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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.

Bryan Walsh, author of Future
14 mins ago - Health

The barriers to vaccine passports

Illustration: Sarah Grillo/Axios

Vaccine passports could become available soon to help people resume their livesbut they face numerous scientific, social and political barriers to being accepted.

The big picture: Reliable and accessible proof of vaccine-induced protection from the novel coronavirus could speed international travel and economic reopening, but obstacles to its wide-scale adoption are so great it may never fully arrive.

Updated 7 hours ago - Politics & Policy

Senate action on stimulus bill continues as Dems reach deal on jobless aid

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate continued to work through votes on a series of amendments overnight into early Saturday morning.