World Environment News - China, South Korea Lead In Green Stimulus Investment - Planet Ark

World Environment News - China, South Korea Lead In Green Stimulus Investment - Planet Ark: "China, South Korea Lead In Green Stimulus Investment

Date: 25-Sep-09
Country: US
Author: Deborah Zabarenko, Environment Correspondent

WASHINGTON - South Korea and China lead the world's 20 largest economies in the percentage of economic stimulus money they invest in environmental projects, the U.N. Environment Program reported on Thursday.

Other members of the Group of 20 leading economic powers, including the United States, trail behind in percentage of green investment from stimulus money, the agency found.

Almost exactly a year after the global financial crisis began, the U.N. agency found that about 15 percent of the estimated $3.1 trillion in global stimulus funds are 'green' in nature.

But only 3 percent of stimulus funds committed to environmental projects were actually disbursed by the middle of this year, and the total in committed funds is still below 1 percent of global gross domestic product, the amount economists recommend to reduce dependence on carbon and fuel the transition to a greener world economy, the agency said.

The level of funding for renewable energy is not enough to cut carbon emissions and limit average global warming to 3.6 degrees F (2 degrees C), the increase above which some of the most severe effects of climate change are predicted.

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