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Reproduced from BloombergNEF; Note: Carbon & climate funds focus on nature conservation and lowering methane emissions; Chart: Axios Visuals

Green investments account for roughly 1% of the overall $12 trillion currently pledged by major economies recovering from pandemic-induced recessions, a BloombergNEF report finds.

Why it matters: The International Energy Agency projected in May that global investment in all forms of energy would fall by one-fifth this year due to the pandemic, with a 10% decrease for renewable power.

What's new: France and Austria have joined Denmark and the Netherlands as the only countries in the world to pledge more recovery funds to green energy than to CO2-heavy industries, according to Victoria Cuming, head of global policy at BloombergNEF.

  • South Korea ($61 billion) has approved almost as much green economic stimulus as all European Union nations combined ($79 billion). Importantly though, that does not include a massive European Union package that has yet to be approved.

How it works: The vast majority of stimulus pledged by major economies is designated "neutral" by BloombergNEF — referring to loans or aid distributed with no public record of how it's been used.

  • Most countries prioritizing green energy are putting money on electric vehicles, tackling emissions of methane (a potent greenhouse gas that's the primary component of natural gas), energy-efficient buildings, nature conservation, and managing forests.

What to watch: Because of how much money it has already dedicated, South Korea is "one of our question marks" on future green energy spending, Cuming said. Japan could make an announcement on more green COVID-19 funds closer to the end of the year.

  • BloombergNEF says it's pessimistic about green spending from Australia, Brazil, Mexico and the U.S., depending on who wins the White House in November.

Go deeper

Ben Geman, author of Generate
Dec 19, 2020 - Energy & Environment

Biden rolls out climate picks with emphasis on jobs, environmental justice

President-elect Biden. Photo: ALEX EDELMAN / Getty Images

President-elect Joe Biden introduced his energy and environment team on Saturday at an event that emphasized job-creation in low-carbon industries and racial justice, but provided no new policy specifics.

Why it matters: Biden has promised to make climate among his top priorities and his team is planning an approach that draws in agencies government-wide.

Updated 13 mins ago - World

Netanyahu is out as new Israeli government survives confidence vote

Photo: Gil Cohen-Magen/AFP via Getty Images

Israel has a new prime minister for the first time since 2009 after a power-sharing government led by Naftali Bennett survived a confidence vote on Sunday. Bennett was sworn in as prime minister.

Why it matters: Benjamin Netanyahu, Israel's longest-serving prime minister and the man around whom Israeli politics have revolved for a decade, will now become opposition leader. Bennett, a right-wing former Netanyahu protege, will lead the most ideologically diverse government in Israeli history.

Updated 32 mins ago - Politics & Policy

Afghanistan, cyber defense on the agenda for Biden in Brussels

Joe Biden arrives at Melsbroek Military Airport in Brussels on June 13. Photo: Yves Herman/POOL/AFP via Getty Images

President Biden touched down in Brussels on Sunday evening ahead of two days of talks with NATO and European Union leaders as part of his first foreign trip as president.

Driving the news: Biden was greeted on the tarmac by Belgian Prime Minister Alexander De Croo and a slate of other officials, including Douglas Jones and Mark Libby, the U.S. Permanent Representatives to NATO and the EU respectively.