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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

Invenergy is building the largest U.S. solar farm in Texas

Invenergy solar panels in Bozeman, Montana. Photo: William Campbell/Corbis via Getty Images

Chicago-based Invenergy has announced the green energy generation and storage operator is installing what will be largest solar farm in the United States in five phases over the next three years through a $1.6 billion investment.

Why it matters: The 1,310-megawatt facility based in northeastern Texas aims to help consumer brands like AT&T, Honda, Google and McDonald's meet their clean energy goals while supplying 300,000 homes across three cities with power upon its completion in 2023.

WMO: Carbon dioxide levels continue to rise despite coronavirus lockdowns

A protestor wearing a face mask displays a placard reading 'Save The Earth' during the climate crisis protest in Seoul. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

Although a slowdown in industrial activity due to the COVID-19 pandemic has helped cut emissions of many pollutants and greenhouse gases, it has not reduced record levels of greenhouse gases in the atmosphere, the World Meteorological Organization (WMO) said on Monday.

Why it matters: Record levels of greenhouse gases are trapping heat in the atmosphere, increasing temperatures and driving more extreme weather, ice melt, sea-level rise and ocean acidification, the WMO said, noting that "carbon dioxide remains in the atmosphere for centuries and in the ocean for even longer."

2 hours ago - Podcasts

Former Georgia Gov. Roy Barnes on the Senate runoffs

The future of U.S. politics, and all that flows from it, is in the hands of Georgia voters when they vote in two Senate runoffs on January 5.

Axios Re:Cap digs into the election dynamics with former Georgia Gov. Roy Barnes, a Democrat who served between 1999 and 2003.