Read More: The Green New Consensus
The German Environment Agency (Umweltbundesamt) published a paper analyzing 130 studies on green recovery programs. It finds a broad consensus on the need to use COVID-19 recovery packages to address the climate and biodiversity crises. The authors of the paper also discover a consensus on the huge benefits of green recovery programs, the eligibility criteria to be applied, and suitable areas of support.
The paper highlights that many studies call for embedding green recovery efforts in overall structural reforms to achieve positive long-term effects. The identified key areas for structural reforms include ambitious carbon pricing, qualification measures, reduction of environmentally harmful subsidies, and sustainable financial markets. According to the studies reviewed by the German Environment Agency, all recovery measures should go through a sustainability check and be monitored to allow for necessary adjustments. The paper also comprises lessons learned from the economic recovery packages during the 2008/2009 financial crisis.