-2015," Working Papers hal-03403070, HAL.
    3. Filippo Bontadini & Francesco Vona, 2023. "Anatomy of Green Specialisation: Evidence from EU Production Data, 1995–2015," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 85(3), pages 707-740, August.
    4. Philippe Le Billon & Païvi Lujala & Devyani Singh & Vance Culbert & Berit Kristoffersen, 2021. "Fossil fuels, climate change, and the COVID-19 crisis: pathways for a just and green post-pandemic recovery," Climate Policy, Taylor & Francis Journals, vol. 21(10), pages 1347-1356, November.
    5. Ziqiao Chen & Giovanni Marin & David Popp & Francesco Vona, 2020. "Green Stimulus in a Post-pandemic Recovery: the Role of Skills for a Resilient Recovery," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 901-911, August.
    6. Marin, Giovanni & Vona, Francesco, 2023. "Finance and the reallocation of scientific, engineering and mathematical talent," Research Policy, Elsevier, vol. 52(5).
    7. Batini, Nicoletta & Di Serio, Mario & Fragetta, Matteo & Melina, Giovanni & Waldron, Anthony, 2022. "Building back better: How big are green spending multipliers?," Ecological Economics, Elsevier, vol. 193(C).
    8. Xin‐Xin Zhao & Jun Wen & Xing‐Yun Zou & Quan‐jing Wang & Chun‐Ping Chang, 2023. "Strategies for the sustainable development of China in the post‐epidemic era," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(1), pages 426-438, February.
    9. Angela Köppl & Margit Schratzenstaller, 2022. "Macroeconomic Effects of Green Recovery Programmes. Conceptual Framing and a Review of the Empirical Literature," WIFO Working Papers 646, WIFO.
    10. Tervala, Juha & Watson, Timothy, 2022. "Hysteresis and fiscal stimulus in a recession," Journal of International Money and Finance, Elsevier, vol. 124(C).
    11. repec:hal:spmain:info:hdl:2441/6m5kss847r91no96hiublu6anu is not listed on IDEAS
    12. Stephen R. J. Tsuji & Dan D. P. McCarthy & Stephen Quilley, 2021. "Green Energy—Green for Whom? A Case Study of the Kabinakagami River Waterpower Project in Northern Canada," Sustainability, MDPI, vol. 13(16), pages 1-32, August.
    13. Anderson, Brilé & Cammeraat, Emile & Dechezleprêtre, Antoine & Dressler, Luisa & Gonne, Nicolas & Lalanne, Guy & Martins Guilhoto, Joaquim & Theodoropoulos, Konstantinos, 2023. "Designing policy packages for a climate-neutral industry: A case study from the Netherlands," Ecological Economics, Elsevier, vol. 205(C).
    14. C. A. K. Lovell, 2021. "The Pandemic, The Climate, and Productivity," CEPA Working Papers Series WP112021, School of Economics, University of Queensland, Australia.
    15. Andrew, Kevin & Majerbi, Basma & Rhodes, Ekaterina, 2022. "Slouching or speeding toward net zero? Evidence from COVID-19 energy-related stimulus policies in the G20," Ecological Economics, Elsevier, vol. 201(C).
    16. Stephen R. J. Tsuji, 2022. "Canada’s Impact Assessment Act, 2019: Indigenous Peoples, Cultural Sustainability, and Environmental Justice," Sustainability, MDPI, vol. 14(6), pages 1-52, March.
    17. repec:hal:spmain:info:hdl:2441/6n4g2a16an9rtamie2eh2rpkkm is not listed on IDEAS
    18. Zhen Yu & Yuankun Li & Jing Zhao, 2023. "Epidemic outbreak and foreign direct investment fluctuation," The World Economy, Wiley Blackwell, vol. 46(4), pages 1051-1081, April.

    More about this item

    Keywords

    environmental policy; green growth; policy design; policy evaluation; stimulus package;
    All these keywords.

    JEL classification:

    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth

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